Business
CBH Lands sheds light on real estate investment with ‘#MyHomeKurunegala’
Real estate being highly regarded as a stepping stone to financial security, CBH Lands, a leader in real estate in Sri Lanka and the market leader in Kurunegala, shared new research and insights into the strategic importance of Kurunegala to national economic growth and community development.
Speaking at a special media briefing on 8 March 2022, CBH Lands Founder Chairman Yatila Wijemanne and Deputy Founder Chairman Manjarie Tissera explained the historic, territorial, and scientific aspects of real estate investment in Sri Lanka and opportunities for investors through its “#MyHomeKurunegala” initiative.
At present, Kurunegala is the second largest contributor to the national GDP (gross domestic product), with the second largest government teacher base and highest road kilometerage. With a trade economy that functions independently, whereas many other areas mainly rely on tourism or their close proximity to Colombo, Kurunegala is strategically located at the crossroads of key internal routes in the country.
Over the past three years, Kurunegala has demonstrated an annual land price appreciation of 60%, according to CBH Lands Intelligence. While the company only focuses on lands, it was mentioned that lands are an appreciating asset that can be easily valued.
Elaborating further on this in response to a question regarding the viability of real estate investment in the current environment, Mr. Wijemanne noted that in the recent years, a significant drive for real estate investment for residential and commercial purposes has been recorded. He further noted that while there are certain bottlenecks, the low interest rates as well as all-time low housing and home loans offered at present contribute to the high demand.
When questioned about the environmental impact, Mr. Wijemanne explained: “Generally, we have to go through a minimum of around 12 government bodies for each project, starting off with the Local Authority, Provincial Council, Urban Development Authority, and then the government with an analysis. From there we are referred to the Water Board, Central Environmental Authority, and Road Development Authority. We have a separate team deployed to handle all approvals.”
Adding to this, Ms. Tissera pointed out that Kurunegala is the only district in Sri Lanka that requires a developer licence, which she opined should be the practice in other districts, too. She noted: “Every district should have a policy where a licence is required for this kind of subdivisions. That way, other rivers and such can be protected, too, not just in Kurunegala.”
Drawing attention to the “Real Estate Decision Triangle”, put together by CBH Lands Intelligence, it was mentioned that investor decisions are based upon the three factors of budget, space, and location. Noting that generally real estate investment is a compromise, especially in Colombo and Gampaha Districts, where one of the factors are sacrificed, Kurunegala poses no such threat at the moment.
Both Mr. Wijemanne and Ms. Tissera emphasised that while national development programmes and marketing campaigns – such as those implemented in Hambantota – could be highly beneficial, the responsibility of the development of Kurunegala also falls on the shoulders of developers, residents, and businesspersons of the district.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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