Ideal Group announces $ 50M resort project

By Zohara Ghaffoor

Ideal Developments and Pura Resorts Canada, a subsidiary of the Ideal Group, announced yesterday the construction of 50 luxury resort chalets and 62 luxury island homes in Nilaveli, Trincomalee with an investment of US$ 50 million.

Speaking at the launch of the project, Pura Resorts Inc and Director of Corporate Affairs Ideal Group, MD, Sri Nithya Omkarananda said the project was a 100% Canadian investment which will be completed in 2020 and generate more than 300 job opportunities.

According to Omkarananda, the 62 luxury islands were now open for sale and the Company was looking to attract more international buyers, as the homes will range from US$ 680,000 to US$ 1.1 million.

However, he said, Sri Lankan buyers are welcome to purchase and that the Company is targeting around 15% of the 62 luxury island home sales from the Sri Lankan market.

“We will launch the project in London and Australia on 10 and 25 February to attract more high- end buyers.”

Speaking to Ceylon FT, he further said the Company is also looking to invest further in other sectors of the country. “We are definitely looking upcountry; Nuwara Eliya or Maskeliya. Wilpattu is also a prospective location for us. The investment to these projects will depend on land value.”

He said the Company was……in the process of discussing with a leading hotel contractor in Sri Lanka and said the contract will be signed soon. “We have done real estate development projects in Canada, but this is the first hospitality development project we have done so far.”

Principal architect, of the project Philip Weeraratne who is from PWA Architects said, “We have only 18% of built-up space and the rest of the 82% was open space, as the developer is sensitive to the environment. We have designed this to last the next 25 years and are sensitive to local architecture, the public and surrounding neighbourhood.”