Hempel Holdings launches Tamba Villas eying to capitalise on recently liberalised property laws

By Nishel Fernando 

Hempel Holdings is set to launch its latest venture, Tamba Villas with an investment of US $ 10-15 million in Talpe next month, encouraged by the government’s recent decision to allow foreigners to purchase condominium units on a freehold basis from the ground level upwards.

Located between two major property hotspots of the southern coast —Galle and Weligama— Talpe is soon to become the home for an idyllic, luxurious, a home away from home development, Tamba Villas.

Hempel Holdings Director and Tamba Villas Director and Co-Project Principal Eduard Hempel yesterday told reporters in Colombo that the construction of 37 villas, which include eight swimming pools and custom-designed ponds with tropical gardens, would commence in early 2019 and the project is scheduled to be completed by early 2021.

“We want to give each home owner an idyllic life in a beautiful, safe space with all the comforts of modern-day living. 

Our collection of 37 villas have been purpose-built for people who like to work, holiday or retire in one of the most beautiful areas of Galle, a place that affords them a five-star lifestyle—in short Tamba Villas in Talpe,” Hempel said.

Tamba Villas Sales and Marketing Head Carlita Weerasingha noted that Tamba Villas is already in high demand as 22 inquiries have been received without any promotions, ahead of the launch of the project.   

Hempel said that the company is currently finalising the sale of one cluster of Tamba Villas, which includes five to six villas.

“With only 37 villas, we don’t expect they will be around for long,” he said.  

Hempel noted that the villas would be priced in US $ 250,000-US $ 500,000 range.

Tamba Villas is located in a private coconut estate just 300 metres away from the Talpe beach and is surrounded by lush tropical gardens and swaying palm trees.  
Each of the 37 villas has been designed by an award-winning Singaporean architectural team.

Hempel said that as the foreigners are now able to own condominium units on a freehold basis from the ground floor, Sri Lanka’s real estate sector would attract foreign investors, which would result in expanding the previously limited market. 

“On July 30, 2018, Sri Lankan Parliament ratified an amendment to the laws so that foreigners can now buy freehold ground upwards. Previously, foreigners could only buy freehold from the fourth floor up and consequently Sri Lankans were wary of buying the lower floors since they couldn’t sell them to foreigners,” he noted.
Due to the former restrictions on foreign ownership of condominium units in the first four floors, the real-estate developers used to dedicate the first four floors to ‘car parking’.

Hempel also expects that once the new visa policy gets enacted, more foreign investors would come into Sri Lanka’s real estate sector. 

Under the new visa policy that is being proposed, bringing in investments of minimum of US $ 500,000 would be offered a 10-year resident visa while those who invest US $ 300,000 would be able to obtain a five-year resident visa.

Speaking to Mirror Business, Hempel said that Hempel Holdings also plans to develop a multi-level 10-unit real estate project in the Koggala area in the future. 
In terms of amenities, Tamba Villa would have a dedicated business centre, a visiting licensed doctor and a visiting beautician, while many other amenities would be added accordingly.

“We are confident your villa will be an excellent investment. The property prices have been steadily going up over the last five years and will continue to rise, given our strong tourism sector and growing economy,” Hempel said.

Aerial view of Tamba Villas
Pix by Damith Wickramasinghe