Kurunegala: A new horizon for real estate investment

CBH country chairman Yatila Wijemanne

Land ownership and investment have been a factor that has been valued for generations due to the self-esteem and independence that goes with it. Recognized as the most secure form of security by banks across the country, investing in land allows the owner to use it for a wide variety of needs; Housing, building, leasing, farming or even as a means of raising funds. Hence, the focus on real estate is of extreme value as the return on one’s investments outweighs the imbalances.

While the Sri Lankan capital is experiencing drastic, below-plan development, investment opportunities are increasingly stagnating. However, a new real estate investment hub is on the rise. CBH Lands Chairman Yatila Wijemanne has promoted real estate investments in Kurunegala. Firmly convinced that Kurunegala is the next investment hub in Sri Lanka, he explained the advantages of real estate compared to other investment opportunities and how the perception of investing has changed after the outbreak of the COVID-19 pandemic.

Wijemanne highlighted the advantages of the current investment landscape in Sri Lanka: “In this prevailing low interest rate environment, funds held with banks generate negative returns as they only offer 4% per annum, while actual inflation is around 6.7%. Thus, by holding funds in the bank, you get a negative return of at least 2.7% per year. Hence, it is very important that you invest wisely and that real estate offers the best returns with careful selection. The key is figuring out where to invest in real estate and choosing an opportunity that offers the highest percentage return. In addition, the climate is favorable for real estate investments because home and land loans offer low interest rates in the short and long term. “

Investments saw a sudden change in the public eye after the pandemic. Influenced by the interest rate cut and lower taxes, far-sighted investors quickly moved towards real estate. While there was a natural decline in investment at the start of COVID-19, society has now relaxed towards the new normal, with investment rising again.

Recognizing the potential for investment in Kurunegala, CBH Lands has benefited from the increasing demand and expansion in the Northwest Province and paved the way for potential clients to acquire land through the developments carried out by CBH Lands.

How CBH Lands stands out from the competition, explains Wijemanne: “In contrast to any other property developer, we have invested heavily in building a suitable database that enables us to provide our customers with the best properties. CBH Lands works on a strategic formula that we use for land selection. This is created by our dedicated research-based intelligence unit. We operate in the Kurunegala district, which gives our team an additional specialization advantage within the geographic area. As they receive extensive training on Kurunegala, our customers meet some of the best in the industry who can advise and guide them with their investment. “

“For CBH Lands, a sale is not just a sale of land. We focus on the provision of land that will generate a solid return for you and can therefore be compared to any financial instrument of the investment such as fixed-term deposits or equity. Resale potential is very important to us as we understand the different goals of clients who invest in real estate. For us, pricing is about transparency and what we can really offer our customers; You get a fair price and not a high price. This is mainly maintained by the fact that the CBH team personally intervenes in the selection of the property for each of our customers. We pursue a 360-degree approach to customer care, ”continues Wijemanne.

Given the current growth potential of the real estate industry in Sri Lanka, a significant price increase is to be expected. In addition, with the increasing population of the areas near the expressways, Kurunegala is an ideal area for affordable and accessible investment. The long-term sustainability of the real estate investment and the associated increases in value make it a future-proof option.