Pitch Capital invests Rs. 1.5 Bn in ‘Waves of Paradise’ Villa Project in Wadduwa
Pitch Capital (Pvt) Ltd, will be investing around Rs. 1.5 billion to launch ‘Waves of Paradise’ BeachFront single and double storeyed villa and land investment project in Wadduwa.
Founder Chairman and Managing Director, Sugath Vithanage, Pitch Capital (Pvt) Ltd, said that all approvals for the project this been obtained and around Rs. 500 million has been already invested for the land and to provide other infrastructure.
He said that in addition to this project he has invested a further Rs. 1.5 billion to create land banks in most of the sort out tourist destinations and similar projects would be launched.
These projects and land areas include ‘Haven Lakeside’ a project to build nature-friendly cabanas and lands by the Koggala Lake targeting families and investors seeking tranquil, eco-friendly living.
Similar projects are also identified in waterfront locations in Kandalama and Mandaram Nuwara, Nilaveli, Singharaja, Kithulgala and land for these has been already purchased. An accountant by profession and the former owner of a Mineral Processing Company he said that he saw the increasing demand for high end living outside Colombo city limits and liquidated and created Pitch Capital (Pvt) Ltd, . “I was first into real estate and now have scaled to the construction field offering a complete finished project for the investor. Hence all my investment is made mostly from my own funds.”
Commenting on the first project ‘Waves of Paradise’ he identified it as a unique concept where a buyer could purchase a block of land up front or on flexible payment options with zero-interest plans for 5 years in the beach frontage of Wadduwa. “The owner could also invest on both the land and villa together and we will undertake construction which will be completed within 18 months.”
He said that already over 25% of the pre-selling for 25 vllas have been completed and most of the buyers are Sri Lankans. “We will be marketing these projects firstly in Australia and have already signed a MoU with Grit Property Company Melbourne Australia and then in UAE.”
“My intention is to attract diaspora and foreigners to invest in these projects to woo more FOREX to the Country. My next project would be Bolgoda Lakefront and hope to offer around 10 chalets for up market living and leisure with lake frontage. Each chalet will also have facilities to dock private a yacht making it the first of its kind project in Sri Lanka.”
Pitch Capital (Pvt) Ltd, was also honored at the recently concluded Pinnacle award 2024, as ‘Sri Lanka’s Best Tourism Land Selling Company.’
Ruwan Chaminda Ranasinghe, Deputy Minister of Tourism will be the Chief guest at the launch event.
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