Southbeach Weligama is a new luxury beachfront development in Weligama, the surfing capital of Sri Lanka on the South coast.
There are 30 apartments left for sale with prices starting at $194,669 for a 1-double bedroom apartment, $476,265 for a 2-double bedroom apartment and $1,306,296 for a 4-double bedroom apartment (all prices include VAT). Furniture packages are extra. Completion date December 2024.
Please download the latest pricing and availability via this link SBW Pricing Grid + Inc TAX Nov 2024 (it’s important to note the sunrise-facing apartments also offer exceptional views from the third floor up).
Recommended 1 and 2-bedroom apartments with ocean views:
707 | 1 double bedroom | Ocean views | Video 707 | Suite C | 58.27m2 internal | 11.19m2 balcony | $435,407
This apartment has just become available again and will sell almost immediately. It is a superb 1 double bedroom apartment on the 7th floor (just one floor away from the roof terrace swimming pool and bar) with breathtaking views over the ocean. Please enquire today because it will be gone tomorrow.
104 | 1 double bedroom | Ocean views | Video 104 | Suite B | 55.54m2 internal | 11.96m2 balcony | $296,446
It is important to remember that these first floor apartments will have a better view of the beach and ocean once the foliage between the 35-metre swimming pool and 75-metre beachfront is cut back and thinned out. Some of the trees and bushes have been able to grow a bit wild recently but the developer has a plan to trim them back.
107 | 1 double bedroom | Ocean views | Video 107 | Suite C | 58.27m2 internal | 11.19m2 balcony |$332,299
207 | 1 double bedroom | Ocean views | Video below | Suite C | 58.27m2 internal | 11.19m2 balcony | $342,907
207 is a very popular 1 double bedroom apartment and will sell soon. It is on the second floor with a nice clear view over the swimming pool below and onto the beach and the surf. Incredibly, if you were to head out to sea due South then the next land mass you would find is Antarctica.
101 | 2 double bedrooms | Ocean & Sunset views | Video 101 | Type A | 91.20m2 internal | 14.40m2 balcony | $441,616 | SOLD
109 | 2 double bedrooms | Sunrise & Ocean views | Video 109 | Type B | 85.82m2 internal | 14.77m2 balcony | $476,265
209 | 2 double bedrooms | Sunrise & Ocean views | Video 209 | Type B | 85.82m2 internal | 14.77m2 balcony | $491,641
114 | 2 double bedrooms | Sunrise, Ocean & Sunset views | Video 114| Type B | 85.82m2 internal | 14.77m2 balcony | $476,265
214 | 2 double bedrooms | Sunrise, Ocean & Sunset views | Video below | Type B | 85.82m2 internal | 14.77m2 balcony | $491,641
214 is a stunning 2 double bedroom apartment and will be sold very soon. It is on the second floor with a view of the ocean but it also gets the sunrise in the morning and the sunset in the evening.
A fully furnished show apartment provides a preview of the apartemts for sale:
About Southbeach Weligama:
Weligama boasts one of Sri Lanka’s most pristine sandy bays with shallow turquoise waters which draw visitors from around the world seeking to relax or play in the gentle surf.
Enjoy exploring local restaurants with friends, sail the bay on a catamaran boat or spot blue whales off nearby Mirissa and leopards in Yala National Park.
Weligama’s sheltered bay offers ideal conditions for beginner surfers: protected from heavy swells, the waves here are often soft and clean and attract hundreds of surfers at sunset.
The ocean view to the South West (and Antarctica):
Southbeach Weligama also celebrates creative arts with handcrafted furniture by local artisans, a lobby gallery showcasing contemporary Sri Lankan artists and even an in-house recording studio.
Meanwhile, the restaurant supports the local fishing community while serving a modern blend of traditional and contemporary cuisine in a stylish, all-day setting.
Conceptualised by Balmond Studio, Southbeach Weligama embodies modern beachfront living with a colour palette mirroring the sands, sea and coconut groves.
Investor highlights:
- Completion December 2024
- 98 freehold apartments over 8 floors consisting of 3 Penthouses with four double bedrooms, 39 2-bed apartments and 57 1-bed apartments
- 75-metre wide beachfront access; 35-metre pool, gym, recording studio, art gallery, rooftop infinity pool with bar and BBQ terrace
- 2-hours by car from the airport
- Uniquely situated between the ocean shoreline and lush jungle foliage, construction of the building is underway and expected to finish by the fourth quarter of 2024
- Apartments can be rented through a professional operator with an expected average occupancy of 65% providing a return of 6% climbing to 10% in subsequent years
- Annual capital growth is estimated around 10-15% on the 1 and 2 bedroom apartments (these are estimates and not guaranteed by the developer)
For apartment enquiries, contact Branson Atterbury, Marketing Director on branson.atterbury@kristall-
Applicable taxes:
- Value Added Tax (VAT): 18%
- Social Security Contribution Levy (SSCL): 2.5%
- Stamp Duty: 4%
- Legal Fees: <1%
This rare opportunity to acquire beachfront property in this beautiful region, paired with good rental return potential and expected capital appreciation, makes the pricing exceptional.
Onsite property management and rental services are available, with projections available from KPMG.
Floorplans and further information on specific units are available upon request.
It’s important to note the sunrise-facing apartments also offer exceptional views from the third floor up.
Outline of the purchase process:
- Choose the apartment you wish to purchase
- Sign the Construction Linked Payment Plan outlining the payment schedule
- Pay a 5% deposit to reserve your chosen apartment
- Within 2 weeks, sign the legally binding Sales & Purchase Agreement between you and the developer
- If transferring funds internationally, open an IIA account
- Make remaining payments according to the signed payment plan
- Once construction is finished, you will receive the property deed
Conveyancing work by a local lawyer:
You must have legal representation in Sri Lanka. If you need help finding a lawyer, Kristall Spaces can recommend some options. An attorney is required to sign the Sales and Purchase Agreement and to transfer the property deeds.
Managing the rental of your apartments:
Southbeach is in the process of appointing a hotel operator to manage rentals on your behalf and to provide services including:
- Renting out your apartment and enabling you to earn daily rental income by opting into the rental pool
- Room service
- Food and beverage service
- Housekeeping
Frequently asked questions about purchasing apartments:
Is the property ownership freehold? Yes. Sri Lankan Nationals and Foreigners will obtain a freehold title.
Will any areas be open to the public? The only areas open to the public will be the ground floor food & beverage areas.
What are the anticipated maintenance services charges per square foot? The charges may vary from $0.15 to $0.25 per Sqft but USD 115 per month for a one bedroom unit can be expected.
What is the projected capital growth? Beachfront real estate prices have risen 84% in Weligama and other nearby resorts over the past 5 years. Past increases do not guarantee future performance, but all indicators suggest that this trend will continue.
Can foreigners purchase apartments? Foreigners can purchase apartments and require an Inward Investment Account (IIA) to be opened in any bank in Sri Lanka in order to bring-in funds. This is vital as all investment brought into Sri Lanka can be taken out via the same channel including capital gains in the event of a sale.
Can I transfer funds directly from my account to the seller? Only if it originates from Sri Lanka. Any transfers originating from overseas must be first transferred to the IIA account and thereafter transferred to the seller.
Can I pay for my apartment using cash? Cash transactions are not accepted. Only bank-to-bank transfers.
Do I require a lawyer? Yes. The legal team / lawyer must be based in Sri Lanka. If you do not have legal representation, we can recommend some. A lawyer is required to sign the Sales & Purchase Agreement and at the time the Deeds are being transferred.
Who will manage the apartment rentals on my behalf? There are a number of established operators who can look after your apartment and manage the rental business for you including generating and managing rental guests and housekeeping.
What is the projected average occupancy when the building is completed? Occupancy is projected at 80% according to 3rd party professional advisors.
What are the projected yields? Based on 80% occupancy, the projected gross yield is 6.5% according to the professional advisors, however, this is not guaranteed and will depend on tourist arrivals post completion.
More on Weligama:
The peaceful fishing village of Weligama, meaning “Sandy Village” in Sinhalese, spreads along a picturesque bay 23 kilometres east of Unawatuna and is lined with golden sandy beaches dotted with rocky outcrops.
The town of Weligama is an attractive Sri Lankan town: quiet and traffic-free, its modest commercial centre gives way to lush streets lined with ornate, gingerbread-style villas decorated with intricate woodwork.
The bay is aptly named with its picturesque clear blue waters, soft sandy beaches, and swaying palm trees that draw many visitors to the area’s resorts.
A few video tips on Weligama:
The bay’s most notable feature is tiny Taprobane Island located just offshore, which is nearly invisible beneath its lush tree cover.
In the 1930s, Taprobane was owned by the exiled French Count de Maunay, who constructed the island’s exquisite white villa with a red-tiled roof that still stands today, peeking through the treetops.
The area surrounding Taprobane is the most scenic section of Weligama Bay, where dozens of colourful local outrigger catamarans line the beach between fishing trips.
It’s often possible to negotiate a boat trip around the bay with one of the fishermen.
For apartment enquiries, contact Branson Atterbury, Marketing Director on branson.atterbury@kristall-
