A Sri Lankan entrepreneur trio now domiciled in Australia and having established a property development enterprise there is extending an invitation to Sri Lankans to invest in the real estate market in Australia. They have assured a 20 per cent return on the investments. Navin De Silva, Sanjika Abeyratna and Theekshana Somaratna have spearheaded Dwellings [...]

The Sunday Times Sri Lanka

Sri Lanka trio aims high in the property market in Australia

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A Sri Lankan entrepreneur trio now domiciled in Australia and having established a property development enterprise there is extending an invitation to Sri Lankans to invest in the real estate market in Australia.

They have assured a 20 per cent return on the investments. Navin De Silva, Sanjika Abeyratna and Theekshana Somaratna have spearheaded Dwellings Group which primarily focuses on developing, marketing and maximizing value of Australian properties with special emphasis on Melbourne commercial and residential properties.

They are now in Sri Lanka to promote investments from Sri Lankans through them. Navin De Silva, Managing Director, Dwellings Group, told reporters in Colombo this week that those who invest in Melbourne properties could obtain a 65 per cent loan on the total investment.

The company is a leading property development company in Melbourne, he said and added that it is affiliated to the Real Estate Institute of Victoria (REIV) with a global footprint – Australia, Sri Lanka, Dubai, Singapore and Malaysia.

He said that they are involved in property development and management, home loan financing, legal services, investment advice and migration services. Theekshana Somaratna, Director, Dwellings said that construction of these apartments would be in Ilixir situated in the city of Cheltenham.

Dwellings also has a link with Oliver Hume, which is in property development for 60 years and identified as the largest property developer in Australia.  He said that the reasons for investing in Melbourne is that there are more overseas students with an enrolment growth of 15.7 per cent and the vacancy rate remains below 3 per cent. Rental yields at 5 per cent annually and price growth is at 7 per cent, he pointed out.

He said that 57 per cent of the growth was from overseas migration and the Melbourne property market is one of the strongest in the world.  Dwellings Group has now grown to be a one-stop-shop to support and deliver a limitless potential offered by the real estate sector in Australia and begins to attract investors internationally, he indicated.

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