Other

Aitken Spence to build US $ 30 million luxury retirement retreat

26 Jun 2013 - {{hitsCtrl.values.hits}}

Aitken Spence PLC which has strong presence in tourism and ports & logistics sectors both in Sri Lanka and outside, is planning to invest approximately US$ 30 million in the construction and management of Heritage Grove, a high-end retirement community on 30 acres of land in Negombo.

A marketing campaign for Heritage Grove has already been set in motion with a particular focus on senior Sri Lankan expatriates in North America, the United Kingdom and Germany.

“We have just commenced marketing and once sufficient interest is generated, we will start building up the communities to match demand. However it is still too early to give a definite timeframe”.

“There are some complementarities to our hospitality segment. However the community represents an entirely new line of business for Aitken Spence which we hope to develop independently in future.” Aitken Spence Group Director and Head of Plantations and Business Development, Rohan Fernando stated.

A 50-50 joint venture between Aitken Spence and two Sri Lankan expatriate citizens based in the United States, Heritage Grove will be comprised of 140 luxury villas.

According to Fernando, Heritage Grove will be uniquely positioned in Sri Lanka with a strong emphasis on high-end service.

“The concept of a luxury retirement community has never been tested in Sri Lanka however we feel very confident that once established, demand for the community will be very high. On both a global and domestic level, retirees are becoming a large market segment therefore we are confident that this is a potential growth area,” Fernando noted.

He added that depending on demand for the project, Aitken Spence will look to develop similar communities eventually growing the concept into a separate segment.

Visas to Sri Lanka for retirement living, under the Dream Home Visa programme, are open to foreign nations over the age of 55 who remit on a one-time basis a fixed deposit of US $15,000 or the equivalent in an approved foreign currency and deposit them in a fixed deposit account in an approved any bank in Sri Lanka.

Residence visa fees and taxes are reported to cost Rs.20,000 per year for each applicant and dependent over 16 years of age.

Other

Aitken Spence to build US $ 30 million luxury retirement retreat

Most Popular Articles

Sri Lanka’s IMF reserve target comes under pressure: KPMG

Sri Lanka’s exports surpass US$9 billion in first half of 2026

Sri Lanka explores local gold refinery as IMF regulations delay import tax relief for jewellers

CSE ends lower as turnover falls to year’s lowest, ASPI holds key support

HMD introduces latest range of feature phones to Sri Lanka

CSE opens the week lower as broad-based selling offsets strong institutional activity

Latest News

Singer “Chili” fined for attempted assault on police officers

Sri Lanka’s exports surpass US$9 billion in first half of 2026

China ready to work with Sri Lanka to build strategic trust: Chinese Ambassador

Wildlife holiday bungalows to be upgraded

Toxic alcohol addiction changes brain chemistry: Psychotherapist