Sri Lanka is one of those paradisiacal places in the world where everything is conducive to disconnecting from everyday life and enjoying every moment without stress or fuss. Even when it comes to important matters such as buying and selling real estate, investing, or property management, the best solution seems to be to entrust them to professionals who will take care of all these issues and help the client to get the most out of the transaction with the minimum use of resources. That is exactly what the team at Ceylon Investment Group (Pvt) Ltd, this year’s winner of Luxury Lifestyle Awards in the category of Best Luxury Real Estate Agency in Sri Lanka. We spoke to Shane Thantirimudalige, Managing Director of the company, about the ins and outs (pros & cons or the current atmosphere) of the real estate market in Sri Lanka. 

Luxury Lifestyle Awards: Mr. Thantirimudalige, Ceylon Investment Group (Pvt) Ltd has demonstrated impressive performance over the years. But we would like to turn to the beginning and ask you about your background. What preceded your career at CIG? 

Shane Thantirimudalige: My career in real estate began way back in 2003 when I was offered a position as Sales Manager in a real estate company owned by my cousin and her husband.  I had to make a career changing decision from my chosen profession in the automobile industry and since have never looked back nor have I any regrets.    

Sri Lanka’s real estate market was booming due to the prevailing relaxed laws on land purchases applicable to non-resident investors especially on the southern coastal belt. We were well positioned to take on the high demand having based our office in Galle.  

The year 2004 was a very successful year for the Company and even more so for me personally. Unfortunately, things took a downward turn with the tsunami that came as a rude surprise on boxing day of 2004. There were no foreign investments for the real estate sector. My cousin and her husband decided to move the business to our hometown in Kandy and operate from there. 

This was when Ceylon Investment Group (CIG) came into existence. Initially I had the support of two co-founding partners. The company began in May of 2005 where sales were at a zero level. It was only six months later, that we made our first sale. There were many barriers with government changes and restrictions on land sales to non-residents.  

Nevertheless, I strongly believed in the real estate market in the south of Sri Lanka, mainly due to the enthusiasm of the clients that I met during this period. Each and every one of them enjoyed their stays on the island. This really motivated me to keep going. It was during the peak of the war in 2008 that my founding partners offered to sell their shares to me. Thereafter, I became the sole owner of CIG at what seemed the bleakest period in real estate. We have since grown from strength to strength.   

LLA: Please tell us about your career at Ceylon Investment Group and what are your current responsibilities at the company?   

ST: I started as a founding partner and Managing Director (MD) back in 2005. CIG focuses on two operations, real estate, and property management. My main focus is real estate. However, I do oversee the overall management of the company. It was quite challenging at the beginning. Nonetheless, over the years I gained experience in both sectors.  

We have now registered a new company, Luxury Villas Lanka (PVT) LTD mainly to rent the properties managed by us to increase revenue for our clients. 

LLA: How would you briefly introduce Ceylon Investment Group (Pvt) Ltd and describe how it differs from its competitors? 

ST: CIG has been one of the pioneer real estate companies in the south of Sri Lanka, catering to the holiday bungalow/boutique hotel segment that was new to the area. We have helped hundreds of non-residents both Sri Lankan and foreign in finding their dream holiday home in and around the southern coastal belt of the island. The local contacts and the knowledge that we have of the area has given CIG the edge over most of its real estate competitors which are mainly foreign owned and operated.  

LLA: You have been an active participant in the Sri Lankan real estate market for over 15 years. How has this area changed over time? 

ST:  The most obvious change over time is the escalation in the price of property. Properties that were sold for USD 200,000 in 2004, are now trading at over USD 1.5 Mn. Also, the market now offers a range of options for someone looking to purchase real estate today than in the past. The overall difference is clear, from being a very basic market, it has developed into a more mature one, with many more developed properties on offer.  

LLA: Have your customers’ expectations and preferences changed in the last decade and a half? 

ST:  In my opinion, not much has changed. Most of our customers are still looking for a second home on this sunny paradise island. Probably the only thing that has changed is that there are more clients looking for commercial real estate than before. 

LLA: What CIG’s services are the most requested among the company’s clients? 

ST: 

1. Finding them the perfect villa or land to match their budget. 

1. Help with sourcing lawyers and accountants to assist during and after sale. 

1. Assisting in securing staff and management of the villas or with contractors and building approvals if the property is not developed. 

1. As a start to finish service providing company, we at CIG assure our clients of our assistance from day one, showing our clients the various real estate options to the day they decide to sell. Our best service is theirs whenever required. Therefore, we strongly believe in providing our clients with the best we can offer.  

LLA: Your company operates mainly in the south of Sri Lanka. Why this region? 

ST:  It has some of the best beaches the island has to offer. In addition, the world heritage Galle Fort, rain forests, national parks, diving, snorkeling, and whale watching are a few of the attractions in the area. The southern expressway has considerably reduced travel time from the airport, and this is most favorable to holiday makers.   

LLA: In your opinion, what qualities should a real estate agent have in order to succeed? 

ST:  Honesty and integrity are very important whilst understanding your clients’ requirements and budget, is equally vital for success.  

LLA: What principles do you adhere to when working with clients? 

ST: Transparency and giving the clients a good selection to compare, that matches their brief to us. This would help them in making a more informed decision on their investment. 

LLA: What attracts potential buyers and investors in high-end real estate in Sri Lanka? 

ST:  I believe the reasons are manifold. Foremost being, the friendly atmosphere in the island along with the people’s generosity, genuine care, and hospitality. Also, the affordability of a high-end investment which features many a luxurious amenity that in comparison would be difficult to obtain elsewhere.  

LLA: What are your emotions about Ceylon Investment Group (Pvt) Ltd becoming the winner of Luxury Lifestyle Awards? 

ST:  I am extremely pleased that we have been recognized for our hard work and ethics, in the year 2021.  

I take this opportunity to thank our clients who are now our friends and our employees who are like family to us, for standing by Ceylon Investment Group through the good times and bad. This award is an attribute to the power of teamwork.  

LLA: How do you see the future of luxury real estate in Sri Lanka? 

ST:  I see a positive growth. Sri Lanka has great potential for holiday makers and investors interested in experiencing paradise within an island. The year-round warm weather, sandy beaches, and picturesque views is beyond description. Sri Lanka still ranks number one in the Asian region with diverse geographical settings within easy reach. We also have been ranked in the top 10 must visit destinations on many travel guides in the last five years.