There are complications with regards to buying freehold land. Some land may be designated as being for “guests of honour” which does not give guaranteed permanent rights and of course when you purchase any land you have to ensure that all owners (and there can be over 200 on a small piece of land) are bought out. If this is not done, even after buying the land, previous owners can insist on being paid additional sums.
Land is actually sold in perches. There are 160 perches to the acre. One perch is 272.25 square feet or 25.29 square metres. An 8 perch plot is therefore (a twentieth of an acre) 2178 square feet or 202.33 square metres. Maximum build area per floor 1415.7 square feet or 131.51 square metres. A 10 perch plot is 2,722.5 square feet or 252.9 square metres Maximum build area per floor 1,802.12 square feet or 164.38 square metres.
We do this by working very closely with our Sri Lankan developers Aspic PLC. Every piece of land is checked thoroughly by Sri Lankan lawyers on behalf of Aspic PLC and all titles are checked back for 35 years to ensure that they are clean. Copies of these searches are sent to all buyers.
No, you do not. You can invest in the land today and build at a later date when finances and time may be more convenient. Aspic PLC will build for you at any time up to 5 years after you have purchased the land although the building price per foot of US$50 cannot be guaranteed for more than 9 months.
Yes, you can.
Once you have selected your villa design and approved the architect’s plans your villa should be finished within 9 months.
The Annual Service Charge is set between £500 and £1,000 per villa, which can be paid monthly or annually. It is guaranteed not to rise for 4 years and after that by no more than 8% per annum. This fee covers the maintenance of lawns, paths, roads and other communal areas such as swimming pools where applicable.
Access roads inside the development
site will be constructed and paid for by
Emerging Property.
All land sold by Emerging Property has planning consent unless specifically stated otherwise.
Once you have paid for your land we need a photocopy of your passport and the name and address of who the land is to be registered to. Aspic will take care of all aspects of the land registration and normally within 8 weeks after purchasing the land title deeds are sent to you.
Once land has achieved planning consent you are allowed to build on 65% of the area.
Your contract is with Aspic PLC. The first stage is the design stage which costs £5,000. There are 4 villa designs to choose from. Once you have made your choice a price is agreed; building costs are currently *US$50 per square foot. This includes granite work tops, hot tubs, tiled floors and imported bathroom fittings. Extra bespoke items can be paid for in addition to the US$50 per square foot as long as it is agreed at the design stage. You then pay for your villa in stages in the following manner:
20% in advance
15% on laying of the foundations
25% after completing the structure
20% after completing up to roof level
20% on handover of the keys
*Prices guaranteed until 30th December 2006
Aspic PLC can rent out and maintain your property. You are free to reserve for your own personal holidays as many days as you wish. When you are renting out the property Aspic PLC will charge 20% of revenue received which includes full daily cleaning. This cleaning service is also available to Villa Owners when they are occupying their property for a nominal daily fee.
The partners of Emerging Property own the UK franchise to Artolife (artolife.com) and the head franchisor is Deepthi Perrera, CEO of Aspic in Sri Lanka. We are able to offer a fully furnished apartment at US$10,000 which will include 2 double beds, sofa, etc.
