Time Share

Sept 09, 2012 (LBO) – Citrus Kalpitiya, a unit of Sri Lanka’s Citrus Leisure group said it will build 32 villas bordering a lagoon in the Indian Ocean Island’s western coast to be sold on 99-year leases with an offer to manage on a time-share basis. The firm is also planning a hotel in 78 acres of land it has in Kalpitiya, an area made up of a peninsula and lagoon, north of Sri Lanka’ capital Colombo.

The firm said it had acquired 35 acres for 67 million and secured another 42 acres on a 99-year lease from a company called Asia Sports Management Private Limited.

“Under the first stage, we plan to build 32 upmarket villas that overlook the 50-meter wide fresh water way,” the group said in its annual report.

“Each villa, spread over 40 perches of land, is custom designed for owners with space to entertain on the property.

“The villas will have their own gondola to allow residents to access the sea. We hope to sell the villas on a 99-year lease and give owners the option of allowing us to manage on a time share basis.”

‘Time share’ is a concept where a person can ‘purchase’ the use of a hotel room or property in the same period in each year (such as a week) over the lifetime of the property (such as 25 or 30 years). They can