- Sotheby's International Realty is entering the Sri Lankan market for the first time with its Indian franchise partner.
Realogy brand Sotheby’s International Realty (SIR) is continuing its aggressive growth path in South Asia, announcing today it has signed a 25 year franchise agreement with Realpro Realty Solutions (Private Ltd), to form Sri Lanka Sotheby’s International Realty–the brokerage’s first outpost in the nation.
Sri Lanka SIR will be led by CEO Amit Goyal and president, Ashwin Chadha, who also head India SIR. The Sri Lanka SIR office will be hiring local real estate professionals and British-born Charles Phillpot, will be the office’s resident director.
Explaining the move to Inman, Philip White, president and CEO of SIR said the new office in Sri Lanka’s capital, Colombo, due to open in June, was timed to coincide with the marketing of a new luxury 132 unit condominium/hotel project being developed by the high end Indian hotel company ITC Hotels.
The new Sri Lanka SIR office will effectively serve as a sales office for this project, overseeing the marketing and bringing in foreign investors, he said.
“We are very happy to start that way,” said White.
A large 4,000 sq ft, four bedroom condominium in the complex, designed by the international Gensler architecture group, will cost around $2 million.
SIR has been appointed to market the project because of its strong investor relationships in the Asian region, added Michael Valdes, Global Vice President International Servicing.
Sri Lanka, just a couple of hours flight from Delhi in India, is a favorite place for Indians to visit for vacation and invest.
“The top buyers in the Sri Lankan market are Indian and Chinese, those two areas have got massive growth so this is natural progression for us,” said Valdes.
“The luxury real estate sector in Sri Lanka has a promising future,” said Goyal. “Sri Lanka’s luxury real estate market is expanding rapidly with condominium developments in Colombo, branded resorts and villas along the magnificent coastline, and private estates in the famous tea country, creating a strong luxury footprint in the region.”
It is likely that SIR will announce franchise partnerships in Indonesia and in Bangkok, Thailand in the coming months, White told Inman. SIR is also opening an office in Shanghai in the second quarter this year, adding to its existing presence in Beijing, Hong Kong and Taiwan.