A place by the ocean where you live all year — and that works without you · A community-hub on Sri Lanka's south coast: live here year-round — or rent it as a managed asset while you're away. 300 m to the ocean, from $88,000. · Y MIRISSA · all year
Key figures: from $88k · entry (studio 36 m²) · 5–7% · net rental yield/yr (target) · +22–43% (scenario) · project price to handover* · 0% · payment plan on construction · 100% · ownership (freehold) · 300 m · to the ocean
Apartment types: 36–43 m² · lowest entry point — bedroom + the whole complex is yours · Studio · from ~$88k · ~25% · 47–53 m² · the core product, with a balcony · 1-bedroom · ~$115–130k · ~62% · 61 m² + 11 m² balcony · upper floors, for families · 2-bedroom · ~$150k · ~13%
Mix: studios ~25% / 1BR ~62% / 2BR ~13%. A studio is the smart entry: you pay for a bedroom, you live in the whole complex.
Payment terms: locks the price and the unit, credited to the first stage · Reservation · $5,000; less the reservation · Building permit · 30%; on completion of the stage · Foundation · 20%; on completion of the stage · Structure · 30%; on completion of the stage · Common-area finishing · 10%; at completion · Title deed transfer · 10% · 0% for the whole construction period (handover planned for December 2029) · $2,450/m²
Location: Sri Lanka's south: whales from the harbour, dozens of beaches, UNESCO Galle Fort and jungle — all within 1–2h. Cheaper and calmer than Bali, more authentic. · Mirissa 0 km, Weligama 5 km, Hiriketiya 30 km · 🏄 · Surf; world-class, boats from the harbour (Nov–Apr) · 🐋 · Whales; Udawalawe (elephants) ~3h, Yala (leopards) ~2.5h · 🐘 · Safari; UNESCO, 33 km (~50 min) · 🏛 · Galle Fort; Sinharaja UNESCO 2.5–3h, waterfalls · 🌴 · Jungle; Colombo CMB ~3h, Mattala HRI ~2–3h · ✈️ · Airports
Ownership: Payment goes through a licensed Sri Lankan bank; rental and resale income is repatriated legally. We guide you through the purchase: bank, contract, registration. · A foreigner owns a condominium apartment outright (freehold), on any floor. Land itself cannot be owned (lease up to 99 years), but the apartment can. A one-off stamp duty of ~4% applies at purchase. · 100% ownership (freehold)
Capital growth: +22–43% (scenario) is a scenario for the project's price from groundwork to completion (off-plan): an early-entry premium plus a market component of ~6.5% a year. A scenario, not a guarantee. · ~$133k · Studio 36 m² · $117k · +50% (scenario); ~$173k · 1-bed 47 m² · $153k · +50% (scenario); ~$226k · 2-bed 61 m² · $200k · +50% (scenario) · $3,180/m² · ~8%/year · +22–43% (scenario)
Market: Market macro context, not a yield guarantee. Sources — open tourism and real-estate data for Sri Lanka. · double-digit % · YoY growth of Sri Lanka tourist arrivals since 2022; ~8–13%/yr · USD price growth on the south coast (beachfront); held · USD coastal prices through the 2022 crisis (rupee −60%); demand > supply · few quality apart-hotels on the south coast; 70–80% · of units in successful south-coast projects sell out before completion — we monitor the market daily; +30–40% · typical off-plan price growth over the construction period on the south coast (2022–2025 cases) · Sri Lanka's south is an underrated market: demand is rising while modern managed apart-hotels are still scarce. A window to enter, not overheated hype.
Questions and answers: Land, no; the apartment, yes. · I'm a foreigner — can I really own it outright? · From a transparent formula: ADR × occupancy × 365 − opex = net. We show three scenarios. It is a projection, not a guarantee — final parameters follow the operating model. · Where do the yield numbers come from? · No — it is a scenario for the project's own price from groundwork to completion (off-plan), not guaranteed market growth: an early-entry premium plus a market component of ~6.5% a year. The outcome depends on the market. · Is the "+22–43% (scenario)" certain? · Our own Get Y operator plus the Co.Space demand channel. You never handle rentals yourself — the asset runs as a managed one. · Who will rent out my apartment? · Payment is construction-linked, 0% interest: $5,000 reservation (locks your apartment and its price, credited to the first stage), 30% at building permit, 20% at foundation, 30% at structure, 10% at common-area finishing, 10% at title deed transfer. Handover is planned for December 2029. The official schedule is in the Payment Schedule (PDF). · What are the installments? · Purchase: stamp duty of 3–4%. Rental: the operator withholds 14% WHT up front, then a non-resident's progressive income tax applies. Confirm the exact structure with an accountant — Sri Lankan rates have changed several times in recent years. · What taxes apply on purchase and rental? · The bank withholds around 14% when profit is transferred, and capital gains tax applies on sale. · Can I sell later and take the money out? · No — and it is not needed: the developer offers 0% installments for the whole construction period. · Is bank financing available? · Behind the project stands the Co.Space network: communities, events and a nomad audience across 140+ cities. Y Mirissa is the first physical place of that network, so there is an audience for renting and living here before the doors even open. · Who will actually live at Y Mirissa?
We are designing Y Mirissa to international green-building standards. The target is certification EDGE Advanced from IFC (World Bank Group): 40% less energy and 20% less water than a conventional building.
We are building 300 metres from the ocean, inside living tropical nature. To build unsustainably here would destroy the very thing people come for.
There is a rational side too: an energy-efficient building means lower electricity bills for owners, steady demand from a conscious international audience and access to green financing.
EDGE is IFC’s international green-building certification system, created for fast-growing markets. Certification is independently audited (SGS) at design stage and again after construction.
Status: EDGE requirements are being integrated at the current design stage (KWA Architects). The preliminary design certificate comes before construction starts; the final one follows an independent audit of the completed building.
The main "green technology" is the Tropical Modern architecture by KWA itself:
Leading projects of our format across Asia are already certified to LEED and EDGE — it is becoming the norm for international buyers.
There are no such buildings in southern Sri Lanka yet. Y Mirissa is being designed to be one of the first.
We will send the project documents and explain how the certification works and what it means for an apartment owner.