$350mn Havelock City Project to be Expedited due to Growing Demand for Residential & Office Space. Overseas Realty has already Sold 25pct of Phase 2

27th April 2011, www.dailynews.lk, By Ravi Ladduwahetty

Overseas Realty Ceylon Ltd PLC (ORCL) will fast track the $ 350 million Havelock City project to complete it in three years in the backdrop of growing demand for modern buildings.

The company has decided to fast track the project in the growing demand for residential and office space in the backdrop of sustainable peace, ORCL Group CEO Pravir Samarasinghe told Daily News Business yesterday.

Measures have been taken to fast track the project with simultaneous development of the balance of the residential phases and the commercial component which will be spread over 18 acres having four million square feet. Phases three and four will be completed next year.

Under Phase 1, Park Towers and Elibank Towers comprises a total of 226 apartments.

Over 95 percent of these apartments have been sold, and Phase 2, Layards and Davidson Towers comprise a total of 225 apartments and 25 percent have been sold already.

Both towers have 22 levels each and include a combination of 2,3, 4 bedroom apartments and penthouses.

The piling has been completed and construction will commence in August, he said.

Commenting on the potential of the backdrop for property development ORCL Chairman S P Tao in his annual report told shareholders: “The resolution of the conflict that has lasted 30 years has ushered in peace and a stable government focused on developing the country to claim its rightful place in South Asia and eventually the global economy. Certainly, there are tremendous opportunities for city planning and development to cater to urbanisation and service related industries, all of which would require more and better modern buildings to enhance performance and efficiency.

This is also a clarion call to our Company to seize the challenge to build the balance 3.5 million square feet in Havelock City to be ready for the inevitable demand in the future.

Related Info :

• Developer Tao in Colombo to Present Final Phase of $350mn Havelock City Project

• Sri Lanka Better Positioned to Attract Middle East investors than China - S P Tao, One of Asia’s Oldest Real Estate Tycoons & Developer Havelock City