$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

Sri Lanka's Laugfs Builds a 4 Star Hotel in Chilaw

17th November 2010, www.dailynews.lk, Harshini Perera

Laugfs Holdings Limited will start construction work of the 100 rooms four-star hotel in Bangadeniya Chilaw in December.

The hotel will be ideal for tourists since it is only one hour from the Bandaranaike International airport and can be used as a transit point for tourist travelling to the East coast of the country, Laugfs Holdings Limited Chairman W K H Wegapitiya told Daily News Business.

Under the first phase of the hotel, 74 rooms will be constructed within 18 months and under the second phase there will be 26 cabana model rooms.

The hotel will target high end spending customers and Laugfs also expects to get the Small Luxury Hotel Association membership.

"The hotel will be managed by Laugfs Holdings which is currently managing Temple Tree Resort and Spa and Emerald Bay Hotel in Induruwa."

The Laugfs IPO will fund the construction of this hotel and a serviced apartment in Maya Avenue, Colombo.

He said that the construction of the serviced apartment started two year ago and will be completed in another two years.

"We started construction of this apartment as a condominium but later wanted to finish it as a serviced apartment. The 72-room apartment has all facilities such as restaurants, pubs and conference halls to cater to a large number of tourists as well as locals," Wegapitiya said.

John Keells OnThree20 Luxury Apartment Complex at Union Place Colombo to Start Soon

30th October 2010, www.island.lk

Word leaked out almost three weeks ago that the John Keells group was planning to launch its third residential apartment complex at Union Place, Colombo 2 following the success of two other projects on the grounds of the Cinnamon Grand Hotel.

"There was a clamor of interest and people came round and put their names down," a senior JKH executive said yesterday. "The pricing is very attractive." The new complex which the developers describe as "mega luxury" is estimated to cost over US$ 65 million with its 475 apartments being priced from between Rs.14 million for a two-bed roomed unit at the lower levels to Rs.37 million for a three-bed roomed apartment at the highest level.

JKH which signed an agreement last week with the BOI for this project named "OnThree20" said construction will begin in April 2011 and is scheduled for completion by the end of 2014.

The Emperor, the second residential complex that is now being constructed on the Cinnamon Grand property, is due for completion in 2012. Apartments there have almost been fully sold.

As buyers put up the cash for their apartments while building work proceed, the cost of construction is not a drain on the developer’s resources.

The Union Place property on which the newest project will rise was acquired by JKH in the 1980s at a fraction of today’s value and has been held by the company over a long period of time.

The headquarters of Singer (Sri Lanka) is located in the buildings standing on the site which will most likely be demolished.

Related Info:
Sri Lanka JKH Plans Rs 6.5bn Condo Project in Colombo's Union Place

Sri Lanka JKH Plans Rs 6.5bn Condo Project in Colombo's Union Place

19th October 2010, www.lankabusinessonline.com

Sri Lanka's John Keells Holdings is planning a 6.5 billion rupee condominium project in Colombo's Union Place which will be built by a newly incorporated company in the group, top officials said.

"We are looking at a condominium in Union Place," deputy chairman Ajit Gunewardene said.

"It is certainly something we are working on."

The project will be on group property in Union Place where the head office of Singer Sri Lanka are located.

At one time JKH was also planning a project across the street with Associated Motorways, which is now owned by the Dubai-based Al Futaim group.

Suresh Rajendra, president of JKH's property sector, said the company is awaiting government approvals for the project.

The planned three-tower condominium block will cost 6.5 billion rupees.

It will have 470 units with construction expected to start at the end of the first quarter of next year.

"The response from the market has been good," Rajendra told LBO.

The company will start marketing the apartments as soon as official approvals are obtained.

Apartments could go up 35 million rupees at the top end.