Prime Property

June 05, 2008 (LBO) – Sri Lanka’s Sampath Bank has called for proposals to develop a prime property it owns in the heart of the capital Colombo in a joint venture.

The property market has been showing signs of cooling in recent months but prime locations such as Colombo 7 would always be pricey, analysts said. Bank officials said they were seeking a suitable developer do to either a commercial or mixed development of a 119 perch block of land on Dharmapala Mawatha, Colombo 7, one of the city’s upmarket wards.

The land is now used as a car park and has a drive-through ATM of the bank.

Bank officials said land in the area is valued around seven million rupees per perch.

Sri Lanka’s property market values rocketed in recent times, owing to a construction boom as well as sky-high inflation.