Property Trend

Aug 24, 2011 (LBO) – Overseas Realty (Ceylon) Ltd, a unit of Singapore’s Shing Kwan group, is on the lookout for fresh projects as a multi tower residential development in Sri Lanka’s capital enters new phase, an official said. The group is now focusing on ‘Havelock City’ an 8-tower project in which two towers of 226 apartment units have just been completed. Mireka Capital, the project company, is a joint venture between Overseas Realty and state-run Bank of Ceylon group.

Work on another two towers, with 225 apartments will begin in October chief executive Pravir Samarasinghe said.

“At the moment our main focus is Havelock City,” Samarasinghe said. “But we are also studying other opportunities.

“If there is an opportunity we are prepared to act.”

Overseas Realty is 53.75 percent owned by Shing Kwan Investments Company Limited and 2.5 percent by Shing Kwan Investment-Singapore Pte. Ltd of Singapore based businessman S P Tao.

The group reported 243 million rupees in profits for the six months to June 2011 and earnings of 34 cents per share.

The group booked 721 million rupees in apartment sales in the first six months. Samarasinghe said only 10 apartments were left in the first phase and 25 percent