Category: Real Estate & Construction

COLOMBO, July 24, 2013 (AFP) – Sri Lanka has finalized a deal with a Chinese company to build a .4 billion city complex on reclaimed land near the harbour of the capital Colombo, an official said Wednesday.The state-run Sri Lanka Ports Authority (SLPA) will reclaim 230 hectares (568 acres) next to the new Colombo South […]

July 23, 2013 (LBO) – Despite several large luxury apartment blocks, hotel and retail space being planned in Sri Lanka’s capital Colombo there may not be a glut in the medium term due to delayed starts, a research report has said.“We believe Colombo is not yet ready to take up this many apartment units and […]

July 18, 2013 (LBO) – India’s Krrish group which is involved a property project in Sri Lanka has denied wrongdoing and said recent media reports had shaken the confidence of investors it was in talks with. Katyal thanked official who advised and supported the group’s entry and asked those raising concerns to “understand the correct […]

July 17, 2013 (LBO) – Sri Lanka’s Tokyo Cement said demand is expected to recover from a contraction in the first quarter of 2013 and medium term growth is estimated at 10 percent a year.Tokyo Cement, a joint venture with Japan’s Nippon Coke and Engineering Company Ltd, operates grinding plants in Trincomalee port in northeastern […]

July 17, 2013 (LBO) – Sri Lanka has given another extension to pay for state land in the capital Colombo for a proposed real estate project by India’s Krrish group, a media report said. Sri Lanka’s The Island newspaper said the firm had been given till July 31 to pay up the balance due for […]

July 17, 2013 (LBO) – Sri Lanka’s Piramal Glass Ceylon Plc, a unit of India’s Piramal group said it was selling a second tranche of its former factory premises in a Colombo suburb for 415 million rupees.The company said in a stock exchange filing that the land had been sold to Ideal Motors (Pvt) Ltd. […]

July 10, 2013 (LBO) – Sri Lanka’s John Keells Holdings said it was shortly expecting state approval as a ‘strategic development project’ for a 650 million dollar mixed development project in Colombo.The project will be on land occupied by subsidiaries Ceylon Cold Stores, John Keells Plc, John Keells Properties (Pvt) Ltd and Waterfront Properties in […]

July 05, 2013 (LBO) – Midein Holding Llc, an Abu Dhabi based firm is looking at urban housing development in Sri Lanka, the ministry of industry and commerce said.Omair S Al Dhaheri, chairman of Midein Holding had visited Colombo and has had talks with deputy investment promotion minister Faiser Mustapha and chairman of the state […]

July 04, 2013 (LBO) – Over 71 condominiums, especially some built during a boom that ended in 2009 have failed to conform to building regulations, leaving those who bought them without deeds of transfer, an official said.But a number of apartments in Colombo have failed to conform to building standards and are yet to be […]

June 13, 2013 (LBO) – Sri Lanka is processing several large mixed development projects in the capital Colombo including two which may be over 500 million US dollars, investment promotion minister Lakshman Abeywardena said.BOI chairman Lakshman Jayaweera said the agency was expediting approvals and helping get clearances for investors with other line ministries and agencies. […]

June 7, 2013 (LBO) – A 26-storey apartment block will be built with a 10 million US dollar investment at Deal Place, in an up market suburb in Sri Lanka’s capital Colombo, the state investment promotion agency said.The Board of Investment of Sri Lanka which gives tax breaks SMI Housing, said the developer will construct […]

May 29, 2013 (LBO) – A proposed tax on leases and restrictions on sale to foreigners may hurt the market, a property development firm has said.“The proposed amendment to the law introducing a prohibition of sale of lands in Sri Lanka to foreign nationals and on imposing a tax on lease value will have a […]