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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.
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Mireka Capital, the project company, is a joint venture between Overseas Realty and state-run Bank of Ceylon group.
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Work on another two towers, with 225 apartments will begin in October chief executive Pravir Samarasinghe said.

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"At the moment our main focus is Havelock City," Samarasinghe said.

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"But we are also studying other opportunities.

"If there is an opportunity we are prepared to act.

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"

Overseas Realty is 53.75 percent owned by Shing Kwan Investments Company Limited and 2.5 percent by Shing Kwan Investment-Singapore Pte.

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Ltd of Singapore based businessman S P Tao.
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The group reported 243 million rupees in profits for the six months to June 2011 and earnings of 34 cents per share.

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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

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