Sri Lanka Overseas Realty expands amid a property market pick up

Apr 28, 2010 (LBO) – Sri Lankan developer Overseas Realty (Ceylon), a unit of Singapore’s Shing Kwan group said it was starting an expansion of a property project amid a pick up in the property market. Overseas Realty owns the twin tower World Trade Centre building in Sri Lanka’s capital which houses the Colombo Stock Exchange.

It second major project, Havelock City, is on 18 acres of prime land in Colombo and is developed through Mireka Capital Land, a joint venture with state-owned Bank of Ceylon.

The firm has begun work on the second phase of the Havelock City mixed property project which includes a retail mall.

Chairman S P Tao said that sales of new apartments in the project and occupancy at its existing World Trade Center (WTC) building have begun to pick up after slumping last year owing to global recession and ethnic strife.

The company has invested in the foundation work and designs for Phase 2 of Havelock City and plans are being drawn up to proceed with the club house and commercial development, Tao told shareholders in the annual report.

Tao said in 2009, the first phase comprising two residential towers of 226 units, covered parking for 520 vehicles and about two