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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » UK’s Homestead to invest in Sri Lanka

UK’s Homestead to invest in Sri Lanka

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1UK’s Homestead to invest in Sri Lanka Empty UK’s Homestead to invest in Sri Lanka Thu Oct 04, 2012 3:26 pm

Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Oct 04, 2012 A UK based Indian real estate company is planning to indulge in a large scale township development project in the outskirts of Colombo, for the first time in Sri Lanka. Homestead which is sponsoring the Sri Lanka T20 cricket team is looking for a land in excess of 500 acres for this project, which is expected to run into several billions of Sri Lanka rupees. Chief Operating Officer of the Company, Manoj Shrivastava who is currently in Sri Lanka, speaking to meida said that they have already forwarded their proposal to the Urban Development Authority and have received a positive response.

The proposed township when completed would be Sri Lanka's biggest housing project to be undertaken by a private company and would include shopping complexes, cinema halls, entertainment areas, swimming pools, community halls, a bus and taxi station, mini hospital and many other modern animates. Nearly 1,000 housing units are expected to be developed for this housing project which is expected to commence next year. “With the Southern Highway, people like to move out of Colombo and we are taking advantage of this scenario for this project,” he said.

Homestead, is based out of London and engaged in the development of real estate with a vision of expansion in India, Singapore, Saudi Arabia, Sri Lanka and Bangladesh. “We are also planning to build luxury high end apartments and are also looking to build two apartment towers with around 30 floors each in Colombo,” he disclosed. Asked if they foresee a market for these projects, he said that with the ending of war and mammoth construction projects in progress, they see opportunities in Sri Lanka. Shrivasyava said that they are mainly looking at the corporate sector, expatriates and also foreigners to be occupants of these apartments. He said that they have sponsored the Sri Lanka cricket team for the T20 event for a period of six years. Shrivastava, with a vast experience in real estate and well known for his innovative ideas, has extensive experience spread over 15 years with Sumitomo Group, ESSAR Group and Gold Developers (a Foreign Direct Investment Co.)
http://lbt.lk/news/business/2744-mini-city

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