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Apr 11, 2011 (LBO) - Sri Lanka's commercial rents have risen in 2010 with occupancy levels picking up from a slump in 2009, which saw the end of a 30-year war the owners of a prominent Colombo property has said.
Overseas Realty Ceylon Ltd, a unit of Singapore's S P Tao group said occupancy at its twin tower 'World Trade Centre' complex rose to 72 percent by year end after slumping to 68 percent in 2009, from an average of 80 percent in past years.
The drop came as tenants left due to high security measures and a global slump which also saw information technology, export firms and airlines either downsizing or moving out.
The firm expects occupancy to reach 80 to 85 percent by end 2011.
Overseas Realty which is also building apartments and a commercial complex through another units said profits (without fair value gains) rose 21 percent in 2010, to 441 million with higher rentals off setting lower apartment sale revenue.
Overseas Realty said it own rent index moved up to 159 points from 150 a year earlier.
Total revenues fell 12 percent to 1,699 million rupees due to lower revenue recognition from apartment sales, though actual final sales were higher.
"The resolution of the conflict that has lasted 30 years has ushered in peace and a stable government focused on developing the country to claim its rightful place in South Asia and eventually the global economy," chairman S P Tao told shareholders.
"Certainly, there are tremendous opportunities for city planning and development to cater to urbanization and service related industries, all of which would require more and better modern buildings to enhance performance and efficiency."
The firm said its joint venture with state-run Bank of Ceylon, Mireka Capital had finalized plans for a new commercial complex. Piling for two new apartment towers has been completed and construction will begin in the second half of 2011.
"Design for the Commercial complex, comprising two towers and a low-rise office block, a shopping mall and a multi-storied car park has been finalised and construction is targeted for the second half of 2011," Tao said.
Build on a 17 acre site in the Southern part of the capital, the 'Havelock City' development will eventually have 1,080 apartments of which 226 have already been built.
The commercial complex will have 400,000 square feet shopping mall which the firm says will be the largest in the country.
"This would be the largest shopping mall in Colombo. Sri Lanka currently does not boast any commercial complex of world standard," the firm said. "With the improving economic environment and Government’s intention to promote the country as a premier shopping destination in South Asia, evidenced by policy decisions on reduction of tariffs on consumer goods, the company sees an immediate opportunity for a world standard commercial complex."
www.lbo.lk
Overseas Realty Ceylon Ltd, a unit of Singapore's S P Tao group said occupancy at its twin tower 'World Trade Centre' complex rose to 72 percent by year end after slumping to 68 percent in 2009, from an average of 80 percent in past years.
The drop came as tenants left due to high security measures and a global slump which also saw information technology, export firms and airlines either downsizing or moving out.
The firm expects occupancy to reach 80 to 85 percent by end 2011.
Overseas Realty which is also building apartments and a commercial complex through another units said profits (without fair value gains) rose 21 percent in 2010, to 441 million with higher rentals off setting lower apartment sale revenue.
Overseas Realty said it own rent index moved up to 159 points from 150 a year earlier.
Total revenues fell 12 percent to 1,699 million rupees due to lower revenue recognition from apartment sales, though actual final sales were higher.
"The resolution of the conflict that has lasted 30 years has ushered in peace and a stable government focused on developing the country to claim its rightful place in South Asia and eventually the global economy," chairman S P Tao told shareholders.
"Certainly, there are tremendous opportunities for city planning and development to cater to urbanization and service related industries, all of which would require more and better modern buildings to enhance performance and efficiency."
The firm said its joint venture with state-run Bank of Ceylon, Mireka Capital had finalized plans for a new commercial complex. Piling for two new apartment towers has been completed and construction will begin in the second half of 2011.
"Design for the Commercial complex, comprising two towers and a low-rise office block, a shopping mall and a multi-storied car park has been finalised and construction is targeted for the second half of 2011," Tao said.
Build on a 17 acre site in the Southern part of the capital, the 'Havelock City' development will eventually have 1,080 apartments of which 226 have already been built.
The commercial complex will have 400,000 square feet shopping mall which the firm says will be the largest in the country.
"This would be the largest shopping mall in Colombo. Sri Lanka currently does not boast any commercial complex of world standard," the firm said. "With the improving economic environment and Government’s intention to promote the country as a premier shopping destination in South Asia, evidenced by policy decisions on reduction of tariffs on consumer goods, the company sees an immediate opportunity for a world standard commercial complex."
www.lbo.lk
