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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » REEF can be down next week

REEF can be down next week

3 posters

Go down  Message [Page 1 of 1]

1REEF can be down next week Empty REEF can be down next week Sun Feb 06, 2011 9:22 pm

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics

* REEF and Kalpitiya Land (78 Acre ) .......
* Amunugama factor .....
* 20Mn for an acre ....

Citrus Leisure had earlier purchased 78 acres of land (Rs.122.18 million), known as Santhoduwa-Kalpitiya, to construct a four star resort in Kalpitiya in Sri Lanka, not far away from this area
* 35 acre for 99 year lease
* Rest, they have the ownership


Kalpitiya resort bids cancelled

http://www.sundaytimes.lk/110206/BusinessTimes/bt01.html

Another tender bites the dust
By Duruthu Edirimuni Chandrasekera

Another major government tender has run into trouble. The Cabinet-appointed Procurement Committee for the Kalpitiya Integrated Tourism Resort Project (KITRP) has recommended that the Expressions of Interests (EOIs) that were called last year to develop this zone should be cancelled.

At the same time direct negotiations between the Treasury and interested parties have been encouraged by Treasury officials, according to informed sources. This follows a meeting Treasury Secretary Dr. P.B. Jayasundera had with some of the short-listed parties last month. “Dr Jayasundera has told tourism industry stalwarts that the government has decided to entertain unsolicited bids for the Kalpitiya state lands for 99-year leases at Rs 20 million per acre there, at a Tourism Industry Consultative Committee (TICC) meeting held two weeks ago,” a source told the Business Times.

The Procurement Committee comprising secretaries to ministries, has not recommended any of the six parties that were short listed by the Technical Evaluation Committee (TEC) examining the Kalpitiya bids because “there were no well-known tourism industry names.’.

The source said the TEC has submitted their recommendations and the tender board was to meet to discuss the TEC’s recommendations, but the latest is that the Procurement Committee has rejected the short listed applicants as well.

The source said that Dr Jayasundera told the TICC that only about 20 entities and individuals will be entertained for this project. But the industry laments that this is not in line with Mahinda Chintanaya, because with Rs 20 million per acre it will work out to about Rs 500 million per person – only for the land (if only 20 entities are to be given this land which has 500 acres, the math works out to about 25 acres per entity). “Only foreigners can afford this type of money. If the government’s policy is to encourage local entrepreneurship, this isn’t it, because locals cannot afford these amounts,” an applicant for KITRP told the Business Times.

Those who submitted proposals to put up tourist resorts, golf courses, marinas, etc in this zone which was defined as a tourist zone by the Sri Lanka Tourism Authority are Senok Group, Evergreen Hotels, Jetwing Group, Mackwoods Travels, Pathfinder, Sapphire Bay Resorts, Abans, Sun Marina, Ambika Windmills, Upali Travels, Makara and Integrated Resorts. The source said that there were no bids from any western chains.

There are 17 islands in the Kalpitiya area, which is a peninsula that separates the Puttalam lagoon from the Indian Ocean and is about 150 km away from Colombo. Some work has already begun on tourist resorts on two of them by an Indian and a Maldivian firm. Last July the Sri Lanka Tourism Promotion Bureau said that Qube Lanka Leisure, an Indian firm, is to build 200 beach villas worth US$ 16.8 million and Sun Resorts, a Maldivian firm, is to invest some US$ 1.2 billion to build 150 water bungalows in two islands.

The islands have a marine sanctuary with a diversity of habitats ranging from bar reefs, flat coastal plains, saltpans, mangroves swamps, salt marshes and vast sand dune beaches



Last edited by Quibit on Tue Feb 08, 2011 7:12 pm; edited 1 time in total (Reason for editing : Heading format)

2REEF can be down next week Empty sapumal is it true? Sun Feb 06, 2011 10:04 pm

gambler1


Equity Analytic
Equity Analytic

sapumal is it true?why directors bought at high price this share?

3REEF can be down next week Empty Re: REEF can be down next week Sun Feb 06, 2011 10:58 pm

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics

I am not sure what will happen in next week. With the momentum anyone can't collect shares
Why are you worrying abt this news ? Isn't it a good news for REEF ?

“Dr Jayasundera has told tourism industry stalwarts that the government has decided to entertain unsolicited bids for the Kalpitiya state lands for 99-year leases at Rs 20 million per acre there, at a Tourism Industry Consultative Committee (TICC) meeting held two weeks ago,” a source told the Business Times.

Reef already has 78 acres in Kalpitiya
Now investors who are willing to start resorts in Kalpitiya have to pay 20Mn per acre

4REEF can be down next week Empty Re: REEF can be down next week Sun Feb 06, 2011 11:01 pm

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics

I am not sure what will happen in next week. With the momentum anyone can't collect shares
Why are you worrying abt this news ? Isn't it a good news for REEF ?

“Dr Jayasundera has told tourism industry stalwarts that the government has decided to entertain unsolicited bids for the Kalpitiya state lands for 99-year leases at Rs 20 million per acre there, at a Tourism Industry Consultative Committee (TICC) meeting held two weeks ago,” a source told the Business Times.

Reef already has 78 acres in Kalpitiya
Now investors who are willing to start resorts in Kalpitiya have to pay 20Mn per acre

Also don't assume land will worth = 20*78 now, this can be fairly away from this hotel zone

5REEF can be down next week Empty Re: REEF can be down next week Sun Feb 06, 2011 11:29 pm

jaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Reef next Greek.

they Plan another W ?????????????

6REEF can be down next week Empty Re: REEF can be down next week Tue Feb 08, 2011 6:48 pm

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics

No more warrants
But IPO can be possible to raise funds to build hotels

http://www.cseleaks.com/2011/02/citrus-leisure-plc-reef-to-come-with.html

Also here is the confirmation
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=17803

Land in North, East up for grabs at Rs. 20mn an acre
Tourism development in the North and East

* Land to be leased on first-come-first-served basis

* Kalpitiya island resorts project still ‘going ahead’

By Mario Andree

The government is planning to lease out land at Rs. 20 million an acre on a 99 year lease in the North and East for tourism development, and investors would be served on a first-come-first-served basis as long as they can afford it.

Sri Lanka will lease 500 acres of land in the North East coast to potential investors in order to develop tourism infrastructure, a tourism official said.

Sri Lanka Tourism Development Authority Chairman Dr. Nalaka Godahewa told The Island Financial Review that the Cabinet had granted approval to sell land in the North and East under a 99 year lease agreement at Rs. 20 million an acre.

A stretch of land in Kuchchaveli, North West off Trincomalee has been identified for this purpose.

He said the land would be leased out on a first come first served basis after one-on-one interviews with the Treasury. "Who ever applies and can afford to pay for it, will be leased the land."

Denying recent reports in the press, Dr. Godahewa said the Kalpitiya island resorts project, which attracted 11 bidders, was going ahead. He said the bidders had been shortlisted to six and was handed over to the Cabinet-approved procurement committee for evaluation. "The results are still pending," he said.

However he said most likely Kalpitiya would also follow the same pattern of Kuchchaveli to develop tourism infrastructure.

7REEF can be down next week Empty Re: REEF can be down next week Tue Feb 08, 2011 6:53 pm

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics

They have put huge sell orders to drop the price

REEF.W0018
REEF.N0000

Those orders are in the hell. It will needed to dig two or three days to find big sell orders

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