Colombo, 16 June, (Asiantribune.com):
Sri Lanka’s one of the premier properties located in Colombo, owned by a family run listed company is likely to be developed as a mixed development project, a Colombo stock market analyst said.
“Several leading international property developers are considering making formal proposals to the company to enter into joint venture agreements to develop this property.” A market source said.
This move has come at a time when 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, whilst the these proposals are likely to be submitted to the owning company of the property according to sources.
It is anticipated by market sources that several international Real estate developing companies are eyeing to develop one of Colombo’s premier properties; freehold land at 41, W.A.D. Ramanayake Mawatha to be developed as a commercial and a residential project.
“We are certain that this property is ideal for commercial and a residential mixed development as it is located at a very prominent place, ” a market source said adding that the location is an ideal for a commercial and a residential development project, since it is housed in the close proximities to Colombo Town Hall, Hyde Park, residencies, head offices of several commercial banks including DFCC Bank, HNB Bank, Sampath Bank, and close to Commercial Bank branches. The property is also minutes away from Sri Lanka’s No.1 private hospital Nawaloka Hospitals.
The property is also close to several roads that lead to Colombo JAIC Hilton, Aitken Spence Head Office, Sri Lanka Insurance, Hemas House and coming up Dawson Grand Twin Towers in Colombo.
Apart from the Colombo’s World Trade Centre, Sri Lanka’s Commercial Capital Colombo is lack of commercial space in spite of high demand to setup commercial offices by many companies close to major locations that are in the close proximities of banks and major corporate houses.
Meanwhile, the financials of the listed company outlines that as per the valuation done by an Independent Qualified Valuer on 10 April 2008, this land is valued at Rs.360,060,000 and Rs.33,340,000 respectively. However the revalued amounts have not been incorporated in to the financial statements for the financial year 2009/2010 Annual Report. But market sources and real estate developers highlights that this property’s value according current market price could be over Rs.600 million to date as it is located in a prominent commercial hub at the W.A.D. Ramanayake Mawatha in Colombo.
- Asian Tribune -