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REAL - ESTATE NEWS FEED

AUGUST 29

TO

SEPTEMBER 02

2016




HIGHLIGHTS

1. REAL-ESTATE

MHD launches The Heights at Nawala Road Colombo 05 - Read more Electro Metal Pressings goes beyond construction as platinum sponsor - Read

more Port City to be renamed as Colombo Financial City - Read more Int’l Hotel chains putting pressure on local hotels - Onyx VP - Read more Lamudi’s second real estate EXPO next month - Read more Rajagiriya traffic to get worse warns RDA - Read more RDA warns of traffic in Rajagiriya - Read more SAIF Zone invites firms from Sri Lanka - Read more RIL Property’s premium office complex Parkland reaches 80% occupancy - Read

more

Schindler lifts Clearpoint Residencies with pioneering PORT Technology - Read

more

Construction of three highways by January: Minister - Read more

VAT wanted! - Read more

Hong Kong property stocks fall on US rate hike concern - Read more

Fairway appoints new Group CEO - Read more Housing and Construction Ministry, UN-Habitat Sri Lanka sign MoU - Read more Govt. allocates Rs. 1.5 b for water supply in BOI zones - Read more

2. ECONOMY

Two-way investment between China and ASEAN growing - Read more 9th Ease of Doing Business Forum today - Read more China ready to pump in over US $ 5bn in FDIs: envoy - Read more Govt. trying to create sustainable growth framework to stabilize economy: Malik

- Read more

Lanka’s trade with US important bedrock for economy – Delaney - Read more




1. REAL-ESTATE

MHD launches The Heights at Nawala Road Colombo 05 Sri Lanka’s leading mega township developer Millennium Housing Developers Plc (MHD) launched its second high rise project – The Heights at Nawala Road, Colombo 05, inaugurating the project with a traditional ground breaking ceremony held at the location recently. Attended by clergy of all faiths, Nawaloka Group Chairman Jayantha Dharmadasa and Millennium Housing Developers Chairman Harshith Dharmadasa conducted the ground breaking ceremony confirming the interest in and commitment of Nawaloka Group to this project. Read more

Electro Metal Pressings goes beyond construction as platinum sponsor

‘Construct 2016’ the number one and the most sought after exhibition is to take off with much glamour under the theme ‘Beyond Construction’ for the 16th successive year on 26, 27 and 28 August at the Srimavo Bandaranaike Memorial Exhibition Centre at BMICH. Electro Metal Pressings Ltd. (EMP) is the proud Platinum Sponsor of this mega event for the second consecutive year. The National Construction Association of Sri Lanka (NCASL) proudly presents this event as the premier construction related exhibition in Sri Lanka. Construct 2016 exhibition has emerged as the leading platform for all construction related products and services to be displayed in Sri Lanka. As the Platinum Sponsor for this event for the second consecutive year, EMP is hoping to use this opportunity to exhibit many of their new innovations and improvements introduced to the product range by their own Research and Development team. Read more




Port City to be renamed as Colombo Financial City The Colombo Port City Project will be known as the Colombo Financial City in the future similar to Dubai and Singapore with probably laws of Britain applicable to this area, Development Strategies and International Trade Minister Malik Samarawickrema said. Speaking at the Sri Lanka- Japan Policy Dialogue he said that in addition there are so many landmark projects that have been undertaken in the areas of infrastructure, institutional and capacity building, health, telecommunication, IT sector and so on. Read more

Int’l Hotel chains putting pressure on local hotels - Onyx VP

The Colombo high end hotels will be under tremendous pressure with international hotel chains opening in Sri Lanka, Onyx Hospitality Group Vice President and Area Manager Simon Dell said. Speaking to Daily News Business he said these hotel chains like ShangriLa, Movenpick, ITC and Hyatt will use their international marketing arm to sell their Colombo properties. “If these international hotels pitch their rooms 10 or 15 dollars more than the Colombo hotels the present five star hotels will be under pressure.” Read more

Lamudi’s second real estate EXPO next month




Lamudi Lanka (Pvt) Ltd, which says it’s the ‘leading real estate portal’, has announced its second real estate Expo to be held next month. A range of presenters and exhibitors will showcase Sri Lanka’s best property and home services to buyers, sellers, renters and investors. The event will take place on September 23-24 at the North Lawn, Taj Samudra from 10 am to 7 pm on both days. In a media release, Lamudi said its first real estate Expo held in May “turned out to be a roaring success. Lamudi teamed up with AVIC Astoria as their title partner to run the event. Some of the highlights of the show included the inspiring speech given by Ranjit Fernando, then Chairman of Urban Development Authority (UDA), and the presentation of AVIC’s latest project ‘Astoria’. This project gained the particular attention of expats and high end customers looking for the finest luxury apartments”. Read more

Rajagiriya traffic to get worse warns RDA Due to the impending construction of a four-lane flyover spanning 533 meters in Welikada, Rajagiriya, the Road Development Authority (RDA) has warned of congestion in the area commencing yesterday. Vehicular traffic will have to use alternate routes on the Jayawardenepura Road, in Welikada Rajagiriya, due to certain lanes being closed to traffic until December 2017, the RDA said. Read more

RDA warns of traffic in Rajagiriya Due to the impending construction of a four-lane fly over spanning 533 metres in Welikada Rajagiriya, the Road Development Authority (RDA) warned of congestions in the area commencing today. Vehicular traffic will have to use alternate routes on the Jayawardhanapura Road, in Welikada Rajagiriya, due to do certain lanes being closed for traffic until December 2017, the RDA said. Meanwhile, the Expressway Operation Maintenance & Management (EOM & M) Division yesterday requested the public to not to fly kites in the area near to the expressways. They said several reports had been reported relating to difficulties faced by expressway vehicle drivers because of flying kites. Read more

SAIF Zone invites firms from Sri Lanka




Continuing with its path breaking strategies to woo a broader spectrum of investors, the Sharjah Airport International Free Zone (SAIF Zone) yesterday extended an invitation to top Sri Lankan industries and businessmen to set up ventures at the SAIF Zone to expand their trade globally. The SAIF Zone held the first International Business Forum titled ‘Expand Business Globally’ in Colombo yesterday in collaboration with the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) and the Board of Investment of Sri Lanka (BOI) alongside the official coordinating partner Eagle Eye International. SAIF Zone and Hamriya Free Zone Director Saud Salim Mohamed Salim Almazrouei said the zone has been offering excellent integrated business solutions to the global business community leading to the formation of new partnerships, multi-million dollar investments and expansion plans. Read more

RIL Property’s premium office complex Parkland

reaches 80% occupancy

Parkland, a venture by RIL Property, is making a significant impact on the corporate

sector of Sri Lanka. Recently RIL announced 80% occupancy of its premium office space

complex situated in Park Street, one of Colombo’s prime locations. Parkland is built to

accommodate the varied needs of Colombo’s rapidly developing corporate clientele.

Parkland saw remarkable reception from both local and foreign elite corporates within

a few months of opening the building for tenancy. The newest arrivals to Parkland are

ACCA, BreadTalk Sri Lanka, DFN Technologies and Hemas Maritime.

Read more




Schindler lifts Clearpoint Residencies with pioneering

PORT Technology

A brainchild of renowned Architect Milroy Perera, the 46-storey Clearpoint Residencies

is a joint venture between Milroy Perera Associates and Maga Engineering. The

residential apartment tower consists of 172 apartments comprising two, three and four

bedroom luxury apartments, a limited number of penthouses and presidential suites

spread across 46 floors. Located in Rajagiriya, Clearpoint is within close proximity of the

central business districtyet secluded from the hustle and bustle of the city.

One of the key highlights of Clearpoint will be its planted terraces encircling the entire

building. In place of regular-sized balconies, all apartments will be equipped with large

terraces with self-sustaining gardens.

Read more

Construction of three highways by January: Minister

Construction work on three highways would be commenced by January 2017 by

connecting the whole island, Higher Education and Highways Minister Lakshman

Kiriella said. Issuing a statement today, Minister Kiriella said Colombo-Kandy (Stage II),

Colombo-Ratnapura and Kurunegala-Dambulla-Trincomalee - Jaffna Highways would be

constructed under this scheme.

Read more




VAT wanted!

The Central Bank yesterday kept growth rates steady despite persistently high credit

growth but warned that the Government’s revenue targets could come under pressure

unless the proposed VAT increase was implemented “as quickly as possible.”

Central Bank Governor Dr. Indrajit Coomaraswamy told reporters that the economy was

broadly on track to meet its growth target of 5.5% and mid-single-digit inflation but

admitted there were concerns over the Government’s ambitious fiscal consolidation

plan being derailed if tax increases were not approved by Parliament in the next few

months.

Read more

Hong Kong property stocks fall on US rate hike concern

Nikkei Asian Review: Property stocks fell in Hong Kong on Monday amid revived

expectations that the U.S. Federal Reserve might raise interest rates sooner than

markets had expected. Shares in Cheung Kong Property Holdings at one point dropped

by 0.85 Hong Kong dollars, or 1.54 percent, to HK $ 54.30. Rivals Sun Hung Kai

Properties and Henderson Land Development also declined. Fed Chair Janet Yellen and

other key figures hinted late last week at an early rate hike at a meeting in Jackson Hole,

in the U.S. state of Wyoming. An American rate hike means rates would also go up in

Hong Kong, as the special administrative region pegs its currency to the U.S. dollar and

takes its cue from the Fed in adjusting monetary policy. Investors increasingly worry

that higher mortgage and other interest rates could hit sales at property companies.

Read more




Fairway appoints new Group CEO Fairway Holdings, established by well-known entrepreneur Hemaka de Alwis, is preparing to go to the next level of corporate dynamism by strengthening its management team. As a home-grown Sri Lankan corporate, Fairway Holdings is known for its pioneering spirit and rapid growth. Continuous innovation and consciously raising the bar has been the cornerstone of our success. Untitled-1 Its visionary approach and steadfast commitment to integrity has not only brought uniqueness in what is offered to its customers but has also won it customer trust. This trust has transformed into unwavering loyalty over the years due to the high standards of quality it has maintained. Read more

Housing and Construction Ministry, UN-Habitat Sri Lanka sign MoU

he United Nations human settlement program (UN-Habitat) strengthened its cooperation with the Government of Sri Lanka by signing a Memorandum of Understanding (MoU) with the Ministry of Housing and Construction.DFT-8-8 Ministry of Housing and Construction Secretary W.K.K. Athukorala signed the MoU on behalf of the Government of Sri Lanka while UN-Habitat Regional office for Asia and Pacific Senior Human Settlement Officer Srinivasa Popuri signed on behalf of UN-Habitat. Read more




Govt. allocates Rs. 1.5 b for water supply in BOI zones The Cabinet has approved City Planning and Water Supply Minister Rauff Hakeem’s proposal to allocate Rs. 1,531.9 million to improve existing water supply schemes to provide sufficient water supply for people in three main BOI Zones in the Galle and Gampaha Districts. Accordingly, BOI zones including Biyagama, Wathupitiwala and Koggala and surroundings in Ranpokunugama and Kirindiwela areas of Gampaha District and Habaraduwa area of Galle District will be given water supply via these funds. Read more

ONYX Hospitality Group to open Amari in Galle

Adding another global hotel brand to Sri Lanka, the centre piece of ONYX Hospitality

Group, Thailand, Amari will be opening their next hotel in Galle by the end of this year.

Simon Dell, Vice President and Area General Manager for Sri Lanka said that Sri Lanka

has matured as an exceptional travel destination this is the reason that Amari brand is

coming to Sri Lanka.

A British native and a hospitality veteran, Simon Dell has an extensive hotel background

with over 25 years of experience in Asia, the Middle East and Europe.

Read more




2. ECONOMY

Two-way investment between China and ASEAN growing Chinese Vice Minister of Commerce Gao Yan released a figure at the press conference on the 13th China-ASEAN Expo (CAEXPO) and the 13th China-ASEAN Business and Investment Summit (CABIS) held by the State Council Information Office of China this July: By the end of May 2016, the two-way investment between China and ASEAN had accumulated over $ 160 billion. ASEAN has become a major destination for Chinese enterprises to invest abroad. The Chinese government endeavours to promote enterprises to invest in the ASEAN countries, which not only allows enterprises to create wealth, but also brings benefits to the ASEAN people. Such win-win stories are told at the CAEXPO every year. Read more

9th Ease of Doing Business Forum today The Ministry of Finance will be holding the ninth forum of the ‘Ease of Doing Business’ today (1) at 2 p.m. at the 4th Floor Auditorium of MILODA, Academy of Financial Studies, (Old Times Building), Sir Razik Fareed Mawatha, Colombo 1. Since May 2015, the Ministry of Finance has held eight forums and the ninth forum is scheduled to be held tomorrow. The Forum will be chaired by Minister of Finance Ravi Karunanayake. Minister of Industry and Commerce Rishad Bathiudeen, Minister of Public Enterprise Development Kabir Hashim, Minister of Development Strategies and International Trade Malik Samarawickrama, Governor of the Central Bank of Sri Lanka Dr. Indrajith Coomaraswamy and Secretary to the Treasury Dr. R H. S. Samarathunga will also be present to provide the expertise for resolving issues at the Forum. Read more




China ready to pump in over US $ 5bn in FDIs: envoy China’s top diplomat in the country yesterday said that the world’s second largest economy is prepared to commit over US $ 5 billion in foreign direct investments (FDIs) over the medium to long term for special economic zones, if the Sri Lankan government is prepared to authorize them. “We’re looking at the Economic Zone in Hambantota and in the Western Province and also some other provinces. We are looking to invest at least US $ 5 billion over the next three to five years if the government decides to go ahead,” Chinese Ambassador Yi Xianliang said. Speaking at a bilateral trade discussion held at the National Chamber of Commerce of Sri Lanka (NCCSL) in Colombo, Xianliang noted that Chinese FDIs into Sri Lanka this year will run into several hundred million dollars. Read more

Govt. trying to create sustainable growth framework to

stabilize economy: Malik

A top Cabinet minister yesterday admitted that much more should be done by the unity

government to satisfy the expectations of the people, who are becoming impatient in the

face of unfulfilled election promises of the January 8 revolution. Strategic Development

and International Trade Minister Malik Samarawickrama outlined that the coalition

government is attempting to bring in numerous legislation promised to the people,

despite constraints of coalition politics and the lack of capacity found in a developing

country like Sri Lanka. “While all this is encouraging, I am of the view that we are

somewhat falling behind meeting the expectations of the vast majority of our people in

improving their material wellbeing,” he said during the Trade and Investment

Framework Agreement (TIFA) talks held with the US government yesterday.

Read more




Lanka’s trade with US important bedrock for economy –

Delaney

The Inter-Sessional meetings of the 12th United States- Sri Lanka Trade and Investment

Framework Agreement (TIFA) to complete the work-plan under US-Sri Lanka Joint

Action Plan finalised on April 28 in Washington DC opened in Colombo yesterday to

further give great impetus to historic Sri Lanka-US trade ties.

The visiting Assistant U.S. Trade Representative for South Asia, Michael J. Delaney

speaking at the TIFA inaugural session said that Sri Lanka’s trade with US is important

bedrock of the economy, creating thousands of jobs across the island. However, the

share of external trade as a percentage of overall Sri Lankan economy has been

declining over the past couple of decades and the decline is especially concerning given

the urgent task of national reconciliation.

Read more

real - estate news feed · fairway appoints new group ceo - read more housing and construction...

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