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REAL-ESTATE INTELLIGENCE UNIT (PVT) LTD
NO 366, 1ST
FLOOR, GALLE ROAD, COLOMBO 03 ROSHAN MADAWELA – 0722741305 EMAIL – [email protected]
REAL - ESTATE NEWS FEED
MAY 08
TO
MAY 12
2017
REAL-ESTATE INTELLIGENCE UNIT (PVT) LTD
NO 366, 1ST
FLOOR, GALLE ROAD, COLOMBO 03 ROSHAN MADAWELA – 0722741305 EMAIL – [email protected]
HIGHLIGHTS
1. REAL-ESTATE
SL urgently needs a high-end platform: China - Read more Colombo outskirts better for real estate investment: Study - Read more
Blue Mountain completes 50th piling milestone for ‘Achilleion’ 2 weeks ahead of schedule - Read more
Shangri-La Hotels and Resorts to expand in Sri Lanka - Read more
Colombo outskirts better for real estate investment: Study - Read more
Access Engineering expedites Rajagiriya Flyover construction - Read more
Dusit to open new hotel in Bangkok’s renowned Chatuchak Market Read more
Lotus Tower set to open by year end - Read more
Belluna, Asia Capital gets Beira land for Rs 4 bn - Read more
Belluna, Asia Capital pump Rs 8.2 bn on hotel project on Marine Drive - Read more
Belluna to invest dollar millions more in Lanka - Read more
RIL Property capitalises on office space with Parkland, Readywear projects -
Read more
Chinese developers of Colombo Port City look for prospective investors - Read more
2. ECONOMY
FDI in Sri Lanka: A real estate perspective - Read more
ADB to provide over US$ 600 mn for water projects upto 2019 - Read more
EASL welcomes GSP+ - Read more
Sri Lanka proposes three-tier corporate tax structure - Read more
SL keen to boost economic ties with India: PM - Read more
REAL-ESTATE INTELLIGENCE UNIT (PVT) LTD
NO 366, 1ST
FLOOR, GALLE ROAD, COLOMBO 03 ROSHAN MADAWELA – 0722741305 EMAIL – [email protected]
1. REAL-ESTATE
SL urgently needs a high-end platform: China China has said Sri Lanka is in urgent need of a high-end platform and the Port City Project is planned in the best interests of Sri Lanka. “Sri Lanka is in urgent need of a high-end platform to attract financial institutions, multinational companies, shoppers, tourists as well as providing jobs to well-educated locals as a part of its post-war reconstruction. The Port City project is planned in the best interests of Sri Lanka,” said Sun Ziyu, Vice President of China Communications Construction Company (CCCC) in an interview with the South China Morning Post. Read more
Colombo outskirts better for real estate investment: Study
o the casual observer the growing demand for high-rise apartment projects – or for vertical living, as sometimes called – is already evident from the spate of construction projects altering the skyline of Colombo and more recently, its immediate surroundings. A study published by Jones Lang LaSalle, confirms this notion. “Due to increase in price within Colombo city, a rising percentage of the working population is moving to the suburbs, which are much cheaper in comparison. A house in the bordering areas of the city is 26% cheaper than a similar house in the city centre. These clear economic advantages predict a shift toward demand for housing on the outskirts of the city limits,” says the report ‘Real Estate in Sri Lanka – Prospects and Potential – Translating Economic Growth into Real Estate Developments in Colombo’. It further states, “Sri Jayewardene Kotte, witnessed relocation of major administrative offices and residences leading to a further spurt in real estate activity … it is fast becoming a retail and residential (high and middle-income) destination.”
Read more
REAL-ESTATE INTELLIGENCE UNIT (PVT) LTD
NO 366, 1ST
FLOOR, GALLE ROAD, COLOMBO 03 ROSHAN MADAWELA – 0722741305 EMAIL – [email protected]
Blue Mountain completes 50th piling milestone for ‘Achilleion’ 2 weeks ahead of schedule
Blue Mountain’s latest and most iconic real estate project to date ‘Achilleion’ is two weeks ahead of its piling schedule and is well on track to meet its target completion date in 2020. The company recently completed its 50th piling, and the balance 50 piles are scheduled as part of the construction process. Piling is integral to the overall construction process and provides the essential support that buildings require. Piling ensures the structural strength of a building and is a technique that helps to set deep and sturdy foundations. The piling for Blue Mountain’s Achilleion is being done by San Piling Ltd., a fully owned subsidiary of Sanken Construction Ltd., one of the leading piling companies in Sri Lanka which has a strong reputation for delivering excellence and being a trusted partner in the development of mega real estate developments. Read more
Shangri-La Hotels and Resorts to expand in Sri Lanka
Shangri-La Hotels and Resorts, the Hong Kong-based luxury hotel operator, revealed details about its exciting pipeline of new luxury properties across the Indian Ocean and Asia at a press conference held during Arabian Travel Market 2017. Shangri-La will set a new standard for luxury hospitality in Sri Lanka with the opening of Shangri-La Hotel, Colombo. The hotel will be the most luxurious to open in Colombo in 35 years and will complement the Group’s 300-room Shangri-La Hambantota Resort & Spa, which opened in June 2016. Shangri-La Hotels and Resorts is expanding into Sri Lanka at a time when the World Travel & Tourism Council (WTTC) forecasts the country’s travel and tourism GDP will grow 6.3% per year over the coming decade and, by 2026, the industry is expected to be worth US$85 billion to the country’s economy. Read more
REAL-ESTATE INTELLIGENCE UNIT (PVT) LTD
NO 366, 1ST
FLOOR, GALLE ROAD, COLOMBO 03 ROSHAN MADAWELA – 0722741305 EMAIL – [email protected]
Colombo outskirts better for real estate investment: Study
o the casual observer the growing demand for high-rise apartment projects – or for vertical living, as sometimes called – is already evident from the spate of construction projects altering the skyline of Colombo and more recently, its immediate surroundings. A study published by Jones Lang LaSalle, confirms this notion. “Due to increase in price within Colombo city, a rising percentage of the working population is moving to the suburbs, which are much cheaper in comparison. A house in the bordering areas of the city is 26% cheaper than a similar house in the city centre. These clear economic advantages predict a shift toward demand for housing on the outskirts of the city limits,” says the report ‘Real Estate in Sri Lanka – Prospects and Potential – Translating Economic Growth into Real Estate Developments in Colombo’. It further states, “Sri Jayewardene Kotte, witnessed relocation of major administrative offices and residences leading to a further spurt in real estate activity … it is fast becoming a retail and residential (high and middle-income) destination.”
Read more
Dusit to open new hotel in Bangkok’s renowned Chatuchak Market
Rendering of Mixt Chatuchak Dusit Hotels & Resorts and Dhanasansombut Development Company Executives met at Dusit Thani Bangkok to sign the hotel management agreement. Dusit International, one of Thailand's foremost hotel and property development companies, has signed a hotel management agreement with Dhanasansombut Development Co., Ltd. to operate the first ever hotel in the heart of Bangkok's famous Chatuchak Market.
Forming part of Dhanasansombut Development Co., Ltd's new mixed-use development, Mixt Chatuchak (www.mixtchatuchak.com), the new hotel will comprise approximately 250 rooms and is strategically located a short walk from both the MRT (Mo Chit Station) and BTS (Chatuchak Station) mass transit rail systems, which provide easy access to all of Bangkok's main attractions. Don Mueang International Airport, which serves key domestic and regional destinations, is 30 minutes’ drive away.
Read more
REAL-ESTATE INTELLIGENCE UNIT (PVT) LTD
NO 366, 1ST
FLOOR, GALLE ROAD, COLOMBO 03 ROSHAN MADAWELA – 0722741305 EMAIL – [email protected]
Lotus Tower set to open by year end
Sri Lanka’s latest contribution to the Colombo sky line, the Lotus Tower is said to be completed in October 2017 and will be opened by the end of the year. The tower upon completion will be the tallest tower in South Asia reaching up to 350 metres in height. The tower upon completionwill act as a transmission tower for television and radio. The tower will equalize the quality of transmission and ensure that all consumers have equal access to quality broadcast. It will also reduce the cost of digital transmission. The tower will be complete with various shopping centres, food courts, a walk through museum, banquet halls and an observation deck. Sri Lanka Telecom is the independent operator responsible of transmissions. The structure will have two banquet halls accommodating 450 each on the third and the fourth floors. The revolving restaurant will be at 234.2 meters. There will also be suites for state guests on the seventh floor. Access to the tower will be through ticket basis thus incurring a steady income through visitors. Read more
Access Engineering expedites Rajagiriya Flyover construction
Access Engineering is speeding up the construction work of the Rajagiriya flyover; to lessen traffic congestion at Rajagiriya junction along Sri Jayawardanapura Mawatha. The construction work of the flyover project was initiated by the Road Development Authority under the Ministry of Higher Education and Highways during the last year due to the heavy traffic congestion which has long been a point of the contention among the daily commuters. The project is funded by the Government of Spain and the design and the supply of the superstructure are entrusted to; Centunion S. A of Spain as the main contractor and the design and construction of substructure, on-site fabrication, the installation and erection of the steel superstructure are subcontracted to Access Engineering. Read more
REAL-ESTATE INTELLIGENCE UNIT (PVT) LTD
NO 366, 1ST
FLOOR, GALLE ROAD, COLOMBO 03 ROSHAN MADAWELA – 0722741305 EMAIL – [email protected]
Belluna, Asia Capital gets Beira land for Rs 4 bn
Belluna Co. Ltd, Japan and Asia Capital PLC have paid Rs. 4 billion to acquire the former Government Supplies Department premises (opposite Lake House) from the Urban Development Authority (UDA). The total extent of this land is 381 perches. Belluna Japan Chairman Kiyoshi Yasuno speaking to Daily News Business said they will build a mixed development project in this land investing US$ 350 million. He said that that they also hope to use the Beira Lake for development under this mixed development project. Read more
Belluna, Asia Capital pump Rs 8.2 bn on hotel project on Marine Drive
Japanese Ambassador to Sri Lanka, Kenichi Suganuma,Defence Ministry Secretary Karunasena Hettiarachchi, Board of Investment Chairman Upul Jayasuriya, Belluna Co. Ltd Managing Director Hiroshi Yasuno and officials at the ground breaking yesterday. Belluna Co. Ltd, Japan and Asia Capital will jointly invest US$ 54 million (over Sri Lankan Rupees 8.2 billion), for four-star hotel project on Marine Drive, opposite the Colpetty railway station. “Belluna Co.’s off-shore expansion focuses strongly on emerging markets and we are pleased to be a part of Sri Lanka’s development drive’’, Belluna Co. Ltd,Managing Director Hiroshi Yasuno said. “Our partnership with Asia Capital PLC at present encompasses five different projects. Read more
REAL-ESTATE INTELLIGENCE UNIT (PVT) LTD
NO 366, 1ST
FLOOR, GALLE ROAD, COLOMBO 03 ROSHAN MADAWELA – 0722741305 EMAIL – [email protected]
Belluna to invest dollar millions more in Lanka
Belluna Co. Ltd, Japan Managing Director Hiroshi Yasuno, President, Kiyoshi Yasuno, Special Assignments Minister Dr. Sarath Amunugama and Asia Capital Group CEO and Director Stefan Abeyesinhe at the Marine Drive ground breaking held on Tuesday. Belluna Co. Ltd, Japan will make more multi million dollar investments in Sri Lanka especially in the South, Kandy and the Eastern coast, Belluna Co. Ltd Japan President and CEO, Kiyoshi Yasuno said. In an exclusive interview with Daily News Business Yasuno said they need more infrastructure improvement in Sri Lanka especially in the transportation sector. “You see it takes over six hours to go to the East and if there is a highway or a luxury train we are ready to invest.”
Read more
RIL Property capitalises on office space with Parkland, Readywear projects
According to independent industry research reports, the demand for Grade ‘A’ office space is expected to grow and continue to outstrip the supply base in the mid and long term. RIL Property has capitalised on this favourable industry conditions via its Colombo 2 focused offering through Parkland, and mid-term demand via the development of the Readywear building situated adjacent to Parkland. “In the long term, the company is expected capitalize on its land bank to meet the Grade ‘A’ office space demand,” RIL Property Limited CEO Hiroshini Fernando. Real-estate industry has seen a tremendous growth since the end of the civil war. However there has been a lack of focus given to the development of Grade ‘A’ office spaces hence there is an enormous void in this market segment. Read more
REAL-ESTATE INTELLIGENCE UNIT (PVT) LTD
NO 366, 1ST
FLOOR, GALLE ROAD, COLOMBO 03 ROSHAN MADAWELA – 0722741305 EMAIL – [email protected]
Chinese developers of Colombo Port City look for prospective investors
s they are in the process of looking for prospective investors, the Chinese officials of the Colombo Port City, the offshore city being built on a man-made island, said that any interested developer or investor could contact them to invest in the project. “We are trying to get people interested in investment. There is general interest in the market. There is no specific number of investors. If they like to buy a land or any other form of investment, the investor can look at the land and talk to us. Anyway at the moment we are not looking at reservations,” CHEC Port City Colombo (Pvt.) Ltd, Chief Sales and Marketing Officer Liang Thow Ming said. Read more
REAL-ESTATE INTELLIGENCE UNIT (PVT) LTD
NO 366, 1ST
FLOOR, GALLE ROAD, COLOMBO 03 ROSHAN MADAWELA – 0722741305 EMAIL – [email protected]
2. ECONOMY
FDI in Sri Lanka: A real estate perspective
The significance of Foreign Direct Investment to an economy such as Sri Lanka’s cannot be overstated. Its correlation with economic growth is well established. Typically, the benefits to the recipient economy include a reduction in budget deficit, improvement to the balance of payments, a closing of the gap between savings and investment and reduced unemployment. The investment to the country is virtually risk free. It brings with it new technologies, establishes international management practices and assures markets for goods and services. Read more
ADB to provide over US$ 600 mn for water projects upto 2019
ADB Sustainable Development and Climate Change Deputy Director General, Amy Leung addressing the media yesterday. Picture by Fizel Jabir
The Asian Development Bank(ADB) will provide over US$ 600 million as loans, grants and identified co financing to Sri Lanka during 2017 to 19 for water and wastewater management, water security and water supply and sanitation projects. The ADB has also allocated a staggering US$ 4.2 billion in 2017 for urban and water management projects in the Asian Region, said Asian Development Bank (ADB) Sustainable Development and Climate Change Deputy Director General, Amy Leung addressing media at the opening press briefing of the 50th Annual Meeting which commenced at Facifico Convention Centre Yokohama yesterday. Read more
REAL-ESTATE INTELLIGENCE UNIT (PVT) LTD
NO 366, 1ST
FLOOR, GALLE ROAD, COLOMBO 03 ROSHAN MADAWELA – 0722741305 EMAIL – [email protected]
EASL welcomes GSP+
The Exporter’s Association of Sri Lanka (EASL) has welcomed the efforts of the government to secure the vote from the EU Parliament to regain GSP+. Once the concession is fully in place, Sri Lankan exporters can look forward to being in a position to be more competitive, thus revive markets and capture new export opportunities. Exporters of apparel, fish and seafood, ceramics, spices, fruits and vegetables and floriculture in particular, will be able to increase their exports to the EU and enhance forex earnings,the EASL said. Read more
Sri Lanka proposes three-tier corporate tax structure
Sri Lanka’s new Inland Revenue Act seeks to introduce a three-tier simplified tax structure for corporate entities. Higher rate of 40 percent is to be applied for liquor, tobacco and betting & gaming-related businesses. Standard rate of 28 percent will be applicable to banking, finance and insurance businesses as well as manufacturers, traders and any other areas not specified. Fourteen percent concessionary rate which is to be capped at 50 percent of the standard rate will be related to SMEs, export of goods and services, local IT industry and manufacturing furniture. Read more
REAL-ESTATE INTELLIGENCE UNIT (PVT) LTD
NO 366, 1ST
FLOOR, GALLE ROAD, COLOMBO 03 ROSHAN MADAWELA – 0722741305 EMAIL – [email protected]
SL keen to boost economic ties with India: PM
Sri Lanka is looking forward to strengthen economic cooperation with India, Prime Minister Ranil Wickremesinghe has said, noting that development of strategic eastern port town of Trincomalee will be discussed during his visit to the country next week. Wickremesinghe will arrive in New Delhi on April 25 on a five-day visit during which he will hold talks with Prime Minister Narendra Modi to further expand ties in a range of areas. Addressing reporters, Wickremesinghe said he was looking forward to strengthen economic cooperation with India. Read more