Sri Lanka`s biggest Real Estate Company is Overseas Realty (Ceylon) Ltd. It owns the Colombo World Trade Centre twin towers, and is building the massive Havelock City Project (shown in the photo, adjoining the Wellawatte canal).
The blurb for Havelock City reads, `Havelock City is the single largest mixed-use real estate development project to be undertaken in Sri Lanka. The residential component of Havelock City would comprise 8 towers with the first phase of 226 apartments already under construction. It will have all modern conveniences that would be expected of any international development of this magnitude. The commercial component would comprise a large shopping mall with department stores, a hypermarket, a multiplex cinema, numerous shops, cafes and restaurants.`
On the 5th of March, Overseas Realty (Ceylon) Ltd. (ORCL) said it is finding it difficult to sell apartments in a new high-rise condominium complex being built in the Sri Lankan capital Colombo due to the economic crisis. S P Tao, head of Singapore`s Shing Kwan group, said, ``The global financial crisis has had a direct impact on the progress of sales of condominium units in the Havelock City project. Significant demand was expected from the Sri Lankan diaspora overseas. However, given the dire and still uncertain economic situation prevailing, compounded by devalued currencies, potential buyers have deferred their investment decisions.`
The project`s first phase consisting of 226 apartments in two residential blocks is scheduled to be completed by June 2009.
Source(s)
http://www.property-report.com/property-news-top-stories.php?id=2366&date=050309
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