Wednesday, 24 November 2010

Major land scam

Four suspects were arrested by the CID for allegedly attempting to sell a four acre land in Millennium City, Athurugiriya by producing a forged deed of Rs 35.2 million, CID said.

The CID arrested the suspects who are residents of Mirigama and Aluthgama early today in Battaramulla by pretending they were serious land buyers. DIG Kulathilaka said that they were involved in a similar business for nearly three years.

He further advised the public to be on alert about their unoccupied land and properties. 

More >>

(Source: Daily Mirror)

Overseas Realty Rights issue fully subscribed

The rights issue of Overseas Realty (Ceylon) PLC has been fully taken up by the shareholders of the company, raising a total of Rs 4.35 billion, the organisation said this week. Overseas Realty, developer and owner of the World Trade Center Colombo and the developer of the Havelock City project, offered 281 million shares in the proportion of one Ordinary Share each for every two Ordinary Shares held in the capital of the company by way of a Rights Issue.

The company said the funds raised through this rights issue was for the compulsory redemption of the Non Convertible Cumulative Redeemable Preference Shares (NCCRPS) that were issued by the company and subscribed to by Shing Kwan Investment (Singapore) Pte Ltd. Shing Kwan Investment is a member of the Shing Kwan Group, the major shareholder of Overseas Realty.

(Source: Sunday Times)

Shangri -La objects to former Commercial property offer

Shangri -La, the global hotel company, that has been offered the army headquarters property is reconsidering the plan as the offer price is much higher than the Commercial property. Well –informed government sources said the army headquarters property is being offered at US $72 million for six acres (over Rs.7 billion at US $12 million an acre) whereas the CCC property is being sold at US$85 million for 11 acres (over Rs.8 billion at US$7.7 million an acre).

“The CCC land located in close proximity to Beira Lake, Hunupitiya Gangarama Temple, leading hotels including Jaic Hilton in Colombo and prime surrounding area is much, more, suitable for a hotel project, than the highly congested army head quarters property near the Galle Face residential area,” the source said explaining the Shangrila objection, which came after the Business story last week headlined “Controversy over proposed CCC property deal”.

Source: Sunday Times

Sunday, 14 November 2010

Controversy over proposed CCC property deal

The massive Colombo Commercial Company (CCC) property development project located at a prime area in Colombo facing Beira Lake at Sir James Peiris Mawatha has run into a major controversy due to a decision to sell it to a blue chip conglomerate at a price of Rs. 8 billion without calling for public tenders.
A government decision to wrap up the deal is mainly influenced by a powerful government official but on the other hand is being vehemently opposed by other relevant authorities, informed sources said.
The property is owned by the Urban Development Authority (UDA).
They said the CCC property has been earmarked to build city hotels, trade complexes and malls. The blue chip, in the running to own this property, has extensive commercial land in Colombo including prime area in the city, and outside.


(Source: Sunday Times)