Five SDPs including Krrish still at ‘identification’ stage

Though Sri Lankans can challenge strategic development projects (SDPs) which include Shangri La, Crown (Casino project) and Krrish when the first gazette is issued, there hasn’t been any such opposition.

People are not exercising their right of making written objections or representations regarding such projects due to lack of awareness or apathy, a top government administrator said, adding that there is transparency in such project approvals. A streamlined procedure including the entertaining of public representations is followed by the line ministry before parliamentary approval is sought to implement SDPs.

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(Source: Sunday Times)

Economic benefits of professional real estate associations

By Kirthi Hewamanne
It is an established fact that the Real Estate industry makes an important contribution to the economy of a country and to the welfare of its people.

Housing is a key factor in measuring the standard of living of a society, and is an indicator of the economic growth of a country. It is said that the total value of buildings and housing stock of a developed economy is the greatest single source of invested capital and the revenues generated from this sector represent a large slice of the country’s national income. A significant number of the working population of such countries is either directly or indirectly dependent on this business or its related activity.

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(Source: Daily Mirror)

World’s tallest vertical garden in Sri Lanka

Sri Lanka is certainly not short of many firsts in the world, with many dubious distinctions during the conflict and now some, more respectable ones.

The latest is a brand new apartment complex, Clear Point Residencies, being touted as the tallest vertical garden in the world. It is being built at Rajagiriya at a cost of US$ 55 million (Rs. 6 billion), according to Milroy Perera, Chairman and CEO of Mlroy Perera Associates (Pvt) Ltd.

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(Source: Sunday Times)

Higher taxes for your property

Assessment rates for properties in different local authority areas are to go up manifold from next year. This is because the Government wants to place a Capital Value on the property instead of the present valuation system. This will apply to properties located in Municipal, Urban Council and Pradeshiya Sabha areas.

At present assessment rates are collected by local authorities based on the “annual value” of properties. This also takes into consideration the general amenities provided by the respective local authorities.

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(Source: Sunday Times)

Suncity adds yet another building to the Colombo skyline

Suncity Property Developers (Pvt) Ltd, one of the pioneers in construction and real-estate in Sri Lanka, has begun construction on its latest project – an office complex within the Colombo city limits.

This is Suncity’s most recent initiative complementing an existing portfolio of apartment complexes, the company said.

Located in Bambalapitiya facing R. A. de Mel Mawatha, the building was designed by Bandusena Associates. Approximately 8000 sq. ft in size, the building will be equipped with state-of-the-art amenities and technology, enabling companies to simply plug in and commence operations. The building is scheduled to be completed by the end of February 2014 and is currently available for buyers and investors.

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(Source: Sunday Times)

Packer's hotel project gets approval

The Gazette notification has been issued approving three hotel projects including James Packer's Crown Ltd, but without gaming or casino facilities, official sources said. There would be an Integrated Super Luxury Tourist Resort Facility at Glennie Street/Justice Akbar Mawatha, Colombo 2.  It is an investment of US $ 750 million. In the next project proposed at the site in D. R. Wijewardene Mawatha, Colombo 10, an Integrated Super Luxury Tourist Resort with 500 rooms is to be set up under an investment of US $ 300 million. It will consist of high-end shopping malls, luxury residences and office spaces and service spaces with associated facilities.   The investor is Queensbury Leisure Ltd. The hotel project of US $ 350 million in the same area will be undertaken by Lake Leisure Holdings .It will have 400 rooms.

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(Source: Daily Mirror)