Oct 15, 2009 (LBO) - The Sri Lanka Tourism Development Authority has approved the construction of new hotels on a prime beach property on the island's east coast following the end of the war, a senior official said.
S Kalaiselvam, director general, Sri Lanka Tourism Development Authority, said the country aims to add about 20,000 hotel rooms in the next seven years to cater to the anticipated boom in tourism.
Read More: http://www.lankabusinessonline.com/fullstory.php?nid=1717299991
Sunday, 25 October 2009
Sri Lankan finance company makes big loss
Sri Lankan finance company makes big loss
Oct 21, 2009 (LBO) –Sri Lanka's The Finance Company (TFC), a former unit of the troubled Ceylinco Group, said it made a 2.5 billion rupee loss in 2008, owing to a slump in property prices and a run on deposits.
TFC said in a statement the company had been adversely affected by the high profile collapses of unregistered finance companies which triggered a run on deposits at other firms.
TFC was an influential player in the property market with large holdings of land in the city and suburbs. However with the burst of the property bubble, land values have shrunk.
Seminar on new system replacing deed registration of property
Seminar on new system replacing deed registration of property |
| A seminar on “Registration of title to property” organised by Alumni Association of the International Development Law Organization (IDLO) Sri Lanka with the collaboration of Ministry of Lands & Land Development, Ministry of Justice & Law Reforms and Association of Corporate Lawyers of Sri Lanka will be held on October 30 at the Excel World from 9.30 am to 4.00 pm.The Registration of Title Act of 1998 (RTA) replaces deeds registration with registration of title to lands in areas where its application has been introduced by Gazette. Under this new system, ownership of land is based on a Certificate of Title. The man objective of title registration is to grant government guaranteed land title to private land owners. A system of stable property rights without labor intensive searches enhances the credibility and marketability of lands. This is a great incentive to entrepreneurs and the private sector, which is the backbone of the economy of our country. It is also the main purpose for which the Act is implemented. The process of title registration, which has now picked up momentum under the Bim Saviya Program of the Ministry of Lands and Land Development, includes the issuing of Cadastral maps for blocks of land and the issuing of Title Certificates replacing deeds at the cost and expense of the government. This new system will soon apply to lands in Colombo and several other Districts. Read more: http://www.dailymirror.lk/DM_BLOG/Sections/frmNewsDetailView.aspx?ARTID=65627 |
As the gunfire ends, Sri Lanka's property boom begins
As the gunfire ends, Sri Lanka's property boom begins |
| By Bandula Sirimanna |
| Just like many industries, the condominium sector is also adversely affected by the global economic recession and the instability caused in some finance companies in the country but the industry expects high demand in the market with the dawn of peace. In this backdrop the Chamber of Construction Industry Sri Lanka (CCI) has initiated action to revitalise the construction industry by extending assistance to the property development sector and the built environment which are paramount to the construction industry. The Chamber has decided to make available a dedicated pavilion for badly affected property developers at the International Construction Trade Fair Excon 2009 from October 30-November 1, Dakshitha Thalgodapitiya, Chief Executive of the CCI told the Sunday Times FT. Speaking on the sidelines of the press conference convened to announce details of the exhibition in Colombo he said that in order to overcome the non availability of easy access to obtaining bonds and guarantees for property developers , the chamber is at present in the process of formulating a conceptual framework of bonds and guarantee scheme where the chamber envisages to play the role of a “Surety Agent” as available in many other developed and developing countries, he said. There are many property developers who are unable to recover their investments as apartments/housing units remain unsold. Further, some developers who have made sizeable investments are unable to secure additional funding required to complete ongoing projects thus bringing them to a standstill, due to reasons such as lack of investors, stagnation of demand, reluctance of the banking community to lend to this sector, and the credit freeze encountered as a result of the global recession, he said. He added that the CCI has conducted a survey to identify the affected property developers and help them to sell their apartment units by showcasing their projects at Excon 2009. Some projects which were in the initial construction stage would also be promoted among potential investors, he said. Source: Sunday Times - http://www.sundaytimes.lk/091025/FinancialTimes/ft33.html |
Sri Lanka Ceylon Theatres hit by property market slump
Sri Lanka Ceylon Theatres hit by property market slump
Oct 06, 2009 (LBO) - Sri Lanka's Ceylon Theatres group has completed a big high-rise project with 80 percent of luxury apartments sold but was struggling to sell the rest as higher costs caused losses in the property unit.
However, chairman Anthony Page said he was optimistic the end of the island's war and economic recovery would enable the group to make better use of its real estate assets in which investments were continuing.Group net profits for the March 31, 2009 financial year fell 21 percent to 326 million rupees from a year ago, according to the annual report filed with the stock exchange.
Sales rose 21.11 percent to 38.6 billion rupees over the same period with the group's retail and fast moving consumer goods business enjoying what Page called above average growth.
The group's real estate and property business suffered a "substantial set back" in the year, Page told shareholders in his annual report.
Group subsidiary CT Properties completed the ‘Empire’ apartment project, a twin-towered, high-rise built on prime property in the heart of the capital Colombo where a cinema by the same name had stood.
More - http://www.lankabusinessonline.com/fullstory.php?nid=1850811902
Source - LBO
Sales rose 21.11 percent to 38.6 billion rupees over the same period with the group's retail and fast moving consumer goods business enjoying what Page called above average growth.
The group's real estate and property business suffered a "substantial set back" in the year, Page told shareholders in his annual report.
Group subsidiary CT Properties completed the ‘Empire’ apartment project, a twin-towered, high-rise built on prime property in the heart of the capital Colombo where a cinema by the same name had stood.
More - http://www.lankabusinessonline.com/fullstory.php?nid=1850811902
Source - LBO
Sri Lanka ‘experiencing international property boom’
Sri Lanka ‘experiencing international property boom'
Sri Lanka is experiencing a major property boom now that its civil war is over, it has been reported.
In a feature on the island, the Daily Mail noted that investors have been more confident about buying on the island since last year saw the last Tamil Tiger stronghold fall in the north.
The paper noted the example of Charlie Wrey and his wife Tweenie, who have been managing a hotel in the southern city of Galle and now plan to purchase a tea plantation inland.
Mr Wray said: "There is a bullish atmosphere now the war is over, with property deals being done the whole time."
The paper noted that offshore property buyers often favour Galle as a major centre of tourism for westerners with its 17th century Dutch fort, which overlooks the city’s international cricket ground.
Investors looking to the Galle area may also be attracted by its rail link to the country’s financial capital Colombo, as well as its proximity to the popular resorts of Hikkaduwa and Unawatuna.
Written by Tom Britten. Source: Halifax http://www.halifax-international-expats.com/sri-lanka-experiencing-international-property-boom-19401307/
In a feature on the island, the Daily Mail noted that investors have been more confident about buying on the island since last year saw the last Tamil Tiger stronghold fall in the north.
The paper noted the example of Charlie Wrey and his wife Tweenie, who have been managing a hotel in the southern city of Galle and now plan to purchase a tea plantation inland.
Mr Wray said: "There is a bullish atmosphere now the war is over, with property deals being done the whole time."
The paper noted that offshore property buyers often favour Galle as a major centre of tourism for westerners with its 17th century Dutch fort, which overlooks the city’s international cricket ground.
Investors looking to the Galle area may also be attracted by its rail link to the country’s financial capital Colombo, as well as its proximity to the popular resorts of Hikkaduwa and Unawatuna.
Written by Tom Britten. Source: Halifax http://www.halifax-international-expats.com/sri-lanka-experiencing-international-property-boom-19401307/
Wednesday, 14 October 2009
As the gunfire ends, Sri Lanka's property boom begins
With its 25-year civil war over, Sri Lanka is enjoying rising tourism - and the return of investors to the home market.
For somewhere the size of Ireland , Sri Lanka packs an alluring punch with its palm-tree-fringed beaches, colonial tea plantations, unique wildlife and ancient cities and temples. But the savage war that has raged for more than 25 years between the majority Sinhalese and the Tamil minority has had a devastating effect on the island's economy and tourism.
The insurgency was formally declared over last May when the last stronghold of the Tamil Tigers was taken, and the effect was immediate. By August, tourism was 35 per cent up on 2008, and enterprising locals are predicting a sharp revival of the island's economic fortunes.
Read more: http://www.dailymail.co.uk/property/article-1219074/As-gunfire-ends-Sri-Lankas-property-boom-begins.html#ixzz0Tts7QYPM
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