Shangri-La Residences debuts in Colombo

Hong Kong-based Shangri-La Group launched its luxury residential project on Friday at Galle Face Colombo eyeing to tap local and foreign buyers for exclusive residences in the city, officials of the company said. Construction work on the two 50 floor residential structures is now underway and will be completed in 2018, a spokesman of Shangri-La Hotels Lanka Ltd said. 

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(Source: Sunday Times)

Price of land and vehicles need to displayed: CAA

The Consumer Affairs Authority (CAA) yesterday emphasized the need to display the price of properties and vehicles that are up for sale.

The Authority said the display of prices was a necessity under paragraph 26 of its Act.

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(Source: Daily Mirror)

AVIC Signs on Renowned Contractor for Completion of Astoria Luxury Condominiums

Astoria, a luxury condominium development that aims to set a new standard in the luxury living style of Colombo will soon be at the heart of Sri Lanka’s business capital, offering residents a truly indulgent experience. AVIC – a Fortune Global 500 enterprise and the developer of Astoria announced its decision to sign on China State Construction Engineering Corporation Limited (CSCEC) as its official and main contractor. CSCEC is another Fortune Global 500 enterprise and is well-known as the top home builder in the world. The partnership between AVIC and CSCEC seeks to introduce this project to the Sri Lankan real-estate market by the end of 2017.  

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(Source: Hiru News)

A land racketeer who sold property island wide under fake deeds arrested

The CID has uncovered a massive land and motor vehicle racket carried out under fake documents.

The mastermind behind the racket has been identified as Vidura Saman Gunarathne of Subhadrarama Mawatha in Gangodawila.

Police Media Spokesman ASP Ruwan Gunasekera said that after lengthy investigations, the CID was able to arrest 5 suspects including the mastermind of the racket.

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(Source: Hiru News)

Why so many land sales Colombo in these days?

Sales and transfers of land are taking place in Colombo at a fast rate these days.

Between 200 and 250 new registrations a week are happening at the land registry office in Colombo, say sources there.

The owners of a majority of these plots of land are relatives of wealthy businessmen.

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(Source: Sri Lanka Mirror)

Facilities to pay ‘Mansion Tax’ in installments

The Sri Lankan government has amended the tax regulations to enable the ‘Mansion Tax’ introduced by the interim budget to be paid in four installments.

According to the amendments, the government has stated that an annual ‘Mansion Tax’ would be imposed on houses valued at more than Rs. 150 million or of floor area of more than 10,000 square feet, constructed after 01 April 2000.

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(Source: Ada Derana)

Sinolanka deal of Celestial Residencies opens can of worms

The deal involving the takeover of ownership of Celestial Residencies, one of the valuable and iconic properties of the failed Ceylinco Group, three years ago from the then government by Sinolanka Hotels and Spa (Pvt) Ltd has opened a can of worms, following a complaint lodged by Deputy Minister of Planning and Economic Affairs Harsha de Silva at the Bribery or Corruption Investigation Commission this week.

Dr.de Silva in his complaint made a request from the Bribery Commission to investigate the corrupt incident of the previous government taking over the massive 47 story building being constructed opposite Temple Trees from the collapsed Ceylinco Group and selling it to Sino Lanka for a bid of Rs. 375 million while Ceylinco Shriram, another failed entity of Ceylinco, had already received a bid for Rs. 7.5 billion.

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(Source: Sunday Times)