Kingsbury signs Management Agreement with Platinum Realty

The Kingsbury PLC, the luxury five star city hotel in Colombo, has signed a Management Agreement with Platinum Realty Investments (Private) Ltd to manage its Platinum 1 apartment complex.

Platinum 1 is a 20 storey apartment complex located at No.1, Bagatalle Road, Colombo 3, comprising of 66 apartments plus 4 penthouses. The complex would have other residential amenities on the 4th floor- with a swimming pool, spa, gym, and restaurants.The property would be branded as “Platinum 1 by Kingsbury”, on the theme of “promise of luxury”, catering to the growing demand for luxury serviced apartments in the city of Colombo, the hotel group said.

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(Source: Sunday Times)

Krrish to break ground for mixed development project soon

Indian real estate company Krrish Group will break ground soon for its long-delayed US$650 million mixed development project at Transworks House in Fort as the company has received the approval of the Urban Development Authority (UDA) last week to go ahead, local Krrish officials revealed.

The local company Krrish Transworks Colombo (Pvt) Ltd, a subsidiary of Indian real estate company Krrish Group, will launch construction of the proposed first and second phases of the project within the next two months, they said.
The company has paid Rs.4.4 billion out of the full lease payment of around Rs.5 billion to take over the 4.3 acre land on 99 year lease.

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(Source: Sunday Times)

Sri Lanka to sign new deal with China Port City

Sri Lanka will sign an amended agreement with a Chinese company that is reclaiming the sea near Colombo, involving the Urban Development Authority with a committee tasked to make changes to the deal.

Sri Lanka has already granted a six-month extension to a temporary agreement signed with Sri Lanka Ports Authority and the CHEC Port City Colombo (Pvt) Ltd.

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(Source: Sri Lanka Mirror)

Sri Lanka to see oversupply in the luxury property market

Supply is set to overtake demand at the high end of Sri Lanka’s residential property market, with a series of large-scale projects under way in and around Colombo.

The supply of luxury apartments in the commercial capital could reach 6000 units by 2018-19, according to a recent report by the Research Intelligence Unit (RIU), up from 783 in 2009 and 2657 this year.

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(Source: OBG)

Seven bills to raise revenue through mega taxes

Finance Minister Ravi Karunanayaka has reintroduced the Finance Act (Amendment) Bill which seeks to impose the Mansion Tax and Migration Tax and the Super Gains Tax on a company or individual whose profit before tax exceeds Rs. 2,000 million.

This and six other bills aimed at raising state revenue were presented to Parliament by the Finance Minister this week amid opposition protests.

The Mansion tax will be imposed on every owner of a mansion constructed on or after April 1, 2000, at the rate of Rs 1 million per year, in addition to the rates and taxes charged and levied by any local authority, and shall be paid in four equal installments.

A Mansion has been described as “any building constructed on or after April 1, 2000, for residential purposes, of which the floor area is not less than 10,000 square feet as per the building plan approved by the local authority of the local authority area wherein such building is situated, or the value of such building, as at the first day of April of any relevant year, is not less than Rs 150 million, as determined by the Government Chief Valuer, or by an officer authorized by him, after making any adjustment as may be prescribed, and in the case of a condominium property , a condominium unit of such property shall be deemed to be a building for the purposes of part.

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(Source: Sunday Times)

Port City Project agreement further extended

The Cabinet on Wednesday gave the nod to extend the agreement for the controversial Colombo Port City Development Project for a further period of six months, Cabinet spokesman and Minister Rajitha Senaratne said.

 “The period of the agreement signed between the Government and the relevant project company on September 16 last year expired on September 15 this year and hence a proposal had been made by Ports and Shipping Minister Arjuna Ranatunga to extend the bilateral agreement for six more months from September 15, 2015 and it was approved by the Cabinet of Ministers,” Dr. Senaratne told the weekly cabinet news briefing. 

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(Source: Daily Mirror)

Seagull directors indicted in HC for breach of trust

The Directors of Seagull Property Developers (Pvt) Ltd, a company which builds condominium properties for sale, have been indicted in the High Court of Colombo for breach of trust.

The case was called up this week before High Court Judge Lalith Jayasuriya. The indictment has been served by the Attorney General’s Department under Section 403 of the Penal Code for “cheating and dishonestly inducting a delivery of a property”.

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(Source: Sunday Times)