SRI LANKA THE CHEAPEST PLACE IN THE WORLD TO BUILD

Sri Lanka and India are tied as the cheapest countries in which to build with construction costs estimated to be 72% cheaper than the UK baseline, according to one consultancy group study. 

The current economy plays a significant role, but analysts contend supply chains and other logistical issues faced by these countries also act to raise costs. 

Sri Lanka was also the cheapest country in the 2010 edition of the report with the cost of construction just 27% of the UK.

 

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(Source: Adaderana)

Jaffna's property prices surge as peace returns

Selvarajah Ragunathan greets me warmly at his Jaffna home. His face is kindly but furrowed with sadness.

He lost his brother and sister in the early years of the civil war, more than 20 years ago.
Like many others, he left his rural home when the army took over the land.
He worked for years in the Gulf but could not save much. Now he rents this place in the city - a quite spacious house with a garden, where he lives with his wife and their 21-month-old son, Adchayan.

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(Source: BBC)

CID probes big frauds in house and property deals

The Criminal Investigations Department (CID) has assigned a team to track down racketeers behind illegal house or land transactions, a senior officer said. The probe comes on a directive from Defence Secretary Gotabaya Rajapaksa amidst an increasing number of complaints, some of which he had received personally.

The CID will probe cases of persons illegally acquiring houses on forged documents, cases of driving out the owners by force, extorting money from owners of houses and cases of selling or mortgaging lands owned by others, the officer said.

Among the victims have been persons who have migrated few years ago and returned recently.
Complaints could be made by calling 011-2320141 -5. Fax – 0112380380.


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(Source: Sunday Times)

Sri Lanka Aitken Spence plans eastern resort

Sri Lanka's Aitken Spence group, which runs resorts in Maldives, India and Oman is in talks with two international chains to find a joint venture partner to build a 100 million dollar leisure complex in the island's east coast, an official said.
The complex will be made up of two hotels, residential villas and entertainment facilities. One hotel will be built by Aitken Spence under its flagship 'Heritance' brand and the second will be built by the joint venture partner.
The group owns 108 acres of beachfront property in Nilaveli in Sri Lanka's eastern coast.

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(Source: LBO)

Sri Lanka: International property developers eyeing Colombo’s prominent land

Sri Lanka’s one of the premier properties located in Colombo, owned by a family run listed company is likely to be developed as a mixed development project, a Colombo stock market analyst said.
It is anticipated by market sources that several international Real estate developing companies are eyeing to develop one of Colombo’s premier properties; freehold land at 41, W.A.D. Ramanayake Mawatha to be developed as a commercial and a residential project.

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(Source: Asian Tribune)

First ever 7 star property to commence business in 2012

Lanka’s first ever 7 star leisure property, the much awaited unique “Isle of Agnes” brain child of PJ Group Chairman Prasanna Jayewardene hopes to open for business next year.
“It will be one of a kind and aspires to be so on an international level” says PJ Group official Amara Galagoda. “ Though they will miss fellow creator of ‘The Elephant Corridor Hotel’ Susanne Filippin who is now settled in her native Europe, our chairman hotelier with 40 years of experience in 10 countries still has the other co-creator of  ‘Elephant Corridor’ Anton Jacob who has vast International experience with him on this project as well” she said.

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(Source: Daily Mirror)

Plan for luxury city suspended

Cabinet committee to review project amidst fears over possible loss of Galle Face

The US$ 700 million Chinese-backed 500 acre project to create a new city on reclaimed land from the sea overlooking the Galle Face Green, exclusively revealed in The Sunday Times last week, has been suspended. A high-ranking source said yesterday that the move followed a “high-level” order and added that the matter would now go for scrutiny before the standard Cabinet Appointed Review Committee. “They will determine whether or not the project proposal should be accepted by the Cabinet,” the source said. The move, the source pointed out, was the direct result of revelations made in the Sunday Times. The source declined to comment on who had issued the suspension order or whether other proposals, if any, would be subjected to Cabinet scrutiny. More>> (Source: Sunday Times)