Premier Pacific building converted to Sheraton Hotel

According to the Sunday Times on 13th May (http://www.sundaytimes.lk/120513/BusinessTimes/bt02.html), the partially built apartment complex in Colombo 3 which was to be known as 'Premier Pacific' has been bought by the Sheraton Hotel group and is in the process of converting it to a 360 roomed luxury hotel.

The Premier Pacific already had 12 floors of the 21 storied building completed before downturn and low interest halted the work in 2010, which began in 2004.

India’s ITC now finalises deal, Sheraton moves to Kollupitiya

The Board of Investment (BOI) signed an agreement with Kolkata-based ITC for a mixed development project opposite the Galle Face Green, while contrary to reports of the five star Sheraton hotel being established at this site, its building is now seen rising in the heart of Kollupitiya -- through a different party.

The international luxury hotel chain Sheraton under the Starwood Group was introduced through Lanka Hotels and Residencies (LHR) on May 4 when both parties signed the agreement in the presence of Treasury Secretary Dr. P.B. Jayasundera with its location set right next to the “Carnival” ice cream parlour at Kollupitiya and opposite the popular Indo-Ceylon Café.

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(Sunday Times)

Latest Sri Lanka House Price Index shows mixed patters

The latest house & land Price Index published by LankaPropertyWeb.com shows a mixed pattern with commercial and house prices dropping slights and Apartments enjoying a boom in the price with land values. 

However the Colombo house prices have bucked the trend and continue to increase further. 

Another noticable observation from the stats is that the house and land values in the Northern Province has fallen.  Could this be the end of the Northern province property price boom or just a seasonal blip? We'll have to wait till the next quarter results are out to know for sure. 

The full stats can be found at: LankaPropertyWeb Sri Lanka House Price Index

Lanka Property Watch Staff

Could banks survive with land fraud?

Land fraud and mortgage fraud over the past years have grown significantly in Sri Lanka threatening the stability of local banks. Thus it’s time to take immediate action as the money lent by banks on negative equity or forged deeds belong to the depositors. More>> (Source: Sunday Times)

Latest property stats available now

Average land and house prices at the end of 2011 now available on LankaPropertyWeb.com. 


Average house prices climb to Rs. 17.88 million and land prices at 630,000 per perch. 


For full stats, visit http://www.lankapropertyweb.com/house_prices.php

Shangri La breaks ground for 661room hotel in Colombo

Shangri-La Asia Limited will invest 408 US$ million on this hotel project.  The star class hotel will have 661 rooms, 30 storied and the construction work is to be completed in 2015.
 

Shangri-La is also planning to construct it's second hotel in Hambantota to open in 2013, on approximately 115 acres of land with a 315 rooms with a  investment of 120 US$ million.

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(Source: News.lk)

Real estate changes hands via unreal deeds

Dubious land deals are on the increase with more and more cases piling up in courts, with some of the victims seeking the assistance of the Criminal Investigation Department (CID) to probe them. The frauds have sparked off a multitude of serious repercussions including that of banks unable to recover their loans granted for land purchases, incomplete constructions and victims losing millions of rupees.

Within three months of setting up, the CID’s special unit to probe land frauds has received more than 1,000 complaints with more coming in on a regular basis. “We have arrested four main gangs involved in land frauds, but more complaints are coming in “, a senior officer involved in the investigations told the Sunday Times.

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(Source: Sunday Times)