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| Sunday, 19 September 2004 |
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Business |  |
| News Business Features Editorial
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CDL to go to town on township project by Hiran H.Senewiratne
A pioneer company in the township development concept or Millennium City project,Ceylinco Developers Ltd (CDL) intends to have more township projects in major cities in the country. 'After the success of the Aturugiriya Millennium City pilot project, we have been inspired to popularise this concept throughout country' CDL Deputy Chairman W.G.B.M. Ranaweera said. He said that at present more than 1500 units have been sold by the company ie 1300 units in Aturugiriya, more than 150 units in Ja ela and 25 in Kurunegala. Ranaweera said that a major problem encountered by the company to expedite the business was not having a "One Stop Shop" for a regulatory framework. He urged the government to establish a "One Stop Shop" for regulatory frameworks especially on plan and land approvals, to speed up the entire construction industry. The township business has a lot of potential in the country due to the ever increasing housing need, which has prevented new players from entering this business due to the regulatory problem, he added. Ranaweera said that some regulatory frameworks such as approval of lands from respective local government bodies has also caused a big delay for the entire process. He said that having a One Stop Shop will reduce delays to a great extent, which will move the business forward in the country in a big way. Having a One Stop Shop specially for BOI- approved projects will be an effective and practical solution to the growth of the industry, he said. "We lose a lot of man power and resources when we want to get approvals for our sites", Deputy Chairman Ranaweera said. He also said that the government should also streamline and make it flexible the existing complicated regulatory framework to, speed up the construction industry. 'If these requirements are fulfilled we can use the full potential from these given opportunities' Ranaweera said. CDL, which started its Millennium City project in 1999 is the country's first eco- friendly project to have sold 130 units at the Athurugiriya project out of 1600 units.Its second project is in operation in Ja- ela and Kurunegala,Ranaweera said. Ja-ela Millennium will comprise 1000 houses to be built on a 90 acre land and in Kurunegala CDL planned to build 180 units. Meanwhile, the company in planning to kick off its fourth project at Piliyandala before the end of this year. This scheme would comprises 1000 housing units and will be built at a cost of Rs 4 billion.At present it is in the process of obtaining the approval from the regulatory bodies, he said. According to Ranaweera all these projets are under the infrastructure thrust of the BOI, under which the company is enjoying many duty- free facilities for these township projects. All the banks are offering credit facilities for prospective buyers, he said. He said that after paying the 30 per cent of the total amount only the company start constructing the house. Ranaweera said that the company is not offering just as house but a total package with standard amenities, security and a good neighbourhood. |
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