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| Sunday, 28 November 2004 |
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Wayamba Resurgence to be promoted Ceylinco Real Estate Developers Ltd. (CREDL) and Ceylinco Investment Corporation Ltd. (CICL) were formally launched in Kurunegala recently, to further develop and expand the many projects that were initiated by Chairman of the Wayamba Economic Development Commission (EDC) and the Wayamba Economic Resurgence Association (ERA), Deshamanya Dr. Lalith Kotelawela. He is also the chairman of Ceylinco Group. To date a total of 48 projects have been initiated at a cost of Rs. 7 billion. "It was our Chairman's vision to boost development in the Wayamba region and as a result of the many projects that will be initiated by these 2 companies many benefits such as infrastructure development, direct and indirect employment and the general upliftment of the quality of life of the people will result", said Deputy Chairman Ceylinco Securities & Financial Services Limited Group (CSFSL) Bandula Ranaweera. CREDL is a BOI approved company which has been formed to initiate township and housing developments in Kurunegala, while CICL is a fully owned subsidiary of CREDL, formed to engage in Real Estate projects, whilst both are sister companies of the CSFSL Group. "In the past many Real Estate projects were initiated and in fact some of them are still in progress under the name of CSFSL", said Mr. Ranaweera who went on to say that due to the increased activity envisaged in the Wayamba area, it was decided to launch both CREDL and CICL. CICL also plans to engage in financial activities such as accepting deposits and lending facilities, in the near future. At the opening of the new office complex, original deeds were handed over to customers while advance payments of over Rs. 1 million were received against new housing and real estate projects from customers. With regards to future plans, Mr. Ranaweera said that their present focus was in the Wayamba region, however they hoped to expand operations to Kandy and Anuradhapura as well. Millennium City Kurunegala is CREDL's pioneering project and is expected to open a new chapter in the lifestyles of people of the area. It was Ceylinco Developers Limited (CDL), another company of the CSFSL group that introduced self-catering township and housing projects on a mega scale, through "Millennium City" projects, to Sri Lanka. "We hope to complete this project by 2007 and at completion it will consist of 200 houses. |
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