CT Properties and Keppel Land to develop luxury condominiums
CT Properties Ltd, member of CT Holdings PLC, has entered into a
joint venture agreement with Singapore-based Keppel Land Limited (Keppel
Land) to develop about 260 high-end condominiums on a 1.25-acre prime
site in the Kotahena metropolis, Colombo.
CT Properties and Keppel Land will hold 40:60 equity in the joint
venture company. The total development cost for the project is estimated
to be approximately $ 70 million. Keppel Land's participation in the
proposed development is subject to the satisfaction of conditions
precedent including but not limited to the joint venture company
obtaining planning and regulatory approvals by the relevant authorities.
Keppel Land is the property arm of Keppel Corporation, one of
Singapore's largest multinational groups with key businesses in offshore
and marine, infrastructure, and property.
Group CEO of Keppel Land, Kevin Wong said, "Our first foray into Sri
Lanka is strategic and timely given the country's positive growth as
well as with growing affluence among its population. The improved
political and economic conditions also bode well for the country as it
looks to attract more foreign direct investments.
"Sri Lanka is experiencing rapid growth and the sound fundamentals
are expected to drive demand for homes. This is where Keppel, with our
trusted brand and reputation as a premier developer, can meet the demand
for well-located quality homes."
Chairman of CT Properties Ranjit Page, said, "Leveraging our in-depth
knowledge and keen understanding of the local market, CT Properties
looks forward to partner Keppel Land in their first project in Sri
Lanka. CT Properties has taken a very calculated approach in venturing
into projects to ensure that we make a mark with each of our projects.
Our latest initiative in this new environment aims to not simply ride
the growth opportunity but bring international expertise and benchmarks
to the industry and thereby make a long term impact." He added.a growing
segment,especially for high-end developments.
The stable government and positive economic outlook will contribute
to higher disposable income, which will boost the purchasing power of
local home buyers and overseas Sri Lankans keen on the potential capital
appreciation of well-located and high-end property developments."
Targeted at the well-heeled local and overseas Sri Lankans, the
development is located north of Fort, the central business district (CBD)
of Colombo. It is well-connected via major roads and will provide
residents easy and direct access to the CBD.
The Kotahena area, where the new development is situated is served by
numerous amenities including schools, retail outlets, banks, medical
facilities as well as sports and entertainment centres. Majority of the
homes are also expected to enjoy panoramic views of the Indian Ocean.LF |
