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Sunday, 05 June 2016

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Coral Property to invest Rs. 20b

Housing and mixed development:

Coral Property Developers, a privately-held building construction firm based in Colombo will invest around Rs. 20 billion for several housing and mixed development projects in Sri Lanka and the Maldives.

Coral Property Developers Chairman, Dr. Praba Subramanian said that they have being awarded a Rs. 14 billion mixed development project in Hulhulemale in the Maldives, a reclaimed island 20 minutes from Male'.

It has been branded as Y Coral Luxury Apartment and Mall. It was established to meet the existing and future housing, industrial and commercial development demands of the Male' region.

A former veterinary surgeon, Dr. Subramanian said that they will develop Y Coral as three separate podiums with towers in each podium with a maximum height of 12 floors and Arcade frontage in each. Each tower is paired as 12 and 10 storey levels giving a sky scraper level look to Hulhulemale.

Each tower would be of 14 floors and it would be a mixed development project. This is the biggest construction project ever to be awarded to a Sri Lankan company, he claimed. It is also the second biggest ongoing development project in the Maldives after the highway linking the Male airport to the City over the sea.

In addition to this the company is also building a high riser luxury apartment complex both in Colombo and Jaffna. "We have already obtained a 70 perch land in Stanley Road Jaffna and would start construction by end of the year."

The other project is the 'Coral Plus', Colombo 4 apartment complex. "This will be completed by May 2018," he said. "This is the 11th project that we have started in Colombo and we are going to start a hotel project in Nuwara Eliya end of this year. In addition our Gampaha mixed development project will be completed next year.

"For this local project we will invest around Rs. 6 billion and 60% of our capital is being raised through borrowings and the rest from pre sales and profits generated from earlier projects," he said.

- SJ

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