Coral Property launches $70m project in Maldives

Currently there is trend for people to live in apartments. Investing in apartments has become an attractive mode of savings and there is a big demand for safe, reliable and strong developers in the country, Coral Holdings Chairman Dr. Piraba Subramaniam said.

The real estate sector needs to maintain high standards as today it is an important segment in human life. There should be guidelines for companies to follow and they need to be monitored properly, he said.

Coral Property Developers, a subsidiary of the Coral Holdings, recently launched US $ 70 million property development project in the Maldives with a 3,500 unit apartment complex. The company has sold 400 units at present of its first stage of 1,000 units and it says that there is a huge demand for apartments in the Maldives.

"This is the first offshore property development project that we carried out and it is the largest project by a Sri Lankan company in the Maldives. We are happy about the response so far and the first phase of the project will be completed in 2018," he said.

The Coral Property Developers has seven completed property development projects at present in Sri Lanka with four on going projects in Kotahena, Gampaha, Bambalapitiya and Wellawatte.

"We will be venturing in to animal husbandry in the near future with an investment of Rs. 500 million. This dairy project with advanced technology will be set up in Kilinochchi and the milch cows will be imported from Australia. The project will be one of the largest dairy sector initiatives in the Eastern Province," he said. Coral Property Developers (Pvt) Ltd which was set up in 2003 as a BOI-approved company has an efficient team of personnel comprising of civil engineering, architects, lawyers, accountants, auditors, computer managers and middle level technicians.

The company has ventures in to other areas such as drinking water under the name Coral Water, lubrication and service of motor vehicles under the trade name Larco Automobiles and software company named TechOrin. It has carried out 11 massive projects to the tune of several millions of dollars at present with plans to further invest in the country as a leading property developer.

- SJ