CIFL on Rs. 600m project
 

by L. S. A. Wedaarachchi

Central Investment and Finance Ltd. (CIFL) has commenced a Rs. 600 million BOI Project at Homagama to construct two hundred housing units.

The CIFL plans to have a carefully designed housing village with independent housing units. Explaining the concept behind his project Deepthi Perera chairman CIFL said that the house owners win enjoy a peaceful life in the planned project, then name of the project is "Park Line."

According to the chairman house owners will have a 'park living feeling.' It will be a semi luxury housing project with two storeyed housing units consisting of two bedrooms, living room, kitchen and attached bathrooms. The project mainly aiming at professionals, will provide all the common facilities including a day care centre and a swimming pool.

Established in 1966 CIFL is one of the pioneers in the Finance Industry in Sri Lanka. Founded by the late A. G. Hinniappuhamy, the major shareholder of the company was the Baddawela family. In 2004, Deepthi Perera, heading a Group of Companies in Australia called Aspic Corporation took over the controlling interest of the company. Under the new management the company's business activities have expanded tremendously. The deposit base which stood at Rs. 35.9 million in 2005 increased to Rs. 173 million in 2006.

The lease and hire purchase business has increased while high priority has been given to real estate and property development business.

"Our progress in 2005 has been remarkable and was accomplished in the midst of many challenges including fluctuating interest rates, economic changes, flat and inverted yield curves and changing political, tax and regulatory landscapes Chairman Deepthi Perera said.

CIFL's target is to complete two thousand houses within three years. Three luxury housing projects close to the city have been earmarked for the near future.

"The goal of CIFL is to be the most respected and innovative local financial services company. To achieve this the company has embarked on a multi-year strategy to reinforce our values and take the next step in the evolution of our culture, he said.

As a responsible business organisation, the Chairman believes that they have a strong community involvement.

"We have always believed that helping to improve the quality of life in our communities is essential and that is precisely what we have been doing for more than 15 years as a group. By offering a wide range of savings and lending products, as well as supporting initiatives that have a meaningful positive impact. We provide the foundation for our neighbourhoods to flourish, we are mindful that meeting housing needs is essential to ensure the well-being of our community.

Therefore our community development, lending and housing investment efforts are coordinated with many of the not-for-profit organisations where affordable housing programs reach neighbourhoods throughout the country and especially with our new low cost housing project at Homagama.

We plan to give very special discounts for the elderly and military personnel, the chairman said.