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.
Dr. Piraba Subramaniam
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
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.