Financial Times

Colombo Land in new shopping mall project
Colombo Land and Development Company, which operates Liberty Plaza, is continuing talks with the joint venture partners Urban Development Authority on building a big new shopping and leisure complex.

"A huge project of this nature takes time but we're hopeful that we will be able to launch it by early next year," a company official said. "Colombo Land pioneered the development of malls in Colombo and we are hopeful that this futuristic shopping and leisure complex will make us the market leaders yet again."

A new joint venture company will be formed for this project which will be built on a three-acre site on Nawala Road, Nugegoda. Colombo Land began talks with the UDA, which has a 21.4 percent stake in the company, last year after talks with the Kotte Urban Council did not produce results.

CLDC reported last week that its net profit for the first quarter ended March 31, 2004 almost doubled to Rs 10 million while there was a substantial increase in revenue to Rs 187 million from Rs 25 million in the same quarter the year before.

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