Real estate potential growing in Colombo, Serendib Land says
View(s):Sri Lanka’s real estate market has seen considerable change in recent years with the capital Colombo being transformed into one of the most scenic cities in the region with the rapid infrastructure development and beautification taking place, according a city-based properly development estate company.
Sega Nagendra, Chairman of Serendib land, said that Sri Lanka being strategically located in the Indian Ocean makes it a hub for the western and eastern international shipping routes, thereby rapidly increasing the demand for state-of-the art office space, luxury apartments and tourist hotels.
In the chairman’s review for the year ending March 31, 2013, he said he believes that with the “increase in the demand for commercial space in the urban cities as well their suburbs, and the demand for housing and luxury and semi-luxury condominium apartments, the country’s real estate potential is just waiting to be explored further”.
During the year under review, the company recorded a turnover of Rs.13 million and a pre-tax profit of Rs.11 million with Rs Rs.1.2 million being provided for as taxation in the latest financial year. The board of directors has recommended a first and final dividend of Rs.25 per share.
Serendib Land was founded in 1980 as a property development company and owns a prime commercial property in the heart of Colombo. The company says its principal income is through renting of office premises developed by the company. AIA Insurance Lanka PLC (formally AVIVA NDB Insurance PLC) is the company’s long term tenant, occupying the 5-story business office developed by the company.
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