Monday, July 16, 2012

Keppel Land to jointly develop S$70m condo in Colombo

Keppel Land and Sri Lanka-based developer CT Properties will jointly develop around 260 luxury condominium units on a 1.25-acre site in Colombo, the capital of Sri Lanka.

With a total development cost of S$70 million, the project will mainly target wealthy buyers and is located in the affluent Kotahena district.



“Our first foray into Sri Lanka is strategic and timely given the country's positive growth as well as with growing affluence amongst its population,” said Kevin Wong, CEO of Keppel Land.

He added that the firm aims to meet demand for well-located quality homes while tapping on Sri Lanka’s “rapid growth and sound fundamentals”.

Meanwhile, Ranjit Page, Chairman of CT Properties, said: “Leveraging our in-depth knowledge and keen understanding of the local market, CT Properties looks forward to partner Keppel Land in its first project in Sri Lanka.”

Page noted that Colombo’s condo market is growing, particularly in luxury developments.

“The stable government and positive economic outlook will contribute to higher disposable income, which will boost the purchasing power of local home buyers and overseas Sri Lankans.”

Keppel Land and CT Properties will hold a 60:40 equity in the joint venture company.

View the original article here

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