Tuesday, March 29, 2011

Nahil revalues properties

Business figure Nahil Wijesuriya-controlled East West Properties PLC (EAST) yesterday  said,  a recent revaluation of its properties showed a value increase exceeding  Rs.1 billion.

The company said the  leasehold land (with unexpired lease period of 72 years) in Peliyagoda had been estimated at Rs. 691 million as at 21 March 2011. It was noted that the book value of the property is only Rs..30 million.

The revaluation has also slightly increased the value of the company’s condominium apartment at Crescat Residencies in Colombo 3. The new value of the property stands at Rs.89 million, while the book value is 79 million.

The company has also revalued a warehouse in Peliyagoda at Rs.40 million, while its book value lies at Rs.15 million.

In the meantime, a lease agreement of another property given to Utratech Cement has expired in 2007, and the cement company is supposed to vacate the land together with Cement Silos, buildings and the permanent fixtures, without claiming any compensation.

Accordingly, the buildings and cement silos were valued at Rs.634 million.

source - www.dailymirror.lk

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