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Tuesday, June 14, 2011

Colombo Land to launch People’s Park this year

By Jithendra Antonio

Colombo Land & Development (CLND) says it hopes to launch the People’s Park project by the end this year.

According the lately published annual report, the former Chairman of CLND, Rohan Tudawe anticipates that stakeholders of the entity would look forward to a growth and expansion in the years to come.

“The Company has decided to embark on the People’s Park Stage II development, which is at drawing board stage and hope to launch the project towards the end of this year.” he states.

He further notes that Colombo Land and Development Group continues to hold ownership of the majority of commercial units and fewer apartments at Liberty Plaza. However during the year, the average occupancy had been below the expected target.

“Over the years, the repair and maintenance expenditure on units owned by the Company continued to increase due to ageing of the complex, and this cost was borne over and above what was paid as the Management Corporation Levy.” Tudawe outlines.

He further states that Agrispice (Pvt) Ltd the wholly owned subsidiary of the Group, which owns Orukanda Estate in Avissawella , has more than 10,000 Mahogany trees and 2,000 Teak trees which has shown a very steady growth and is expected to give a long term yield.

“During the year, the Company has established a budded rubber and an organically propagated tea nursery in order to reduce the impact on the group financers on the recurring expenditure,” Tudawe says adding the expected income from this Nursery would cover the annual expenditure which is required to administer the estate.

“The Company is positively looking at launching the People’s Park Stage II development at the car park land at Bodhiraja Mawatha, Colombo 11,” Tudawe stresses highlighting that they have already obtained the preliminary planning approval from the Urban Development Authority (UDA).

Recently, Tudawe was replaced by Nalaka Godahewa as the Chairman in spite of Emagewise led Dilith Jayaweera buying a control stake of the company from the Singaporean Investor Ng Eng Ghee.

When contacted Dilith Jayaweera said the plans of the former Chairman are still afoot and once the new board convenes they will go for some revisions to make those plans bigger and better.

source - www.dailymirror.lk