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John Keells Properties & DFCC Bank Partner on ‘Freedom Mortgages’

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As part of its commitment to bringing ease and flexibility to potential homeowners in Sri Lanka, John Keells Properties has inked a partnership with DFCC Bank, to supplement the property developer’s ground-breaking Freedom Mortgages home finance scheme.

Being the first-of-its-kind in the country, this mortgage plan is offered to potential homeowners looking at investing in John Keells Properties’ upcoming TRI-ZEN residential development, with DFCC Bank now playing a significant role in alleviating customers’ home loan burdens.

The Freedom Mortgage plan promises customers the financial relief of a two-year interest free period on their mortgage, with the customer only having to pay 20% up front. The bank will fund up to 80% of the purchase price and the loan will be offered at exceptional interest rates, a news release on the scheme said.

“We have been innovating in the mortgage space for quite some time now and DFCC Bank was one of our earliest partners in trying to really expand the reach of housing in the centre of the city to more people. With this package we want to put TRI-ZEN and inner city living within the reach of a much broader swathe of the population,” commented Nayana Mawilmada, Sector Head, John Keells Properties.

“John Keells Properties’ Freedom Mortgage home finance scheme is truly unprecedented in the value it offers its TRI-ZEN customers,” added Gillian Edwards, Senior Vice President – Consumer Banking of DFCC Bank on the collaboration. “Through this partnership, we are able to expand the breadth of our service offering so as to provide an even greater opportunity for Sri Lanka’s homeowners to stake claim to an apartment at Colombo’s most anticipated residential community.”

DFCC Bank offers the Freedom Mortgage Loan to any individual securing an apartment at TRI-ZEN. A fixed income earner, professional or a self-employed individual with an income sufficient to meet the monthly loan commitment is eligible to apply for a DFCC Home Loan, the release said.

Applicants could opt for a pre-approved home loan for which credit approval will be provided within three working days. The teams of professionals at every DFCC Bank Branch offer unmatched customer service and the assurance of extended support throughout the transaction.

TRI-ZEN is a joint venture between Indra Traders (Pvt) Ltd and John Keells Holdings PLC. When complete in 2023, the 53-storey development will have a total of 891 one, two, and three-bedroomed ‘smart home’ units, each tastefully designed and equipped with a suite of key amenities. With its enviable address, competitive price tag -starting at Rs 26 million-, and the range of conveniences and facilities afforded exclusively to its resident community, TRI-ZEN is slated to be the most anticipated property and living experience for urbanites looking to set up their dream home.

 

 



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Inflation curbed by govt. fuel subsidy introduction and surcharge on vehicle import tax – CBSL Governor

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CBSL Governor Dr. Nandalal Weerasinghe

By Hiran H. Senewiratne

The government’s decision to introduce the fuel subsidy and the surcharge on the vehicle import tax helped curb inflation to a great extent, Central Bank Governor Dr. Nandalal Weerasinghe said.

‘The government this week approved a Rs. 40 billion fuel subsidy for the next three months on top of Rs. 57 billion provided from April-June, Governor Weerasinghe told the media yesterday at the Central Bank head office in Colombo at the CBSL’s monthly monetary policy review meeting.

‘If not for fuel subsidy and surcharge on the vehicle import tax, the inflation would have been higher than the current level, the Governor said.

‘There could have been higher imports and reserve building up would have been difficult. Inflation has risen beyond the Central Bank’s upper band of 7 percent since July, he said.

‘The country’s inflation hit a 37-month high of 8 percent in August after the government raised fuel prices more than 50 percent following the Middle Eastern escalation by end February, Dr Weerasinghe said.

The Central Bank’s inflation target for the past three years have been 5 percent with lower band of 3 percent and higher band of 7 percent, Governor said.

The Governor added: ‘The government provided Rs.57 billion as a fuel subsidy mainly for diesel. The latest Rs.41 billion has been allocated only for diesel as it is used for public transport.

‘The government also imposed a temporary 50 percent surcharge on Customs Import Duty on new personal vehicles on May 16 and has extended it until December 31, a move that will help to prevent outflow of foreign currency.

‘The Central Bank also tightened the monetary policy in May, raising the key monetary policy rate by 100 basis points, to curb excess demand in the economy to control demand-driven inflation.’

Meanwhile, head of the CBSL’s Economic Research Department L.R.C. Pathberiya said, ‘Credit growth has slowed to 24.5 percent year on year in August from a higher level of 30 percent a few months ago, after the Central Bank’s monetary policy tightening in May.

‘However, the Central Bank is optimistic about the current credit growth, he explained.

Pathberiya added: ‘The credit to the private sector from commercial banks has slowed, but we believe it is sufficient for economic growth.

‘The nation’s economic growth slowed to 4.2 percent year-on-year, its lowest in 11 quarters’’.

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PM warns Sri Lanka’s waste crisis is a ‘disaster waiting to happen’

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The third ICPIES being addressed by Prime Minister Dr. Harini Amarasuriya.

By Ifham Nizam

Prime Minister Dr. Harini Amarasuriya warned that Sri Lanka’s worsening waste-management crisis, particularly the uncontrolled accumulation of plastic waste and poorly managed landfills, was a “disaster waiting to happen”, urging scientists, researchers and policymakers to help the government find practical solutions before the problem reaches a critical point.

Addressing the launching of the Open University of Sri Lanka organized, ‘International Conference on Plastics, Innovations and Environmental Sustainability’ (ICPIES 2026) as Chief Guest, at the Cinnamon Lakeside Hotel yesterday she said waste management, waste reduction and recycling had become national priorities, with the government placing greater emphasis on the issue in its preparations for the 2027 Budget.

‘This is becoming a critical issue and something that, at any moment, if we don’t manage it properly, could become a huge disaster. It’s a disaster waiting to happen, Dr. Amarasuriya said.

She said unregulated and poorly managed landfills, particularly in and around Colombo, posed serious environmental and public risks, while increasing urbanisation was extending the waste-management challenge beyond the capital to other parts of the country.

‘As a member of Parliament for the Colombo District, I can tell you that one of the biggest challenges we are facing is waste management and actually managing the recycling of waste, and particularly of plastic products. This is something that we are battling every day, she said.

The Prime Minister said the government could not regard economic development as meaningful if it came at the expense of the country’s environment and natural resources.

‘If we are to speak of a beautiful life, we must first ensure that the air we breathe, the water we drink, the soil on which we live, the food we eat is clean and secure, she said.

She pointed to the scale of the global plastics crisis, noting that around 400 million tonnes of plastic waste are generated worldwide each year, while between 19 and 23 million metric tonnes of plastic waste enter natural ecosystems annually.

Plastic waste eventually breaks down into microplastics, which can enter aquatic organisms and subsequently the human food chain, she said.

Dr. Amarasuriya also linked plastic consumption and environmental degradation to the wider climate crisis, warning that the consequences of climate change were already being experienced by communities around the world.

She referred to devastating floods and landslides in the Himalayan region and said the impacts of climate change demonstrated that environmental damage could have consequences far beyond national boundaries.

Coastal clean-up projects and other waste-separation and recycling initiatives are also being implemented, while the government is working with the Western Provincial Council on a refuse-derived fuel project at Karadiyana.

The third ICPIES, held under the theme “Eco-Driven Innovations,” brings together researchers, policymakers, industry representatives and other stakeholders to examine plastic pollution, microplastics, circular-economy approaches, waste-management policy, technological innovation, artificial intelligence and smart environmental monitoring. The conference ends today.

Senior Professor P. M. C. Thilakarathne, Vice Chancellor of the Open University of Sri Lanka, was the Guest of Honour.

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Mention of possible future inflation dampens investor appetite

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By Hiran H. Senewiratne

Stock investors were worried yesterday following Central Bank Governor Dr. Nandalal Weerasinghe’s mention at the CBSL monthly monetary policy review meet of possible future inflation pressures that may impact the economy.

The All Share Price Index went down by 4.89 points, while the S and P SL20 rose by 16.1 points. Turnover stood at Rs 1.55 billion with four crossings.

Those crossings were; Access Engineering crossed 1.5 million shares to the tune of Rs 119.8 million; its shares traded at Rs 79.60, Sampath Bank 450,000 shares crossed tfor Rs 63 million; its shares sold at Rs 140, Sunshine Holdings 750,000 shares crossed to the tune of Rs 21.4 million; its shares traded at Rs 28.50 and Softlogic Life 290,000 shares crossed for Rs 20.4 million; its shares sold at Rs 70.40.

In the retail market companies that mainly contributed to the turnover were: Access Engineering Rs 150 million (1.9 million shares traded), JKH Rs 113 million (six million shares traded), Softlogic Life Rs 80 million (one million shares traded), Softlogic Capital Rs 64.7 million (6.7 million shares traded), Lanka Realty Rs 64.3 million (1.3 million shares traded), Colombo Dockyard Rs 53.7 million (452,000 shares traded) and Sierra Cables Rs 50 million (1.43 million shares traded). During the day 58.9 million share volumes changed hands in 13536 transactions.

It is said that mixed market reactions were noted especially in manufacturing while banking, insurance and FMCG sectors performed well. Further, construction sector counters, especially Access Engineering, and banking sector counters, especially Sampath Bank, performed well.

People’s Leasing & Finance PLC announced its allotment basis for 100 million listed debentures it issued to raise Rs 10 billion, after receiving applications for the full amount.

Yesterday the rupee was quoted at Rs 330.68/75 to the US dollar in the spot market from Rs 330.70/90 the previous day, while bond yields were quoted steady to lower, dealers said.

An auction of Rs 80,000 million Treasury bills was ongoing.

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