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ComBank to finance luxury apartment purchases at first mixed development project in Rajagiriya

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Kapila Liyanage, Assistant General Manager - Personal Banking at Commercial Bank exchanges the agreement with Xueyuan Deng, Director of Baili Investments in the presence of senior representatives of the two companies.

Enters into MoU with developer Baili Investments Lanka to support sales at 1000-unit high rise

In yet another demonstration of its understanding of customer requirements, the Commercial Bank of Ceylon has entered into a Memorandum of Understanding (MoU) with Baili Investments Lanka Private Ltd. to provide prospective buyers of condominium apartments at a mixed development project in Rajagiriya with access to flexible home loan facilities.

Under this agreement, the Bank will offer home loans to buyers through tripartite arrangements involving the Bank, the developer, and the buyer. Buyers will be able to obtain loans covering up to 75% of the purchase price of their apartments, making it significantly easier for them to own homes in this landmark development.

The project represents an investment of US$ 60 million by Baili Investments Lanka featuring six modern towers with 1,000 luxury apartment units, a shopping complex, cinema and premium lifestyle amenities. The project aims to enhance urban living and aligns with Sri Lanka’s Megapolis and Western Development vision. Construction commenced in May 2023 and the superstructure has already reached the sixth floor. Presales are currently underway, with the full project expected to be completed in September 2029.

Located in Rajagiriya, the development offers a unique blend of urban convenience and a tranquil, green environment, positioning it as one of the most desirable residential projects in Colombo’s suburbs.

Through this partnership, Commercial Bank aims to expand its housing loan portfolio by providing facilities at the lowest interest rates in the market, with repayment plans that include grace periods of up to five years, and structured and tailor-made payment plans. These concessions will enable customers to plan their financial commitments with greater flexibility and confidence. On top of these, the Bank will offer a free Decreasing Term Assurance Policy (DTAP) or a loan protection policy for first time home buyers, covering the life of the buyer to settle the Home Loan through the insurance policy, in case of an unforeseen eventuality.

The Bank said the agreement between Commercial Bank and Baili Investments Lanka not only opens the door for Sri Lankans to secure modern luxury homes but also underlines the Bank’s commitment to supporting quality real estate developments backed by reputed international investors.

Baili Investments Lanka is a BOI-registered Sri Lankan real estate developer backed by Hong Kong investor Mr Tristan Wu, who has over 20 years of multi-sector experience and a proven track record of successful property development ventures in China. The high-rise in Rajagiriya is the company’s first project in Sri Lanka.

The first Sri Lankan bank with a market capitalisation of more than US$ 1 billion, Commercial Bank was also the first bank in the country be listed among the Top 1000 banks of the world, and has the highest capital base among all Sri Lankan banks. The Bank is the largest private sector lender in Sri Lanka and the largest lender to the country’s SME sector. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.



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ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

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The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

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USD 40.84m pipeline to secure aviation fuel supplies to BIA

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By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

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CSE activity up, turnover weak at Rs. 1.4 billion

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By Hiran H Senewiratne 

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well.  In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.

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