Sri Lanka’s largest and most iconic mixed development, Cinnamon Life announced another major milestone in its journey to completion with the securing of a Certificate of Conformity (COC) for the project’s office and ‘The Suites’ residential towers.
Notably, the pace and the progress of the Cinnamon Life project continued to gain momentum, despite the challenges of the ongoing pandemic.
Having now received full and final certification that both structures have been constructed in complete conformity with all applicable regulations and safety guidelines necessary for occupation, the John Keells Properties team is now actively preparing to handover units at ‘The Suites’ and ‘The Offices’ at Cinnamon Life by March 2021.
“As we approach the culmination of our vision for Cinnamon Life, we can’t help but look back with a sense of pride over the numerous – and often historic – challenges that we have overcome and the resilience that our team has shown in bringing life to a project of national significance. What we are building today promises to transform Colombo’s skyline and completely redefine the standard of lifestyle, commercial, and retail experiences – not just for Sri Lanka but the entire South Asian region. Even with the severe limitations caused by the pandemic, we have managed to keep pressing on, and all of us are excited to be in the home stretch,” Nayana Mawilmada, Sector Head, Property Group, John Keells Holdings stated.
“There is absolutely no doubt that Cinnamon Life will be one of the most iconic and identifiable landmarks in Asia. I am incredibly proud of our amazing team at John Keells Properties for their persistence and grit in executing what is undoubtedly the most complex build in the country—all part of our inspiring journey of Creating New Worlds!”
Nayana further noted that the project’s second residential tower, ‘The Residence’ at Cinnamon Life, will be ready for handover by mid-year, and that work on the hotel, retail mall and other facilities are also progressing at a steady clip.
A “city within a city”, this iconic project will redefine Colombo’s skyline and deliver a vibrant lifestyle experience at every touch point. Set to be the heartbeat of the city whilst making its mark as Colombo’s lifestyle capital, the property will feature an 800-roomed luxury “Cinnamon” hotel, premium residential apartments, a retail and entertainment mall, state-of-the-art office spaces, and many other attractions to set stage as the entertainment hotspot in the Indian Subcontinent. The development’s iconic design by Cecil Balmond will span across 4.5 million square feet and is envisioned to be the epicenter of modern South Asia. Cinnamon Life will be the city’s ultimate lifestyle and entertainment hub.
More than one-fifth of Sri Lankan workers deployed overseas enter domestic service, data show
By Sanath Nanyakkare
A closer look and comparison between foreign employment figures in Sri Lanka’s External Sector Performance show that in the months of August, September and October 2022, a total of 87,629 Sri Lankans migrated for overseas jobs, out of which 20,368 were domestic aides. Hence Sri Lanka has exported a three-month average of 23.2% of its migrant work force or more than one fifth of its labour resource (mostly poor women) as domestic aides.
Total departures for foreign employment during January-October 2022 were recorded at 251,151 which exceeded the annual departures in pre-pandemic period, according to the latest External Sector Performance report released by the Central Bank of Sri Lanka (CBSL)
It stated that total departures for foreign employment were recorded at 28,473 during the month of October 2022 which comprised unskilled (11,399), skilled (7,887) and domestic aid (6,165) categories.
The October 2022 report stated that workers’ remittances steadied at US dollars 355 million in that month, recording a growth for the second consecutive month, on a year-on-year basis.
External Sector Performance-September 2022 reported that workers’ remittances had increased to US dollars 359 million during that month, in comparison to US dollars 325 million in August 2022, recording the highest monthly remittances up to that point in 2022.
In September 2022, total departures for foreign employment were recorded at 30,084 which comprised unskilled (10,491), skilled (9,391) and domestic aid (7,027) categories.
In August 2022, workers’ remittances stood at US dollars 325 million in comparison to US dollars 279 million in the previous month. Total departures for foreign employment in August 2022 were recorded at 29,072 which comprised unskilled (9,685), skilled (8,590) and domestic aid (7,176) categories in that month.
These figures show that 20,368 individuals entered domestic service out of 87,629 departures for foreign employment during August, September and October 2022.
In other words, more than one-fifth of Sri Lankan workers deployed overseas entered domestic service and contributed to the monthly remittances of about US $ 346 million during August, September and October 2022.
Currently, certain local television advertisements claim that female domestic aids and cooks are paid monthly Rs. 145,000 and Rs.185,000 respectively in countries such as Kuwait.
Elpitiya Plantations 25th anniversary celebrated with Awards Night
The leading plantations company Elpitiya Plantations celebrated their 25th anniversary by recognising their employees at a recently held event at Cinnamon Lakeside Colombo. The event was graced by the leadership, shareholders, key clients, employees among other important patrons. The celebration marked 25 years under Aitken Spence Plantation Managements PLC.
The grand event commenced with the lighting of the oil lamp, cutting of the anniversary cake followed by speeches. Given this momentous occasion, it included the presentation of awards and appreciation for employees and key stakeholders that have made a profound impact towards the success of Elpitiya Plantations. The award categories included ‘Long Service’, ‘Productivity Champions’, ‘Horticulture Champions’, ‘Industrial Relationship Champions’, ‘Sustainability Champions’, ‘Special Loyalty’, ‘Trailblazers’, ‘Masters of the Past’, ‘Special Shareholders’, ‘Future Leaders’, ‘Masterminds’ and culminating with the Chairman’s Awards.
In addition to the awards, the anniversary book was launched to mark Elpitiya Plantations epic journey that tells a unique story about “A Metamorphosis in Agronomy”. This odyssey captures the passion, sweat and tears of the last 25 years of the company. The book is dedicated to all those who believed and stood by the company to what it has become today. Marking this ceremonious occasion, the company unveiled their new website (https://www.elpitiya.com/) that shows the diversity of product offering and their quest for the future.
The glistening night continued with entertainment and included a special performance by the Elpitiya Plantations team that was well received by the audience.
Managed by Aitken Spence Plantation Managements PLC since 1997, Elpitiya Plantations PLC owns 13 estates and 17 factories producing tea and other diversified crops. The company embarked on producing four types of berries in Sri Lanka (strawberry, raspberry, blackberries and blueberries), providing these berries to local consumers with a lower carbon footprint, with strawberries and raspberries currently in commercialisation. The company introduced their first retail outlet ‘Harrow House’ at Vauxhall Street (Aitken Spence Tower I) Colombo 02. Elpitiya Plantations embarked on a non-plantation investment with a foreign partner in setting up an adventure park in the Galle district; another pioneering venture in its transformation journey and more to come.
LOLC Al-Falaah wins multiple golds at the slibfi-awards 2022
LOLC Al-Falaah was felicitated with two prominent awards within the Islamic Banking and Finance services sector in Sri Lanka, at the 11th edition of the SLIBFI (Sri Lanka Islamic Banking and Financial Institution) awards. Securing the GOLD award for ‘Leasing Company of the Year’ and GOLD award for ‘Window of the Year’ were significant, as LOLC Al-Falaah have won these awards consecutively over the years. Whilst receiving the Bronze award for ‘Entity of the Year’, an innovative product option ‘Wakalah Speed-Draft’ launched earlier in the year secured the Bronze award for ‘Product of the Year’. With the newest additions, Al-Falaah reaffirms the trust placed in them persistently, as the ‘Most awarded Alternate Financial services provider in Sri Lanka.
LOLC AL-Falaah is the alternate financial services brand of LOLC Holdings PLC, Sri Lanka’s largest and most diversified multinational conglomerate with operations in 22 countries in Asia and Africa. The brand dominates the alternate financial services segment in Sri Lanka, as a Strategic Business Unit (SBU) of LOLC Finance PLC (LOFC), Sri Lanka’s largest Non-Banking Financial Institution (NBFI). LOLC Al-Falaah, has a strong brand identity and brand acceptance with a history of over 15 years within the industry. Al-Falaah performed strongly in 2021/22 to record an impressive Finance portfolio growth of over 51% reaching Rs. 23.44 Bn from its previous year’s book of Rs. 15.47 Bn while sustaining a Deposits portfolio of Rs. 12.52 Bn. Committed to safeguarding investors, LOLC Al-Falaah has distributed Profits to Depositors amounting to Rs. 735 Mn, and secured a 36% increase in Profit before Tax, demonstrating a strong stature despite the volatile economic conditions during the year.
Commenting on the remarkable achievement Director/ Chief Executive Officer of LOLC Finance PLC, Krishan Thilakaratne said; “these constant awards we receive reinstates that LOLC Al-Falaah is ahead of the curve in terms of market leadership, innovation and trust, under the umbrella of the largest NBFI in the country, LOLC Finance. We compete even with other banks because of its sound portfolio quality which is 100% asset backed. Our non-performing loans too are the lowest in the industry which reflects the credit quality and professional management of our finances”.
Also commenting, Mr. Shiraz Refai, Head of Alternate Financial Services, LOLC Finance said, “Our commitment to ensuring our Customers financial needs are tailor-made to modern-day complex requirements, together with emphasis on determination and attention-to-detail, customer care service offered by LOLC Finance staff are the key reasons that we were honoured by these multiple awards. On behalf of the Team, we’re honoured to receive ‘Leasing Company of the Year–Gold’ and ‘Window of the Year-Gold’ for the third and second consecutive years respectively and recognition for both Entity of the Year and Product of the Year’. I believe that our performance and recognition roots from the trust and confidence that our Customers have placed in us, together with the untiring efforts of our professional staff members.”
The awarding ceremony was concluded on the 14th of October 2022 at Ramada Hotel, Colombo. The awarding body, UTO EduConsult (UTO), an organization with a long-reputed history, has initiated this awarding event to acknowledge and to recognise the efforts made by the Islamic Banking and Financial sector in Sri Lanka. In awarding the titles, the applicants profiles have been reviewed and accessed based on their audited financial data pertaining to the year under consideration, by a reputed panel of judges.
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