Comprises 236 luxury apartments
Chairman Global Housing and Real Estate [Pvt] Ltd, Dasun Wickramarathna, introduced his latest development, Ocean Breeze Hotel Residencies Hikka, a Rs 6.5 Billion project, to an elite audience at the Victorian Room, Kingsbury recently. Global Housing & Real Estate [Pvt] Ltd is a company that engages in condominium and real estate development activities in Sri Lanka and is a fully owned subsidiary of Global Leasing Limited (GLL) under the Global Group of Companies. The Company was incorporated in 2003 and at present counts for over 18 years’ experience in construction and real estate condominium development. “This our latest project is a guaranteed, risk free, gilt edged investment and will be funded by our Group with private partnership and banking finance which is strategically segregated in various stages of the development to mitigate the risks involved, while our bankers are Bank of Ceylon, Sampath Bank , National Development Bank, Hatton National Bank and Commercial Bank.”, said Chairman Wickramarathna, speaking at the launch.
“We hope to have the ground breaking ceremony in March this year, with project completion in 36 months. Strategically located with beach frontage in Hikkaduwa, Sri Lanka’s most happening coastal area, Ocean Breeze Hotel Residencies – Hikka is set to become a hotspot for the adventurous and free-spirited socialiser and business person who can easily cruse in from the highway for a weekend or longer, thanks to its convenient location close to the highway.
A 70-metre beach front development, lined with cool cafes, refined restaurants, a chilled-out beach club, up market boutiques and a spa, it is in close proximity to all beach activities such as snorkeling, fun boards, jet ski and a turtle hatchery, while whale watching is just a mere 15 minutes by boat. This breath-taking integrated resort will define tourism and hospitality in the area and is geared to earn a minimum 30% to 40% capital gain. The project will also generate around 400 direct and indirect job opportunities in and around the area.
“Global Housing & Real Estate [Pvt] Ltd has grown in stature over the years to become a force, having venturing into various categories and segments of the property development industry and we continuously strive ahead of our competitors in delivering products which are innovative and which add value for all our stakeholders. Whether you are a seasoned investor or a first time buyer, we at Global Housing & Real Estate take time to understand exactly what your particular needs are and offer you the best solution, along with a wide range of products which are in our portfolio, whether it’s a traditional apartment, hotel residency or mixed development, with higher long term returns which are guaranteed to exceed your expectations. We have earned the trust and confidence of our clientele and are poised to take our place as a trusted name in the property development sector as well as the undoubted No1 Hotel Residency Developer in Sri Lanka”.
All construction is carried out by the construction arm of the group, MET Developers Holdings [Pvt] Ltd.
At present the Company has diversified its product portfolio with hotel residency developments in Negombo, Sigiriya and Nuwara Eliya, in addition to traditional condominium developments.
Ocean Breeze Hotel Residencies Hikka comprises 236 luxurious apartments, elegantly designed to blend and harmonise with the natural surroundings, as well as the surrounding cultural and traditional aspects, and is built according to stringent quality standards, and fitted with modern amenities to cater to even the most discerning client. Ranging from 400 sqft Studio Units to 1721 sqft three bedroom Duplex Dual Key apartments over 22 floors, the apartments cater to all your needs and gives one an affordable hotel experience coupled with the advantage of owning a superior property on the famous Hikka beach. Prices range from Rs.13.5M to Rs.100M plus, with attractive interest free repayment schemes facilitated by leading banks in the country to be paid in 36 months. “Investors could enjoy value added services of generating long term revenue generation by renting, as we offer management of property, thus making it a hassle free investment”.
Designed by Anushka Dassanayake who is the project architect, investors could avail themselves of an , investors could avail themselves of an apartment by merely paying a reservation fee of Rs 500,000/- and a 10% down payment.
ETM Leisure Ltd, a fully owned subsidiary of Global Leasing Ltd has been set up to manage the property and generate revenue on the longer run, making it a hassle free one stop shop for investment. With regards to training, Chairman Wickramarathna said ” I believe in the long term retention of employees, hence we recruit them young and train them on the job to gain experience and exposure under our skilled senior staff”.
Global Housing and Real Estate [Pvt] Ltd caters to the style-conscious traveler in some of the most sought-after destinations in Sri Lanka whilst generating revenue and value for its investors and owners. “We also intend expanding to Ella and Trincomalee as with the development of the highway network, it makes it worthwhile to interconnect all our properties which are within minutes of the highways”.
SLT Group posts stable revenue growth amidst adverse socioeconomic environment in first half 2022
-Showcases resilience in business model-
Sri Lanka Telecom Group (SLT Group), the National ICT Solutions Provider, posted stable growth for the first half of 2022, with revenues increasing by 6% to Rs 52.9 Bn and a 19.8% increase in profit before tax (PBT) at Rs. 7.2 Bn against the same period last year, showcasing resilience in its business model amidst complex socioeconomic challenges facing the country.
Demonstrating operational efficiency, SLT Group’s EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) went up to Rs. 20.9 Bn for the first half of 2022, recording a growth of 7.8% compared to the corresponding period of the previous year. The EBITDA Margin stood at 39.7% for the period under review.
Building on the success of the previous quarter, the SLT Group was able to maintain a positive momentum for Q2 2022 recording gains of 4% in operating profit when compared to the previous quarter. The Group recorded a foreign exchange gain of Rs. 135 Mn during the quarter due to the prudent foreign exchange strategies of the Group. However, profit after tax (PAT) declined by 26.5% in Q2 compared to the previous quarter, mainly owing to the increase in income tax expenses during the period.
The SLT Group continued its strategic plan implemented at the beginning of the year, consolidating its performance throughout Q2 as well. However, during the period from April to June, the Group faced several business growth challenges including an unprecedented economic crisis, import restrictions, inflationary pressures etc. Furthermore, ongoing investments were affected; new projects were also impacted due to the increase of operational costs and the energy and fuel crisis resulted in operational challenges. Overcoming uncertainties, the Group with resilience made headway in strategic investments, undertaking appropriate management controls, in addition to managing the revenue portfolio in multiple segments.
The Operating Cash Flows of the Group grew to Rs. 23.5 Bn, up by 21.2% year-on-year. The Group recorded a favourable cash and cash equivalents position of Rs. 27 Bn as at the end of the reporting period. SLT Group’s contribution to the Government of Sri Lanka during the first half of 2022 amounted to Rs. 14 Bn. in direct and indirect taxes including levies and dividends.
SLT Group Chairman, Rohan Fernando said, “The period under review has been one of the most challenging periods that SLT-MOBITEL has faced in recent times exacerbated by a tough operating environment. However, due to the agility in our business model to deliver growth and a motivated team effort, we have been able to successfully generate positive results.”
Chevron Lubricants, Aitken Spence and Lanka IOC drive share market; turnover exceeds Rs. 5 billion
By Hiran H.Senewiratne
The CSE gained over 1 per cent in mid-day trade yesterday pushed by Chevron Lubricants, Aitken Spence and Lanka IOC. The market remained extremely bullish yesterday too with mixed reactions in indices while the turnover exceeded the Rs 5 billion level. However, profit- takings were noted in certain blue-chip companies due to witnessing some down trend in certain companies, market analysts said.
Investors continue to focus on Lanka IOC stocks; which company dominated the country’s energy sector over the last two months. Consequently, its profitability also increased in leaps and bounds due to the heavy demand for fuel. Lanka IOC is to set up 50 filling stations and the approval has been granted by the Energy Ministry, which is also one of the reasons for the company’s share market to move up, stock market analysts said.
However, there was selling in most of the main counters of the CSE due to fears of unprecedented tax increases in the interim budget, a top market analyst said.
Further, Chevron Lubricants’ share prices also appreciated due to market speculation that the company is planning to enter the energy/fuel business with a Chinese company.
Amid those developments stock market indices reflected mixed reactions. The All- Share Price Index reached the 8500 points mark. It gained 77.03 points (0.91 per cent) to end at 8500 and S and P SL20 declined marginally by 9.49 points (0.34 per cent) to end the day at 2784.66.
Turnover stood at Rs 5.3 billion with four crossings. Those crossings were reported in Watawala Plantations, which crossed 4.6 million shares to the tune of Rs 403 million; its shares traded at Rs 87, Citizens Development Business Finance 1.1 million shares crossed for Rs 217 million, its shares traded at Rs 200, Commercial Bank 2.6 million shares crossed to the tune of Rs 145 million and its shares fetched Rs 54 and Hunas Falls 625,000 shares crossed to the tune of Rs 25 million; its shares traded at Rs 40.
In the retail market, top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 1.9 million (14 million shares traded), Expolanka Holdings Rs 449 million (2.3 million shares traded), JKH Rs 252 million (2.1 million shares traded), LOLC Holdings Rs 135 million (226,000 shares traded), Browns Investments Rs 131 million (16.9 million shares traded), Chevron Lubricants Rs 130 million (one million shares traded) and LOLC Holdings Rs 88.5 million (9.8 million shares traded).
It is said that high net worth and institutional investor participation was noted in Melstacorp and Bairaha Farms. Mixed interest was observed in Lanka IOC, Expolanka Holdings and JKH, while retail interest was noted in Browns Investments, LOLC Finance and Agstar.
Energy sector was the top contributor to market turnover (due to Lanka IOC), while the sector index gained 15.15 per cent. Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Melstacorp).
Expolanka Holdings, JKH and LOLC Holdings were also included among the top turnover contributors. The share price of Expolanka Holdings lost Rs. 1.50 (0.73 per cent) to close at Rs. 203. The share price of JKH closed flat at Rs. 119.
Yesterday the Central Bank- announced US dollar buying rate was Rs 357.29 and its selling rate Rs 368.61.
Unilever launches all new Surf Excel 2-in-1 laundry detergent with added fragrance of Comfort
Standing as a testament to its commitment to innovation, to meet the changing needs of Sri Lankan consumers, Unilever Sri Lanka’s leading laundry detergent brand, Surf Excel, recently launched its latest 2-in-1 laundry detergent product, fused with the premium fragrance of Comfort Fabric Conditioner.
For the first time in Sri Lanka, consumers can experience Surf Excel’s all-inclusive superior stain removal with the premium fragrance of Comfort Fabric Conditioner, which gets rid of tough stains from deep within fabrics. Comfort’s premium floral fragrance will leave washed laundry smelling fresh and fragrant after every wash. The new formulation is also gentle on hands, making every handwash a pleasant experience.
Speaking on the launch, Sharmila Bandara, Marketing Director – Homecare and Nutrition, Unilever Sri Lanka said, “When children go out and play, they don’t just get their clothes dirty or stained, but experience life, observe, make friends, or learn to share. This helps them get stronger, develop well rounded personalities and brave the world outside.” She further added “For generations, Surf Excel has been taking care of tough stains for mothers around the country. Now, with the addition of the premium fragrance of Comfort, washing and wearing clothes will become a much more memorable experience for all.”
Surf Excel 2-in-1 with the added premium fragrance of Comfort Fabric Conditioner comes in a pink and blue pack and consumers may purchase the product in seven different sizes at retail outlets and supermarkets island wide.
SJB MPs tell Speaker they received death threats
Govt. announces 75% power tariff increase
SLPP questions GR’s response to ‘Aragalaya’
‘Dates have the highest sugar content to fight Coronavirus’
U.S. Congress to probe assets fleecing by US citizens of Sri Lankan origin
Sunday Island 27 December – Headlines
News5 days ago
The brother’s saga according to Mahinda
News5 days ago
FSP vows to fight back
News6 days ago
SJB challenges clearing of MP on the basis of committee report
News4 days ago
Ranil claims some TNA MPs “voted for me”
News2 days ago
CPA survey claims JVP Leader most popular with 48.5% of those surveyed
News4 days ago
President hints at wealth tax
Features3 days ago
National Defence College of Sri Lanka
Opinion7 days ago
The Peril of going to the IMF: Is there an alternative?