Laugfs forms subsidiary to carry out residential apartment projects

Sri Lanka’s diversified private sector cooking gas distributor said it has incorporated a subsidiary to undertake residential apartment complex projects.
The group already has a property development subsidiary, Laugfs Property Developers Ltd, which manages the state-of-the-art 14-storey Laugfs group head office building on Havelock Road.
The new subsidiary, Laugfs On Reid (Pvt.) Ltd, has been incorporated under Laugfs Property Developers Ltd, which owns a freehold property on Maya Avenue, Colombo 6 that has been valued at 
Rs.136.5 million.

The group’s property segment in FY16/17 made an after-tax profit of Rs.44 million on revenue of Rs.74 million. 
The Laugfs group has interests in LP gas, logistics, renewable energy, vehicle emissions testing and leisure sectors. 
Sri Lanka’s real estate market, both commercial and residential, is currently experiencing a boom.