By Chandeepa Wettasinghe
The Softlogic group has ventured into real estate with Softlogic Properties (Private) Limited acquiring a land off De Fonseka Road, Colombo 04 for the construction of an apartment complex.
The 37-perch property was purchased for Rs. 351.50 million from fellow Softlogic subsidiary Softlogic Finance PLC last week, a deal which exceeds 10 percent of the equity of Softlogic Properties at the start of the current financial year.
While Softlogic Properties has been an active entity for several years, it is only embarking on property development now.
Softlogic Properties has been acting as the holding company for the Softlogic Group’s tourism and hospitality businesses, owning Softlogic Destination Management, Ceysand Resorts Ltd and Softlogic City Hotels.
Softlogic Properties CEO Dr. Stephan Anthonisz has experience with luxury apartment operations
Some experts and property companies are saying that Sri Lanka’s luxury apartment market is in a glut and that there is now a gap in the affordable-luxury mid-market segment.