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Seylan Development disposes Union Place property for Rs.730mn

5 June 2017 09:59 am - 0     - {{hitsCtrl.values.hits}}

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Seylan Developments PLC completed its planned disposal of a block of land off Union Place last week for Rs.730 million, a disclosure to the Colombo Stock Exchange by the company stated.
The firm had valued the 52.27 perch property, which it said is ideal for a high-rise development, at Rs.679.5 million prior to the sale, at Rs.13 million per perch, as an average of the Rs.12.5-13.5 million range it derived through open markets.
Seylan Developments went through a bidding procedure for the sale, placing the current market price for the land in the area at around Rs. 14 million per perch. It said that the land was sold to T. H. M. Developers (Pvt) Ltd.

The property previously had a two-storey building, which was demolished during the previous financial year, after a lengthy legal battle to vacate the premises from tenants.
Seylan Bank PLC owns 70.51 percent of shares in Seylan Developments, while business magnate Dhammika Perera owns 5.78 percent of shares in the firm.

 

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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


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