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.