CT Holdings PLC has suspended the development of its US$ 55.2 million joint venture luxury apartment complex in Kotahena, according to the group’s interim financial documents released to the Colombo Stock Exchange.
Named ‘The Belvedere’, the project was a partnership with Keppel Land Limited, a subsidiary of Singaporean multinational Keppel Corporation, signed in 2012 based on Sri Lanka’s growth figures and targeting the affluent Sri Lankans living locally and abroad. The project had completed its design and regulatory processes and started piling in the 2012/13 financial year.
“The Group is presently in the process discussing the project in order to arrive at a satisfactory conclusion,” the interim statements said.
It said that the deferment of the project had significantly impacted the performance of the group’s real estate sector. The project was to be developed at the Junction of George R de Silva Mawatha & K B Christie Perera Mawatha, Colombo 13, offering 2-4 bedroom luxury apartments and sky villas.
CT Holdings said that it will be looking at the feasibility of developing its owned properties in key towns across the island to bring up the profitability of the real estate sector.
The group’s real estate sector revenue for the quarter ended September 30, 2015 fell to Rs.104.53 million from Rs.302.74 million year-on-year, while operating profits fell to Rs.57.54 million from Rs.124.28 million in the same period. (CW)