Access Engineering sets up land bank

Blue-chip engineering firm Access Engineering PLC has expanded its footprint in the real estate development sector by setting up a land bank.

“We are looking at building a land bank with the objective of exploring opportunities in the property development market of Sri Lanka,” Access Engineering PLC Chairman Sumal Perera said.

Access Engineering PLC CEO Christopher Joshua said that this was a natural forward integration for an engineering company and that the real estate market has great potential.

“We have already bought two properties in Malabe for an investment of Rs.500 million. We invested in one eight-acre land and incorporated a joint venture in IT, education and housing and another eight-acre land, which we fully own,” he said. Joshua said that Access Engineering will go into a land acquisition drive during the financial year. He noted that the company has not placed any restrictions on the value of land it will acquire during the year, as long as valuations remain favourable.