ISSN: 1391 - 0531
Sunday, July 15, 2007
Vol. 42 - No 07
Financial Times  

Dhammika buys Aussie High Com building

LB Finance, owned by wealthy businessman Dhammika Perera, sealed a deal on Wednesday with the Australian High Commission for Rs. 450 million to buy its premises situated at Cambridge Place.

There was wide speculation earlier that Perera, also chairman of the Board of Investment, had bought the property for President Mahinda Rajapaksa’s eldest son, Namal.

Nimal Perera, Director LB Finance, rejected the reports saying the company plans to demolish the building, block out the land and sell it at a premium later.

“We signed the sale and purchase agreement with the Australian High Commission on Wednesday for Rs. 450 million for the 103 perches at Cambridge Place,” he told The Sunday Times FT, adding that the deal was advantageous to the company.
“The property has roads on both sides and there is no wastage when you block the land. We plan to block it at 10 perches each,” he said.

However he insisted that the company will wait till the situation of the country improves in a bid to get the ‘right price’. At least 10 percent of LB Finance’s work is in property development.

 

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Copyright 2007 Wijeya Newspapers Ltd.Colombo. Sri Lanka.