ISSN: 1391 - 0531
Sunday December 30, 2007
Vol. 42 - No 31
Financial Times  

Overseas Realty plans Middle East projects

By Bandula Sirimanna

The Overseas Realty (Ceylon ) PLC (ORCP) currently engaged in the 250 million dollar Havelock City condominium apartment project is to embark on similar construction projects in India and the Middle East as a Sri Lankan regional player.

The company will expand its business to areas such as land acquisition, development projects, and joint ventures focusing more on real estate related services including property management cleaning and security services in the near future, said ORCP Chief Executive Officer Dover in an interview with The Sunday Times FT recently. He said that the company plans to undertake condominium projects in Colombo suburban areas as well. It will also manage and maintain all residential towers at Havelock City for the benefit of residents in its apartments after the completion of the construction work. The unique feature of this project is that ORCP will manage all the residential towers for 10 years, he added.

The first phase of the project comprising two residential towers will be completed by June next year. Dover revealed that the Havelock City project will offer residents a one- stop residential living experience with parks, shopping malls, recreational areas, entertainment and commercial facilities. East China Architectural Design & Research Institute Co. Ltd. (ECADI) is the design consultant while Design Group Five International (Pvt) Ltd of Sri Lanka is the local architect and consultant. Fifty percent of the phase one apartment sales numbering over one hundred apartments has been secured. Havelock City includes 1080 luxury apartments for its residential complex. The commercial complex will comprise a 300-room hotel, 200 service apartments a shopping centre, major departmental stores, swimming pools and international food courts. Nine acres of land have been reserved for landscaping which incorporates cascading pools, and boulder gardens. The company plans to complete the whole project, which consists of residential towers and the commercial complex by 2011.


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