MTD Walkers PLC buys real estate developer
View(s):MTD Walkers PLC, the integrated infrastructure and engineering solutions provider, recently completed the 100 per cent acquisition of Wincon Development Ceylon (Pvt) Ltd for a consideration of Rs.2.17 billion, marking its foray into real estate and property development.
MTD Walkers PLC raised Rs. 2.42 billion on the recently oversubscribed rights issue, the company said.
Wincon Development is a company registered with the Board of Investment of Sri Lanka, for the purpose of constructing approximately 25,000 homes under the Nila Sevana public servants housing project. The company has built over 1000 affordable apartment units in the Galle District (512 in Wakunugoda and 576 in Habaraduwa) which will be available for sale in the near future. Although public sector employees are given preferred pricing, the homes are available for the private sector as well. Unit prices vary from Rs. 2 to 5 million.
Wakunagoda is approximately 3 km from Galle town and within 1.5 km from Richmond College. The Wakunagoda homes are available in a three bedroom 695 square foot home priced between Rs. 3.2 to 3.7 million or in a three bedroom 776 square foot home prices between Rs. 3.8 to 4.5 million.