Business Times

ORCL to expand in and around Colombo

Overseas Realty Ceylon Ltd (ORCL) plans to expand its ventures in and around the Colombo City, following its World Trade Centre (WTC) and Havelock city projects, an official said.

“The particular moment to expand has not been decided as yet, but when the opportunity presents itself-now that the war is concluded - we will expand,” W.D. Barnabas, CEO ORCL told the Business Times.
He said ORCL is targeting areas in and around Colombo when expanding. He said that ORCL’s revenue has not dropped this year, but the security restrictions has had an impact which will be seen in the accounts for 2009. “This was due to WTC being in the High Security Zone (HSZ) and many firms shifting their locations from WTC, but given the security environment, we were one of the most secure buildings in Colombo though there were some limiting factors,” Mr. Barnabas said. He said presently the inquiries to buy apartments are seen increasing.

Industry analysts said that significant interest on the commercial accommodation and in the Havelock City project was seen materializing during the past months. “We see this demand coming from the Sri Lankan Diaspora,” an analyst said, adding that the expected decline in the interest rates and the improvement in other macro level indicators subsequent to the war could create a positive sentiment.

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