Nation Lanka Finance PLC has re-invigorated its real estate and property development business as Sri Lanka’s real estate market and the property sector are slated to outperform in the near future due to better economic prospects after the end of the conflict, Chief Executive Officer of the company Bede Fernando told the Business Times. Sri Lanka’s real estate and property sector are set to recover from its current uncertainties with more people considering it, once again, as a prudent investment option, he added.
The company’s real estate division had posted a considerable gross profit becoming one of the main contributors towards its progress. He is of the view that it is one of the safest sectors to invest in, particularly in the current economic climate where there is turbulence in almost all investment instruments after the global financial crisis. Nation Lanka Finance PLC is revitalizing its real estate business with the optimism for future appreciation and upward movement in property rates given the fact that over the last seven years under normal circumstances land prices have been increasing at a minimum of 20% per annum, he said.
The company hopes that there will always be increased demand for a commodity with a limited supply, particularly one that cannot be replenished. With the reduction on bank loan interest rates, the most safest and viable investment will be in the property development and real estate sector.
The current growth rate of the real estate sector has declined to 7 % during the past one and half years against 20 % in 2007.
Nation Lanka Finance has a clear set of long term goals. One of its priorities is to expand to the Northern and Eastern Regions while another plan is to develop the rural agricultural community through customizing products and services to cater to their requirements. after the end of war there is lot of opportunities emerging in the country.