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| Saturday, 3 January 2004 |
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REEL undertakes two mega projects by Bharatha Malawaraarachchi Work on two new housing cum commercial projects in the heart of Colombo city involving foreign investment of over Rs. 3 billion will get under way shortly. The two projects will be implemented by Real Estate Exchange (Pvt) Ltd (REEL) under the guidance of Thirasara Purawara Program (TPP) of the Housing and Plantation Infrastructure Ministry. The project will develop five prime locations in Colombo. "They will be constructed on lands liberated under the Thirasara Purawara Program of REEL, said REEL Chairman and TPP Director Dr. Krishan Deheragoda. Earlier, REEL constructed a housing complex consisting 671 units for rehousing families living in under-served settlements in the city and to liberate the prime lands of Colombo for commercial and development. REEL has relocated nearly 600 families giving houses free of charge each valued at Rs. 1.2 million in exchange of the land they occupied earlier at its first rehousing project in Borella - Wanathamulla project called the Sahasa Housing Complex. "This program is self-financing and the money earned through the sale of housing and commercial spaces will be utilised for the same purpose," Dr. Deheragoda said. The first project seeks to construct 1,175 semi-luxury housing units at affordable prices for middle income earners. These houses will be built in Maradana, Pettah, Modera and Mattakkuliya. This project is implemented by Shelter Colombo (Pvt) Ltd, a BOI registered company and is expected to be completed within two years. US $ 21 million (Rs. 2.2 billion) will be invested by the developer to complete the housing projects. "The final agreement will be signed shortly," Dr. Deheragoda added. The second project is to construct a state-of-the-art commercial complex at Union Place. It will comprise shopping malls, restaurants, conference halls, office spaces and recreation facilities. REEL will develop the project with Purawanakara of Bangalore, a leading Indian development firm. The project which will be implemented as a BOI venture is to invest nearly Rs. 1 billion. |
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