Laksiri to build Rs 500 m condominium in Kurunegala

First project outside Colombo district

Shirajiv Sirimane

Laksiri International Freight Forwarders (LIFF) will be investing over Rs. 500 million to construct Sri Lanka's first condominium outside Colombo in Kurunegala.

Director Operations Laksiri, M.S.M. Mubarak said they have already purchased a 1.5 acre land for the project and construction will commence in November. "We are now negotiating with an investor in UAE to raise the funds. If this deal doesn't go through we will look for local borrowing," he said.

The proposed condominium will be ten storeyed and will have over 150 housing units. He said they are targeting this complex mainly for the Sri Lankan expatriate workers working in the Gulf. "We have observed that many Sri Lankans working overseas are remitting money with the intention of building houses. However in some instances this money remitted to Sri Lanka are not put to use."

"Under this scheme local workers based overseas can pay us in instalments and be assured that they have a house when they come back to Sri Lanka. "We are hoping to construct a similar housing complex in Ja Ela as well," he said.

Airing his views on the personal Cargo handling business he said that volumes have now reduced. "Due to high inflation faced all over Asia, expatriates are now sending back money rather than investing on equipment," he said.

The company receives an average of 100 personal effects as containers from all over the world and about 2,000 consignees traverse through their warehouse per month. The company has also completed a single unit housing scheme in Mount Lavinia.