East West on land hunt

Eyeing bigger land along Hambantota road:

Ramani Kangaraarachchi

East West Properties PLC has purchased suitable lands along the southern coast to create a land bank for hotel projects.

Speaking to Daily News Business, East West Properties Chairman Nahil Wijesuriya said that a four acre land was purchased to the value of Rs 200 million from Weligama Bay setting a new land price to the area. At present he is negotiating with his overseas clients about the development work of the project.

He said that he is eyeing another bigger land along the Hambantota road suitable for the purpose and he hoped to develop this in the near future.

East West Properties (PLC) making an announcement to the Colombo Stock Exchange recently said the company is seeking to develop the leisure sector exploring new opportunities in the country.

East West Properties, engaged in renting warehouses and the property development business also decided to go for a rights issue recently.

"The purpose of the rights issue is to provide working capital for the ongoing funding of the East West Properties projects and to build a land bank of properties suited for the hospitality and leisure industry," the company said in a statement to the Colombo Stock Exchange.