Seylan Developments sells Union Place land at Rs. 14 m per perch in Rs. 730 m deal

Seylan Developments Plc has sold a block of land at 257 Union Place, Colombo 2 for Rs. 730 million. 

The block, spanning 52.27 perches, had been bought by T.H.M. Developers Ltd. The company’s 2016 Annual Report stated the market value of the property as Rs. 679.5 million.

In February, Seylan Developments said the land will be disposed of by calling bids on a predetermined base price per perch, which was not disclosed. However, if the minimum base price per perch is not achieved the Board will not dispose of the property. As per the concluded sale, a perch had been priced at Rs. 14 million.