Free Lanka Capital moves into property development

Tuesday, 13 September 2011 00:00 - - {{hitsCtrl.values.hits}}

With a view to diversifying its portfolio Free Lanka Capital Holdings (FLCH) is now venturing into property development. Plans are underway for the construction of a state-of- the- art commercial building at a premium location in the City.

It is planned to build a multi-storied office complex comprising 12 floors at Borella on a 49.5 perch block in Castle Street. Parking facilities will be made available on the ground and first floors.

The building will stand out in the Parliament main drive – D.S. Senanayake Junction where Castle Street and Horton place begin.

The foundation for the ‘Free Lanka Capital Tower’ has already been laid and construction work will begin this month. It is hoped to have the building ready within 18 months.

A Company spokesman stated that the building would have a total floor area exceeding 80,000 sq. ft. (approximately 9,000 sq. meters).

He added that the decision to move into the metropolitan area was because of the rising demand for office space where the traffic congestion can be avoided and there is easy access.

The projected cost of construction of ‘Free Lanka Capital Tower’ is estimated at 625 million rupees. Sierra Construction (Pvt) Ltd –Chartered Architects had been awarded the building contract. This is the first project done by Sierra for Free Lanka Capital Properties (Pvt) Ltd , a subsidiary of FLCH.

General Manager/Chartered Architect of Sierra Property Development (Pvt) Ltd., Thusara Waidyasekara described the architectural concept as ‘Shades of Borella’. “The building is meant to be an outstanding object within the streetscape, Shades of sky and shades of light will merge. The reflection of sky and city will envelop the building giving a visual appeal,” he explained. The building will incorporate the green concept and will be energy efficient.

Speaking on the diversified activities of the Company, Rimoe Saldin, Director of Free Lanka Capital Holdings said that Maturata and Pussellawa Plantations which are in the portfolio of FLCH have been successful in the plantation sector. “Leveraging assets on the estates the Company has ventured into mini hydropower projects on the estates and is developing boutique hotels on scenic locations. In order to diversify the portfolio we have now decided to move into the property development sector. The construction of this commercial building was one of the objectives of the IPO,” he added.