Millennium Housing forges ahead with successful completion of ‘Heights Edmonton Road’

Monday, 18 September 2017 08:10 - - {{hitsCtrl.values.hits}}

Millennium Housing Developers PLC (MHDL), Sri Lanka’s leading township developer, recently announced the successful completion of its inaugural high rise development ‘The Heights Edmonton’.

“We are extremely encouraged by the success and we are actively planning for five new projects in the ‘Vertical Living’ segment as we explore avenues to unlock and create value within our portfolio,” said Millennium Housing Developers PLC Chairman Harshith Dharmadasa.

The recently reported success of MHDL was largely due to the focused exploitation of our revenue streams which includes, land sales, housing and apartments. Looking into the future, we intend to add new revenue streams such as rental income and sale of office space in strategic locations. The services will include Board Room/Meeting Room facilities and rental of equipment, said Dharmadasa.

With the successful completion of ‘The Heights Edmonton’, the company has launched its second project ‘The Heights Colombo 5’ with 64 apartment units demonstrating its vision to strategically grow its portfolio. We are pleased to announce that 75% of the apartment units are sold and the construction will commence on 1 September.

‘The Heights Colombo 5’ offers owners a higher standard of style and elegance, practical convenience, recreational and sports facilities. The complex consists of four parking floors, 11 residential floors, a roof-top swimming pool, jogging track, BBQ and recreational areas. Common areas are powered by solar energy.

Importantly, the apartment complex is strategically located within easy access to some of the city’s key suburbs and amenities such as hospitals, supermarkets and schools.

Consolidating its dominating position in the local real estate landscape, Millennium Housing recently showcased stellar 1st quarter results. For the 1st quarter ending 30 June, the company posted an all-time high Q1 revenue of Rs. 965 million with a PAT of Rs. 120 million. When compared to Q1 performance of its last financial year, the company has grown by Rs. 724 million in top line and Rs. 100 million in profit.