Sri Lanka's Liberty Plaza mall in Rs600mn expansion: BOI

Malika1990

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Apr 05, 2013 (LBO) - Sri Lanka's Colombo Land and Development Company Plc, will build a 600 million US dollar expansion, through a wholly owned unit, the state investment promotion agency said.

The façade of the building on R A De Mel Mawatha will have two large LED screens.
Corrected Rs600mn investment

Colombo Land owns the Liberty Plaza shopping mall in the Kollupitiya upmarket area in Sri Lanka's capital.
Liberty Developers (Pvt) Ltd has signed an agreement with the Board of Investment said. The BOI gives tax breaks to projects.

Construction started in February 2013 and is expected to be finished within 12 months.

The project involves two floors of retail space of 20,000 square feet each, with parking space. It will be connected to an existing mall on the first and second levels.

Existing office space in the second floor will be converted to retail space of 20,000 square feet. A food court will be developed on the second floor which will be operated by a third party.
http://lbo.lk/news/Sri_Lankas_Liberty_Plaza_mall_in_Rs600mn_expansion:_BOI/1692192231

Fresher

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I'm seriously annoyed at the petty mistakes LBO makes regularly. I wonder if they have 'proof readers' as such, if they do, they are incompetent.
Sometimes, the sentences make no sense at all due to missing words and bad grammar.

Malika1990

Malika1990

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npp wrote:I'm seriously annoyed at the petty mistakes LBO makes regularly. I wonder if they have 'proof readers' as such, if they do, they are incompetent.
Sometimes, the sentences make no sense at all due to missing words and bad grammar.

Ya it's true..........They always make mistakes

D.G.Dayaratne

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Will this effect CTLD prices Next week?

NAV Above 45/= market price around 25/= at present

Chinwi

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D.G.Dayaratne wrote:Will this effect CTLD prices Next week?

NAV Above 45/= market price around 25/= at present

You mean it should go up ?
Why?
CTLD is in Bambalapitiya.

Someone can argue even the other way. New LP can become a strong competitor to MC (CTLD) ( not my idea).

BTW , it may go up. I do not know.

--

NAV < Trading price

CTLD type companies have this problem. When CTLD NAV was around 22 it traded around 10. It was popular as a dividend income generator.

Once the construction of a building is completed, expansion / growth of the company is over and the collecting rental from fixed number of tenants become its business. People pay high premium for the growth aspects of the companies.

Property value appreciation is a long term process.

Last edited by Chinwi on Sat Apr 06, 2013 8:59 pm; edited 1 time in total

The Alchemist

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D.G.Dayaratne wrote:Will this effect CTLD prices Next week?

NAV Above 45/= market price around 25/= at present

CTLD is CT Land Development Plc, A Ceylon Theatres Group Company which owns and operates the Majestic City complex.

CLND is Colombo Land & Development Company which owns and operates Liberty Plaza complex.

rainmaker

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The Alchemist wrote:

D.G.Dayaratne wrote:Will this effect CTLD prices Next week?

NAV Above 45/= market price around 25/= at present

CTLD is CT Land Development Plc, A Ceylon Theatres Group Company which owns and operates the Majestic City complex.

CLND is Colombo Land & Development Company which owns and operates Liberty Plaza complex.

The parent company of CTLD is a one that is impossible to value. In hindsight the rights and the private placement to Ruffers at 210/= was far to expensive. Perhaps the current price is a fair deal Wink

History is that this firm was owned by Chittapalam Gardiner. Does anyone know how the Page's got involved (are they descendents of the same family)?

UKboy

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rainmaker wrote:History is that this firm was owned by Chittapalam Gardiner. Does anyone know how the Page's got involved (are they descendents of the same family)?

yes rainmaker they are descendents of the same family .

However I had to dig a bit more to find the links
Here's the summary.

One of Chittapalam Gardiner's siblings called Anne and she got married to Aloysius family. Then one of their decendents got married to Albert Page (Mastermind behind Ceylon theatres).

All the Page family members in the C T holidings including Rajit Page are from this family (Lucy Aloysius + Albert Page)

http://www.jaffnaroyalfamily.org/chittampalam.php

Sanjeev Gardiner is the only son of Cyril Gardiner (the adopted son of Chittapalam Gardiner). However Sanjeev later sold his stake in Ceylon theatres to Page family.

CT Holdings was jointly formed by Sir Chittapalam Gardiner and he was the Chairman until his death.

hettihewa

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I think some one has got facts wrong and this mall has nothing to do with page family. To my understanding Liberty Plaza belongs to Colombo Land & Development Company and the mall refurbishment is also an initatve of the new Board. They recently bought the property next to Liberty Plaza and are in the process of refurbishing that too. We see a large hoarding which indicates that new aquitition will be called Liberty Archade.

If one goes to www.Colomboland.com site you can see all projects use the ' liberty' brand name....... Liberty Plaza, Libery Archade, Liberty Square, Liberty Towers etc.

It must be a complicated company which these guys got under their control. But given the calibre of individuals on the Board I believe some thing interesting is on the cards.

rainmaker

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hettihewa wrote:I think some one has got facts wrong and this mall has nothing to do with page family. To my understanding Liberty Plaza belongs to Colombo Land & Development Company and the mall refurbishment is also an initatve of the new Board. They recently bought the property next to Liberty Plaza and are in the process of refurbishing that too. We see a large hoarding which indicates that new aquitition will be called Liberty Archade.

If one goes to www.Colomboland.com site you can see all projects use the ' liberty' brand name....... Liberty Plaza, Libery Archade, Liberty Square, Liberty Towers etc.

It must be a complicated company which these guys got under their control. But given the calibre of individuals on the Board I believe some thing interesting is on the cards.

CTLD does not own Liberty.

We are talking about the parent firm of CTLD - Ceylon Theatres

D.G.Dayaratne

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I am sorry I have mistaken CTLD AS CLND

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Sri Lanka's Liberty Plaza mall in Rs600mn expansion: BOI

1 Sri Lanka's Liberty Plaza mall in Rs600mn expansion: BOI Sat Apr 06, 2013 7:37 am

Malika1990

2 Re: Sri Lanka's Liberty Plaza mall in Rs600mn expansion: BOI Sat Apr 06, 2013 8:59 am

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3 Re: Sri Lanka's Liberty Plaza mall in Rs600mn expansion: BOI Sat Apr 06, 2013 10:02 am

Malika1990

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D.G.Dayaratne

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hettihewa

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