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April 26, 2012 (LBO) – Overseas Realty (Ceylon) PLC, owners of Sri Lanka's iconic Twin Tower complex, has seen demand for its property grow, on the back of post-war economic sentiment, but warned a weak rupee was eroding earnings.
The Singaporean company, saw post-tax profits grow 32.0 percent to 584 million rupees for the financial year ended December 31, 2011, while group revenues rose 47.0 percent to 2.5 billion rupees, the company said in its annual financial review.
The Twin Towers, situated in Colombo's busy financial district that borders the Galle Face promenade, is one of the best business addresses in the capital.
Many of the key local and foreign clients including airlines, the Colombo Stock Exchange, the Securities and Exchange Commission and the Board of Investments have office space overlooking the expansive Indian Ocean.
Each tower has 39 floors, providing around 750,000 square feet of commercial and retail space.
Group profit was affected by a 39.8 million rupee exchange loss, following a devaluation of the Sri Lankan rupee in 2011. In 2010, the group reported an exchange gain of 83.7 million rupees.
The Sri Lankan currency has lost 13.3 percent of its value since the central bank on February 09, declared it would stop defend the rupee within a specific range. The rupee has devalued by 16.3 percent since November 21, when the government announced a three-percent devaluation.
"Due to further depreciation of the Sri Lankan rupee in the first quarter of 2012, foreign exchange risk will have to be carefully monitored and managed," the company said.
The group's flagship World Trade Centre (WTC) towers, posted a 89.0 percent increase in occupancy, while average rental rates were also very strong, making 2011 "one of the best performing years" of the company.
"The property market is the biggest business enterprise in any leading city in the world. Thus our company is a direct beneficiary of economic stability, growth and business confidence in the country," S P Tao, Overseas Realty chairman told shareholders.
Given the continued expansion of the economy and WTC Colombo's unique positioning as the most sought after business address in Sri Lanka, the company expects to maintain an average occupancy of above 90.0 percent throughout 2012.
Havelock City
Overseas Realty's property portfolio extends to the Havelock City complex, a mix of commercial and residential development situated in the capital of Colombo.
With 211/225 apartments in Park and Elibank (first phase) sold, the group's subsidiary Mireka Homes Private Limited has begun to sell the second phase of 218 units. So far 25.0 percent of the units have been pre-sold. Phase two construction work is due to end during the first quarter of 2014.
Havelock City's commercial mixed use development, which will accommodate Sri Lanka's largest shopping mall of 560,000 square feet and two towers of office space of 750,000 square feet, will start construction work in the third quarter of 2012.
In 2011, Overseas Realty acquired an additional 85 perches of land adjacent to the current Havelock City development, to extend their real estate footing to other areas that complement the project.
"With a positive outlook and growth for the Sri Lankan economy, increasing consumer demand and the current dearth of quality office and retail space in Colombo, we see the addition of Havelock City consolidating our position as the premier commercial space provider in the country," the company said.
Singapore based real estate specialists, Shing Kwan Group, owns some 92.0 percent of Overseas Realty.
Shing Kwan Group's portfolio of expertise includes investment, development and management of real estate in China (Nanjing, Beijing and Shanghai), Indonesia (Jakarta) and Singapore.
http://lbo.lk/fullstory.php?nid=1093369515
The Singaporean company, saw post-tax profits grow 32.0 percent to 584 million rupees for the financial year ended December 31, 2011, while group revenues rose 47.0 percent to 2.5 billion rupees, the company said in its annual financial review.
The Twin Towers, situated in Colombo's busy financial district that borders the Galle Face promenade, is one of the best business addresses in the capital.
Many of the key local and foreign clients including airlines, the Colombo Stock Exchange, the Securities and Exchange Commission and the Board of Investments have office space overlooking the expansive Indian Ocean.
Each tower has 39 floors, providing around 750,000 square feet of commercial and retail space.
Group profit was affected by a 39.8 million rupee exchange loss, following a devaluation of the Sri Lankan rupee in 2011. In 2010, the group reported an exchange gain of 83.7 million rupees.
The Sri Lankan currency has lost 13.3 percent of its value since the central bank on February 09, declared it would stop defend the rupee within a specific range. The rupee has devalued by 16.3 percent since November 21, when the government announced a three-percent devaluation.
"Due to further depreciation of the Sri Lankan rupee in the first quarter of 2012, foreign exchange risk will have to be carefully monitored and managed," the company said.
The group's flagship World Trade Centre (WTC) towers, posted a 89.0 percent increase in occupancy, while average rental rates were also very strong, making 2011 "one of the best performing years" of the company.
"The property market is the biggest business enterprise in any leading city in the world. Thus our company is a direct beneficiary of economic stability, growth and business confidence in the country," S P Tao, Overseas Realty chairman told shareholders.
Given the continued expansion of the economy and WTC Colombo's unique positioning as the most sought after business address in Sri Lanka, the company expects to maintain an average occupancy of above 90.0 percent throughout 2012.
Havelock City
Overseas Realty's property portfolio extends to the Havelock City complex, a mix of commercial and residential development situated in the capital of Colombo.
With 211/225 apartments in Park and Elibank (first phase) sold, the group's subsidiary Mireka Homes Private Limited has begun to sell the second phase of 218 units. So far 25.0 percent of the units have been pre-sold. Phase two construction work is due to end during the first quarter of 2014.
Havelock City's commercial mixed use development, which will accommodate Sri Lanka's largest shopping mall of 560,000 square feet and two towers of office space of 750,000 square feet, will start construction work in the third quarter of 2012.
In 2011, Overseas Realty acquired an additional 85 perches of land adjacent to the current Havelock City development, to extend their real estate footing to other areas that complement the project.
"With a positive outlook and growth for the Sri Lankan economy, increasing consumer demand and the current dearth of quality office and retail space in Colombo, we see the addition of Havelock City consolidating our position as the premier commercial space provider in the country," the company said.
Singapore based real estate specialists, Shing Kwan Group, owns some 92.0 percent of Overseas Realty.
Shing Kwan Group's portfolio of expertise includes investment, development and management of real estate in China (Nanjing, Beijing and Shanghai), Indonesia (Jakarta) and Singapore.
http://lbo.lk/fullstory.php?nid=1093369515
