Coral Properties invests Rs 9 bn in Sri Lanka and Maldives

Coral Properties Colombo 4 is investing nearly Rs. 9 billion for several ongoing construction projects both in Sri Lanka and the Maldives.

Coral Property Developers Chairman, Dr. Praba Subramanian told Daily News Business that they are investing Rs. 1.2 billion for this mixed development project currently being construed in Gampaha. “This includes a 15 storied 66 apartments and a 5 storied shopping and office complex. It’s the only luxury apartment cum office development project in the District. Branded as ‘Coral City’ it’s also the only twin tower development project in the district. ”

He said that the project would be handed over to the owners by mid 2019.

Coral City in Gampaha

The Coral Properties biggest development of ‘Coral Plus’ is now been constructed at Marine Drive Colombo which is a 20 floor, 60 unit apartment project. The total investment for this project is Rs. 1.6 billion and would be completed in 2019 December.

He said that two of their projects Coral X and Coral Lake Minerva in Rajagiriya both offing 24 luxury units each are now in the piling stage and would be ready by end of 2019. He said that the total cost for this project is Rs. 2 billion.

“We have also invested Rs.1 billion in Coral Saffron in Mount Lavinia which is a 15 storied project offering 77 apartments to be completed by 2019.”

Established in 2003, Coral Properties have already completed 8 niche property ventures that include, 5 storied, Coral Towers, Coral Court, Coral Residencies, (both 6 floors) Coral Castle (8 floors) and Corals Kings Court, Coral Villa in Wellawatte and Coral Waves in Dehiwela. Their last project of 72 units Coral Mansion was sold out.

“We are looking at more projects in Dehiwela and Mattakkuliya and we see more demand in those areas. “Our aim is to have 1,000 keys by 2020,” he said.

Dr. Praba said that though there is a slight drop in demand for up market luxury condominiums there is an increase requirement for mix-market housing unit due to the migration to Colombo. “Due to the government’s scheme to allow foreigners to buy properties in Sri Lanka we also see a demand especially from Chinese for the apartment sector. This will increase with the commencement of the Port City Project in Colombo.”

Commenting on their Maldives projects, he said that they are also involved in a Rs. 14 billion mixed development project in Hulhumale in the Maldives. It has been branded as Y Coral Luxury Apartment and Mall and is the biggest construction project ever to be awarded to a Sri Lankan company.

The project is to develop Y Coral as three separate podiums with in towers in each podium with a maximum height of 12 floors and Arcade frontage in each. Each tower is paired as 12 and 10 floor levels giving a sky scraper level look to Hulhumale.