Coral Property Developers Chairman, Dr. Praba Subramanian said that they have being awarded a Rs. 14 billion mixed development project in Hulhulemale in the Maldives. It has been branded as Y Coral Luxury Apartment and Mall.
Hulhumale’ is a reclaimed island Located just 20 minutes away from Male’ on a boat. It was established to meet the existing and future housing, industrial and commercial development demands of the Male’ region.
A former veterinary surgeon, he said that they will develop Y Coral as three separate podiums with in towers in each podiums with a maximum height of 12 floors and Arcade frontage in each. Each tower is paired as 12 and 10 storey levels giving a sky scraper level look to Hulhulemale.
Each tower would be of 14 floors and it would be a mixed development project.
This is the biggest construction project ever to be awarded to a Sri Lankan company and it is also the second biggest ongoing development project in the Maldives after the highway linking the Male airport to the City over the sea.
In addition to this the company is also building a high riser luxury apartment complex in Colombo in Jaffna. “We have already obtained a 70 perch land in Stanley Road Jaffna and would start construction by end of the year.”
Coral Property Developer manages, develops and acquires commercial and residential real estate for its own account, as well as for its other various Limited Liability Partnerships.
The other project is the “Coral Plus” Colombo 4 apartment complex for which the ground breaking ceremony would be held next month.
“This will be completed by May 2018”, he said speaking to Daily News Business at the launch of this project.
“This is the eleventh project that we have started in Colombo and we are going to start a hotel project in Nuwara Eliya end of this year. In addition our Gampaha mixed development project will be completed next year,”
“For this local project we will invest around Rs. 6 billion and 60% of our capital is being raised through borrowings and the rest from pre sales and profits generated from earlier projects.”