Tao’s 69 Year Old Love Affair
Mr. S.P. Tao
Singaporean Chinese S.P. Tao (94) the investor of the US$ 150 million World Trade Center (WTC) in Colombo as well as in the ongoing US$ 250 million Havelock City Project, first set foot to Sri Lanka some 69 years ago in 1941, when the company to which he was working for in Burma, sent him for “rest and recreation” here, thus beginning his love affair with the island. He told reporters here on Wednesday that his dream is to see the passing over of ownership of Overseas Realty (Ceylon) plc, the majority holding company of both WTC and Havelock City to locals.
Tao, an international property developer, has, through his Singapore based Shing Kwan Group, the controlling interest of Overseas Realty. Tao began his investments in Sri Lanka at a difficult time, when the war was raging. But with the war end, he said, “This country is going to get better, better and better.”
Tao said that when he was invited by the authorities to invest in Havelock City, he did it subject to project viability. “Design, quality management and financial viability” were uppermost in his mind.
Two towers comprising a total of 226 luxury apartments in Havelock City have already been completed and Tao said that the total project would be completed in 36 months. Upon completion, it will add on another 800 apartments and will also include commercial complexes, shopping malls, state of the art clubhouse, basement parking, green areas and children’s playgrounds, making it a city within a city over an area of 17 acres.
International Economic Cooperation Senior Minister Dr. Sarath Amunugama speaking at the occasion said that Tao invested in the country when everyone else’s confidence had failed. He is a visionary.
“We need big projects which will be game changers,” said Amungama. Havelock City’s Senior Sales & Marketing Manager Ms. Nirupa Peiris said that already 75% of the 226 luxury apartments to date completed have been sold. Pre-selling of the others has begun. The range comprises one to four bedroom apartments, and, additionally penthouse apartments.
Overseas Realty’s Chief Operating Officer Remaz Ghouse said that the prices of the one to four bedroom apartments were between Rs. 19-40 million. Penthouses cost more. Pre-selling of the other apartments has begun.
Pieris said that with new tenants coming into the WTC as a result of a growth in investments, their natural next step was to seek an apartment at WTC. A number of Sri Lankans living abroad were also making inquiries to buy apartments. The company did a successful promotional campaign in the Maldives recently.
The Sunday Leader
December 05, 2010
Tao, an international property developer, has, through his Singapore based Shing Kwan Group, the controlling interest of Overseas Realty. Tao began his investments in Sri Lanka at a difficult time, when the war was raging. But with the war end, he said, “This country is going to get better, better and better.”
Tao said that when he was invited by the authorities to invest in Havelock City, he did it subject to project viability. “Design, quality management and financial viability” were uppermost in his mind.
Two towers comprising a total of 226 luxury apartments in Havelock City have already been completed and Tao said that the total project would be completed in 36 months. Upon completion, it will add on another 800 apartments and will also include commercial complexes, shopping malls, state of the art clubhouse, basement parking, green areas and children’s playgrounds, making it a city within a city over an area of 17 acres.
International Economic Cooperation Senior Minister Dr. Sarath Amunugama speaking at the occasion said that Tao invested in the country when everyone else’s confidence had failed. He is a visionary.
“We need big projects which will be game changers,” said Amungama. Havelock City’s Senior Sales & Marketing Manager Ms. Nirupa Peiris said that already 75% of the 226 luxury apartments to date completed have been sold. Pre-selling of the others has begun. The range comprises one to four bedroom apartments, and, additionally penthouse apartments.
Overseas Realty’s Chief Operating Officer Remaz Ghouse said that the prices of the one to four bedroom apartments were between Rs. 19-40 million. Penthouses cost more. Pre-selling of the other apartments has begun.
Pieris said that with new tenants coming into the WTC as a result of a growth in investments, their natural next step was to seek an apartment at WTC. A number of Sri Lankans living abroad were also making inquiries to buy apartments. The company did a successful promotional campaign in the Maldives recently.
The Sunday Leader
December 05, 2010