Coral Property Developers constructs housing complex in Hulhumale

Coral Property

Aug 22, 2016 – Finance and Planning Minister Ravi Karunanayake is of the view that more Sri Lankans will in future invest even outside Sri Lanka and such a situation will help to swell the country’s economy to provide foreign employment opportunities to local youth.

He made these observations during his brief visit in the city of Hulhumale, Maldives where he was the chief guest at the Sea Life Complex Contractor signing ceremony, held at the Faashanaa Maalan, Dharubaaruge auditorium in Male, the capital city of Maldives.

Coral Holdings, Chairman Dr. Piraba Subramaniam and Sea Life Global Inc’s Ahmed Moosa Mohamed signed the contract agreement while Minister Ravi Karunanayake and Maldivian Housing and Infrastructure Minister Dr. Mohammed Muizzu represented their respective countries to witness the occasion.

Minister Karunanayake commended the contribution made by Coral Property Developers to construct a luxury apartment complex outside the country and said such construction projects immensely help to receive large economic benefits to our country.

The Minister said he is glad to know that the Chairman of Coral Holdings Dr. Subramanian is also engaged in mega construction projects in Sri Lanka too.

Minister Karunanayaka also requested Sri Lankan investors to follow suit and launch such valuable business ventures.

The Minister commended the speedy development of the tourism sector in the Maldives and asked Sri Lankans also to focus attention towards commencing even business activities in the Maldives.

Making a brief speech, Maldivian Housing and Infrastructure Minister Dr. Mohammed Muizzu highlighted the close rapport between Sri Lanka and Maldives.

The apartment project is located in the city of Hulhumale which is separated by the sea . It takes nearly twenty minutes to travel to Hulhumale city by boats from the main Maldivian capital Male. The extent of Hulhumale is 60 hectares. Hulhumale has also large and small scale tourist hotels, tourist resorts, cafeterias etc. At least 40 per cent hoteliers in the Maldives are Sri Lankans.

The Sea Life Complex (SLC) consists of three lots with three blocks each and two towers in each block. The towers are high rise buildings up to fourteen floors. The towers are connected from the third floor with a skywalk bridge.

According to Coral Holdings, Chairman Dr. Piraba Subramaniam each tower has a multitude of apartments from one room studio units to three room units and luxurious penthouse units.

He said all apartments are semi-furnished with kitchen units, basic lighting , flooring and electrical fixtures and ceiling fans. The project will have services including a luxury shopping arcade, boutique shops and saloons, cafes and restaurants , swimming pools, sports complex business centre with conference facilities and office spaces.

“The new apartment project is the first ever overseas construction project, the Coral Holdings had undertaken and more such projects will be commenced in the years to come,” he said.

According to Dr. Subramaniam, the 3500 apartment complex is constructed in the beautiful city of Hulhumale at the cost of Rs. 70 million US dollars and the first 1000 units will be completed before 2018.

“We have also decided to deploy more Sri Lankans to work in the project and currently two Sri Lankan engineers Deeepal Pathiraja and M.D. Chrishantha are engaged in consultancy work,”

Source:- http://www.dailynews.lk/?q=2016/08/22/business/91017

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