Overseas Realty

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Overseas Realty (Ceylon) PLC
TypePublic
CSE: OSEA.N0000
ISINLK0133N00005
Industry
Founded1980; 44 years ago (1980)
Headquarters
Colombo
,
Sri Lanka
Key people
RevenueDecrease LKR4,797 million (2020)
Decrease LKR1,847 million (2020)
Decrease LKR1,734 million (2020)
Total assetsIncrease LKR65,906 million (2020)
Total equityIncrease LKR44,581 million (2020)
Owner
  • Shing Kwan Investment Company Limited (38.43%)
  • Unity Builders Limited (18.66%)
  • Shing Kwan (Pte.) Ltd (12.77%)
Websitewww.orcl.lk
Footnotes / references
[1]

Overseas Realty (Ceylon) PLC is the largest listed real estate company in Sri Lanka. The company is the developer and the proprietor of World Trade Center Colombo and Havelock City. The company was incorporated in 1980 and was listed on the Colombo Stock Exchange in 1982. The company is ranked amongst the LMD 100, moving 17 positions up to number 76 for the fiscal year 2019/20.[2]

History

Overseas Realty was found in 1980 and was quoted on the Colombo Stock Exchange in 1982. Shing Kwan Group, a Singaporean investment company led by Shing Pee Tao acquired the company in 1991.[3] The groundbreaking of the World Trade Center Colombo took place in 1992. The twin towers declared open on 12 October 1997 by President Chandrika Bandaranaike Kumaratunga and Shing Pee Tao.[4] Three days later, a bombing attack by the LTTE left 17 people (including 12 perpetrators) killed and about 100 people wounded.[5] The twin towers were restored and recommitssioned in June 1998.[4]

The groundbreaking for Havelock City commenced on 18 May 2004.[3] It is the largest mixed use development project undertaken in Sri Lanka.[6] The fourth and final phase of Havelock City development was completed in August 2021.[7] Mireka Tower, a 50-storey commercial tower on the site of Havelock City, was topped out in August 2020.[8] Chairman of the company, Shing Pee Tao died on 24 September 2021.[9] Ajit Jayaratne was appointed as the new chairman of the company on 27th October, 2021.[10] The former Deputy Chairman, Hussein Cassim died on 20 September 2020. He served on the board of directors from 1991 until his demise.[11]

Operations

Shing Kwan Group holds 61 percent of the company's stocks.[12] The company recorded a LKR1.97 billion revenue for the third quarter of 2021. LKR1.3 billion revenue was generated by the sales of apartments.[13] Overseas Realty (Ceylon) was one of the constituents of the S&P Sri Lanka 20 Index until 2020 yearend index rebalance.[14]

See also

References

  1. ^ "Building Value Annual Report 2020" (PDF). cse.lk. Overseas Realty (Ceylon) PLC. Retrieved 7 November 2021.
  2. ^ "Sri Lanka's leading listed entities brave the myriad challenges posed by domestic tragedies and a global pandemic to make headway yet again". LMD. Media Services (Pvt) Ltd. 21 March 2021. Retrieved 7 November 2021.
  3. ^ a b David, Marianne (14 October 2016). "Hussein Cassim's legendary journey". ft.lk. Wijeya Newspapers. Retrieved 7 November 2021.
  4. ^ a b "World Trade Centre turns 15". ft.lk. Wijeya Newspapers. 22 October 2012. Retrieved 7 November 2021.
  5. ^ "17 Die, 100 Wounded by Huge Bomb and Gunfire in Sri Lanka". The New York Times. A. G. Sulzberger. Agence France-Presse. 15 October 1997. Retrieved 7 November 2021.
  6. ^ Jayasuriya, Sanjeevi (1 January 2017). "Havelock City: Commercial development project launched". Sunday Observer. Associated Newspapers of Ceylon Limited. Retrieved 7 November 2021.
  7. ^ "Havelock City, fourth and final phase ready for handover". Sunday Observer. Associated Newspapers of Ceylon. 8 August 2021. Retrieved 7 November 2021.
  8. ^ "Havelock City marks topping out of 50 storey Mireka Tower". dailynews.lk. Associated Newspapers of Ceylon. 5 August 2020. Retrieved 7 November 2021.
  9. ^ "WTC Founder Chairman passes away". dailynews.lk. Associated Newspapers of Ceylon. 6 September 2021. Retrieved 7 November 2021.
  10. ^ "Overseas Realty appoints Ajit Jayaratne as Chairman". dailynews.lk. Associated Newspapers of Ceylon. 29 October 2021. Retrieved 7 November 2021.
  11. ^ "Senior business leader Hussein Cassim passes away". ft.lk. Wijeya Newspapers. 21 September 2020. Retrieved 7 November 2021.
  12. ^ "Overseas Realty revenue drops in 2020". themorning.lk. Leader Publications. 2 April 2021. Retrieved 7 November 2021.
  13. ^ "Overseas Realty records robust 3Q on apartment sales". dailymirror.lk. Wijeya Newspapers. 4 November 2021. Retrieved 7 November 2021.
  14. ^ "CSE announces constituent changes to the S&P Sri Lanka 20 Index". colombopage.com. 22 December 2020. Retrieved 7 November 2021.

External links

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