Kelsey Homes records steady growth in spite of COVID-related challenges

CEO Lalinda Kalubowila

Chairman Eardley Perera

Kelsey Homes, the pioneering real estate developer in Sri Lanka, recorded a revenue of Rs. 320.51 million for the quarter ended 31 March compared to Rs. 32.50 million in the corresponding period of the previous year. 

Revenue for the year under review was recorded as Rs.934.16 million compared to Rs. 377.2 million recorded last year during the same period under review resulting in a growth of 148%. The developer secured reservations with an expected sales value of Rs. 3.13 billion as of 31 March compared to Rs. 1 billion as of 31 March 2020, showing a substantial growth.  It also reported a consolidated profit after tax of Rs. 100.29 million for the year compared to a loss after tax of Rs. 229.73 million in the previous year. 

The company’s financial position remained strong with total assets of Rs 782.8 million and equity in excess of Rs 271.7 million while net assets per share increased from Rs 14.39 to Rs. 14.64 in the last 12 months. Total assets of the Kelsey Developments PLC Group as of 31 March 2021 is Rs. 2.6 billion and it reflects a steady growth compared to the total assets as of 31 March 2020 amounting to Rs. 2.4 billion.

“This year we embarked on developing one of the largest gated, mixed housing projects in Sri Lanka – Central Park Ja-Ela, despite the challenges faced due to the COVID-19 pandemic. We will continue to cater to the evolving consumer by coupling innovation with affordable yet luxurious living solutions; in environments that are conducing to good living,” Kelsey Developments PLC Chairman Eardley Perera said. 

“We have an outstanding track record when it comes to building iconic, good quality houses and apartments as gated developments and we aspire to offer our valued customers unparalleled standards of quality and noteworthy after-sales support. These prudent business measures allow us to continue our growth momentum, despite trying and challenging times,” he added.

As the pioneer in Sri Lanka’s housing and real estate market, Kelsey Homes’ reputation and success are built on a clear strategy that focuses on servicing the residential housing market. Being a stakeholder in the local housing market for over 35 years, the company has been credited with setting in motion the paradigm shift that has transformed residential housing into what it is today. 

The groundbreaking ceremony of its latest project Central Park Ja-Ela took place in February this year. The gated property is spread across 15 acres of land in Ja-Ela and is located in one of the most central locations in the country. The development offers over 350 beautifully crafted living spaces. The first and second phases of the project witnessed immense success, selling over 200 housing and apartment units within just a short period. All apartments in the first phase were sold out within 30 days from the launch date – an incredible feat, especially amidst the COVID-19 pandemic. 

“The significant demand we are seeing from customers is a true testament to the confidence in the company and its leading position in the Sri Lankan real estate market. I am confident that more people will continue to see housing and property as the most stable investment proposition, especially in these uncertain times,” CEO Lalinda Kalubowila said. 

“Over the last few decades, we have established ourselves as the frontrunners for gated housing developers, and in the next year, we aim to solidify that position, increase our market share, and continue to provide excellent customer service. Furthermore, being a member of the Janashakthi Group gives us the opportunity to access expertise across the group and utilise combined strengths for sustained growth,” he added.

The company has become the hallmark of high-quality community living in Sri Lanka due to its signature architectural design and functional use of space and high-quality amenities.  Each one of the more than 200 Kelsey Homes projects has been carefully designed to create a safe and ergonomic environment where communities can flourish.

Kelsey Homes’ value proposition demonstrates its deep conviction to support the creation of fully-fledged communities. It recently sold out all 88 of its 40-perch plots of Verdant Villas, the élite housing development spanning across 26 acres of lush land in Negombo. 

The Kelsey Developments PLC Board of Directors comprises Eardley Perera - Chairman, Dinesh Schaffter, Ramesh Scaffter, Prakash Schaffter, Chandana de Silva and Roshni Fernando.