MHDL diversifies, introduces ‘Urban Range’ of city housing developments

The Millennium Housing Developers Ltd. Group is a private sector company, which began operations pioneering the island’s first mega township project ‘Millennium City’ in Athurugiriya. This project, which consists of 1,600 housing units with all modern township facilities, has been completed successfully.

The group’s second mega township project commenced with Millennium City, Ja-Ela and Millennium Villas, which comprises of 900 units. The MHDL Group has now moved its focus on entering into urban development projects, the company said in a statement.

Now a group with three fully-owned subsidiaries and a multitude of urban and suburban housing projects under its belt, Millennium Housing Developers enjoys the position of market leader in the housing sector.

Following the immense success of its pilot township project s, the company, which mostly caters to middle and upper class income earners introduced Millennium Villas. This project saw instant success from its very inception, mainly due to an offer that included a wide range of modern facilities, a resort like lifestyle and a secure neighbourhood. Millennium Villas are targeted at those who would like to enjoy a European type colonial bungalow with a choice of many designs and a myriad of facilities like landscaped parks, lakes, an enclosed neighbourhood, swimming pools and gym.

In answer to a growing difficulty of finding suitable large plots for township development, and strengthened by the instant success of its pilot urban development project, the company began diversifying – launching several urban and semi-urban developments in the outskirts of Colombo.  

Expanding its sphere of interest to include urban and semi urban development projects, the company launched ‘Millennium Urban Range,’ with the initial projects in Maharagama/Piliyandala. High demand for these housing has driven the company to commence confidently on its latest project scheduled for launch shortly in Seeduwa.

The company also launched Millennium Land Sales, a project developing ‘Millennium Terrace’ located adjoining the Millennium city township at Athurugiriya.

The company’s CSR program, which includes a multitude of social projects that range from contributions to the development of sports – particularly cricket and rugby – as well as assisting various local councils for building crematoriums, public roadways and playgrounds has brought the company cordial relations with local communities and other stakeholders.

Millennium Housing Developers currently enjoys net assets of over Rs. 500 m. The financial year ended 31 March 2012 show that MHDL recorded a turnover of Rs. 560 million from the sale and construction of 132 housing units ,with a profit increase of over 26.3% over the previous year. MHDL has shown a steady and a remarkable growth in profits in the last 15 years of its operations, even overcoming the recessionary conditions prevalent during 2008-2010 in global and domestic financial markets.

Over the years, MHDL has contributed greatly to the country’s economy by providing continous employment in various sectors of the field as well as sourcing building material from local suppliers. Driven by its professional responsibility towards society continue to offer Sri Lankans with affordable housing and value for money. Indeed, cost advantages due to bulk purchasing and direct deployment of labour contracts permit the company to continue providing houses at low prices, enabling middle-income earners to afford comfortable homes.

The company also offers a multitude of employment opportunities in management, skilled and semi-skilled labour, providing valuable training and encouraging prospects within and outside the company.

With the rapid development and urbanisation of Sri Lanka, it is clear that the MHDL Group will play a prominent role in the country’s need for quality housing at an affordable price. Armed with a reputation for innovation, outstanding performance and an impeccable sense of social responsibility, MHDL Group remains strongly positioned to gain from the rapid growth expected in the housing sector of post-war Sri Lanka.