Softlogic to build apartments

Monday, 2 January 2017 00:19 - - {{hitsCtrl.values.hits}}

Softlogic Holdings Plc is to make a foray into luxury apartment development and marketing.

Subsidiary Softlogic Properties Ltd. has acquired 37 perches at No. 27, De Fonseka Road, Colombo 4 from a related party, Softlogic Finance Plc, for Rs. 351 .5 million.

The move seeks to develop an apartment project to be sold by Softlogic Properties Ltd, which the company said has expertise in property development.

The valuation for this transaction has been done by P.B. Kalugalagedara, Chartered Property Value.

The parent’s investment in the properties subsidiary was Rs. 2.8 billion as at end FY 2016.

Softlogic’s property business is segmented under the dominant leisure sector. It also has a real estate arm. Softlogic’s core businesses include healthcare, financial services, retail, automobile and ICT.