Micro Holdings enters into condominium developers market
Grappling with a sudden drop in Micro car sales due to government’s tax hike and the slashing of the leasing facility to 70 per cent from 100 per cent, Micro Holdings (Pvt) Ltd has further diversified its business by entering into condominium developers market, through its subsidiary Superlative Properties (Pvt) Ltd, Chairman of the company and veteran automobile engineer Dr. Lawrence Perera told the Business Times.
The company’s success in the construction industry for the past 20 years through its another subsidiary Micro Constructions (Pvt) Ltd, the lead contractor for the installation of “Fujitec” lifts and escalators to the “Lotus Tower, has prompted it to venture into Sri Lanka’s booming condominium and apartment segment, he said.
Micro Constructions (Pvt) Ltd, has successfully completed many projects such as hospitals, hotels, factories, housing complexes as well as office complexes for government and leading private companies, he said adding that the company’s expansion to real estate development complements its core competencies in construction and infrastructure projects.
The focus of Superlative Properties is to develop spacious apartments for better lifestyles with a higher emphasis on comfort and safety for all ages of all upper and middle class segments of the society.
It is a testing time for the construction industry in Sri Lanka since greater demand is being placed on the highest quality structures delivered within tighter deadlines, he pointed out adding that his company is ready to face any challenge, since they have highly professional, experienced staff including engineers and architects along with the latest equipment and machinery.
Superlative Properties (Pvt) Ltd, the latest entrant into the ultra modern luxury condominium developers market entered into an agreement with the Board of Investment of Sri Lanka to develop a 46 unit luxury apartment project in Colombo, "The Castle" at an investment of Rs.1.4 billion “The Castle” which is located at 119, Castle Street, Colombo 08.
Superlative Properties is expected to expand its business through projects that are on the horizon, such as developing eco friendly green apartments / hotels, branded service apartments, mixed development projects and hotels in the city of Colombo, he revealed.