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Overseas Realty

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Overseas Realty (Ceylon) PLC
Company typePublic
CSE: OSEA.N0000
ISINLK0133N00005
IndustryReal estate
Founded28 October 1980; 44 years ago (1980-10-28)
FounderShing Pee Tao
Headquarters
Colombo
,
Sri Lanka
Key people
RevenueDecrease LKR5.076 billion (2023)
Decrease LKR2.661 billion (2023)
Decrease LKR3.853 billion (2023)
Total assetsDecrease LKR78.234 billion (2023)
Total equityIncrease LKR54.119 billion (2023)
Owners
  • 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

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Overseas Realty was founded 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 were 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 recommissioned 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 27 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

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Shing Kwan Group holds 61% of the company's stocks.[12] The company recorded a LKR1.97 billion revenue for the third quarter of 2021. LKR1.3 billion in 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

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References

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  1. ^ "Annual Report 2023" (PDF). cse.lk. Overseas Realty (Ceylon) PLC. Retrieved 29 March 2024.
  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. 21 March 2021. Retrieved 7 November 2021.
  3. ^ a b David, Marianne (14 October 2016). "Hussein Cassim's legendary journey". Daily FT. Retrieved 7 November 2021.
  4. ^ a b "World Trade Centre turns 15". Daily FT. 22 October 2012. Retrieved 7 November 2021.
  5. ^ "17 Die, 100 Wounded by Huge Bomb and Gunfire in Sri Lanka". The New York Times. Agence France-Presse. 15 October 1997. Retrieved 7 November 2021.
  6. ^ Jayasuriya, Sanjeevi (1 January 2017). "Havelock City: Commercial development project launched". Sunday Observer. Retrieved 7 November 2021.
  7. ^ "Havelock City, fourth and final phase ready for handover". Sunday Observer. 8 August 2021. Retrieved 7 November 2021.
  8. ^ "Havelock City marks topping out of 50 storey Mireka Tower". Daily News. 5 August 2020. Retrieved 7 November 2021.
  9. ^ "WTC Founder Chairman passes away". Daily News. 6 September 2021. Retrieved 7 November 2021.
  10. ^ "Overseas Realty appoints Ajit Jayaratne as Chairman". Daily News. 29 October 2021. Retrieved 7 November 2021.
  11. ^ "Senior business leader Hussein Cassim passes away". Daily FT. 21 September 2020. Retrieved 7 November 2021.
  12. ^ "Overseas Realty revenue drops in 2020". themorning.lk. 2 April 2021. Retrieved 7 November 2021.
  13. ^ "Overseas Realty records robust 3Q on apartment sales". dailymirror.lk. 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.
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