ECONOMYNEXT – Sri Lanka’s Laugfs Gas group has set up a fully-owned subsidiary called Laugfs on Reid (Private) Limited to do residential apartment complex projects, a stock exchange filing said.
The group has got into property development as part of its diversification strategy and built a head office complex with 85,000 square feet and occupied it last September.
Laugfs Gas said in its last annual report that it wanted to expand property development but was going slow because of the capital intensive nature of the business.
The group has a land bank valued at Rs.366 million.
“The Group has a considerable land bank of properties in prime locations in Colombo and other cities,” the report said.
It earlier set up LAUGFS Property Developers to enhance use of the strategic locations of its current land bank, creating new revenue streams for the group, it said.
(COLOMBO, June 24, 2017)