Sri Lanka’s Blue Mountain seeks buyer for Borella property

Sri Lanka’s Blue Mountain, a property group, is seeking a buyer for a land in Borella, a suburb on Colombo, where a partially completed building stands.

The firm in a newspaper advertisement said the 75 perch block has a "30,000 square feet construction" which can be turned into an office complex, city hotel, residential development or a mixed development.

The company said the land also had clearance for a 200,000 square feet, 20 floor building.

Sri Lanka’s land prices rose sharply in 2015 and 2016 as the central bank printed money and depreciated the currency, leading to concerns of a bubble, but has since stabilized with tighter policy, analysts say.

Blue Mountain recently said it had struck a deal with Chinese contractor China Harbhour Engineering to build an apartment project. (Colombo/May24/2018)

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