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Colombo Land and Development Company

From Wikipedia - Reading time: 8 min
Colombo Land and Development Company PLC
Company typePublic
CSE: CLND.N0000
ISINLK0050N00001
IndustryReal Estate and Retail Industry
Founded8 December 1981; 42 years ago (1981-12-08)
Headquarters
Colombo
,
Sri Lanka
Key people
  • Asoka Weerasooriya (Chairman - Independent Non Executive Director)
  • P S Weerasekera (Executive Director/Group CEO)
RevenueIncrease LKR 339.16 million (2023)
Decrease LKR 223 million (2023)
Decrease LKR 731 million (2023)
Total assetsIncrease LKR 13,306 billion (2023)
Total equityDecrease LKR 7,992 billion (2023)
Owners
Number of employees
35
Subsidiaries
  • Liberty Developers
  • Liberty Holdings
  • Agri Spice (Pvt) Ltd.
Websitecolomboland.com
Footnotes / references
[1]

Colombo Land and Development Company PLC (CLDC) is a Sri Lankan property development and holding company involved in mixed development projects in the real estate and retail sector. Established on 8 December 1981, CLDC was subsequently listed on the Colombo Stock Exchange on 19 March 1986. The company is the developer and the owner of Liberty Plaza, Colombo.[2][3]

The company's principal activities encompass the development and leasing of investment properties, particularly at Liberty Plaza. Additionally, CLDC manages vehicle car parks at both Liberty Plaza and Pettah locations.[4][3][5]

Operations

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CLDC's primary activities include the development and leasing of investment properties. Notably, Liberty Plaza serves as a flagship project, reflecting the company's ability to sustain the relevance of the mall through expansion, modernisation, and diversification of retail brands and tenants. The group currently holds 83 shops, 10 offices, and apartments at Liberty Plaza, covering over 16,400 m2 (176,000 sq ft). Additionally, CLDC owns and manages five levels of car park operations at the complex, accommodating over 250 cars and 100 motorcycles.[4]

In the heart of Colombo, Gasland Car Park stands as a crucial distribution hub for traders, covering an area of nearly 1.2 ha (3 acres) and holding the highest value among CLDC's investment properties. The People's Car Park, situated atop the People's Park shopping complex, offers 185 vehicle parking bays and 80 motorcycle bays. A recent refurbishment in 2021 equipped it with solar power panels, transforming it into a renewable energy source for the entire complex.[3][5][6]

CLDC's sustainable development commitment is evident through its fully-owned subsidiary, Agri Spice (Pvt) Ltd., operating a 41 ha (102 acres) plantation in Avissawella. The subsidiary cultivates Mahogany, Rubber, and Alstoniya, reflecting CLDC's dedication to environmentally friendly sectors.[3]

Leadership

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CLDC's leadership comprises Asoka Weerasooriya (chairman - independent non-executive director)[7] and P. S. Weerasekera (executive director/group CEO). Notably, Dilith Jayaweera, a non-executive director, stepped down in September 2023 upon entering politics. His departure extended to other directorial roles in Citrus Leisure PLC, Waskaduwa Beach Resort PLC, and Hikkaduwa Beach Resort PLC.[8][9][10][6]

Investment properties

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Liberty Plaza

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Main article: Liberty Plaza, Colombo

CLDC's flagship project, Liberty Plaza, has been a cornerstone of sustained relevance for over thirty years. Through continuous expansion, modernisation, and diversification of retail brands, the mall covers 16,400 m2 (176,000 sq ft), hosting 83 shops, 10 offices, and apartments. With five levels of managed car park operations, accommodating over 250 cars and 100 motorcycles, Liberty Plaza stands as a comprehensive retail and commercial space.[4]

In 2015, Liberty Plaza underwent a significant renovation, transforming it into a premier retail destination. A visual icon in the heart of Colombo, the dated shopping podium block received a new building skin with integrated multimedia and LED lighting.[citation needed]

Gasland Car Park

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Situated in the heart of Colombo, Gasland Car Park serves as a vital distribution hub primarily used by traders for goods transported into the city via lorries and container trucks. Covering nearly 1.2 ha (3 acres), Gasland Car Park represents one of the highest-value investment properties within CLDC's portfolio.[5]

People’s Car Park

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Located atop the People's Park shopping complex, the People's Car Park underwent a refurbishment in 2021. With 185 vehicle parking bays and 80 motorcycle bays, the car park now features a newly built roof equipped with solar power panels, establishing it as a renewable energy source for the entire complex.[5]

Agri Spice

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As a testament to CLDC's commitment to sustainable development, its fully-owned subsidiary, Agri Spice (Pvt) Ltd., operates a 41 ha (102 acres) plantation in Avissawella. Cultivating Mahogany, Rubber, and Alstoniya, Agri Spice reflects CLDC's dedication to environmentally friendly sectors, contributing to the company's broader vision of responsible business practices.[5]

See also

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References

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  1. ^ "Annual Report 2022" (PDF). cse.lk. Colombo Land and Development Company PLC. Retrieved 27 November 2023.
  2. ^ "Colombo Stock Exchange". Colombo Stock Exchange.
  3. ^ a b c d "Liberty Plaza owner mulls major undertaking to expand..." Daily Mirror. 8 Jun 2021. Retrieved 27 November 2023 – via PressReader.
  4. ^ a b c "Liberty Plaza under major refurbishment, new apartment complex underway". Sunday Times. Archived from the original on 2023-11-27. Retrieved 2023-11-27.
  5. ^ a b c d e "Colombo Land & Development Company PLC Annual Report 2022" (PDF). Archived (PDF) from the original on 2023-11-27. Retrieved 2023-11-27.
  6. ^ a b Today, Ceylon (June 15, 2022). "SLT-Mobitel elevates Liberty Plaza tenants' experience". Archived from the original on November 27, 2023. Retrieved November 27, 2023.
  7. ^ "Colombo Land And Development Company PLC - Corporate Disclosure Appointment of Chairman" (PDF). Colombo Land And Development Company PLC. 2022-11-14. Archived (PDF) from the original on 2023-11-27. Retrieved 2023-11-27.
  8. ^ "Dilith the politician quits from several listed company boards | Daily FT". www.ft.lk. Archived from the original on 2023-10-14. Retrieved 2023-11-27.
  9. ^ "Dilith buys controlling 20% stake in Liberty Plaza owning firm for Rs. 835 m | Daily FT". www.ft.lk. Archived from the original on 2023-11-27. Retrieved 2023-11-27.
  10. ^ "SLT-Mobitel provides cutting-edge connectivity to Liberty Plaza". Sunday Observer. June 18, 2022. Archived from the original on November 27, 2023. Retrieved November 27, 2023.
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Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/Colombo_Land_and_Development_Company
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