kari pakaya trillium eka uge family business ekalu...
celinco karayage badu tika issuwa naki maina ekka..
https://srilankaequity.forumotion.com/t28546-trillium-residencies-regaining-lost-glory
At the peak of the ‘Ceylinco crisis’ although many of its real estate subsidiaries were affected there is one company that has fully recovered from the crisis and stands strong among all giants in real estate .
‘Trillium Residencies’ the iconic real estate project of City Housing and Real Estate Company PLC (former Ceylinco Housing & Real Estate Company PLC) is one of Sri Lanka’s up-market projects that offers a luxury lifestyle to meet market demand.
The present Chairman of City Housing and Real Estate Company PLC (CH&RE) Janaka Rathnayake who re-engineered ‘The Trillium’ venture to where it stands today, shared his experiences with Ceylon FT.
Ratnayake turned around many entities of the collapsed Ceylinco Group when he headed the country’s one of the larger state-owned merchant and investment banks — Merchant Bank of Sri Lanka (MBSL) and converted MBSL into a group of companies with full-fledged savings and insurance arms, extending the bank’s expertise.
Q: Could you tell us about the history of ‘Trillium’?
A: Initially Trillium Residencies was a Rs 3 billion flagship project of Ceylinco Condominiums Ltd, a subsidiary of Ceylinco Housing and Real Estate Company, which is now City Housing and Real Estate Company PLC (CH & RE : Stock Code - CHOU) and approved by the Board of Investment (BoI) of Sri Lanka.
Ceylinco bought the land 10 years ago from Dilmah Tea founder Chairman Merril Fernando, and then Ceylinco Chairman Lalith Kotelawala officially launched the project on 29 October 2004 on the occasion of his 62nd Birthday.
Q: How bad was the company at the time of the ‘Ceylinco crisis’ in 2008?
A: I must first say that the City Housing and Real Estate Company PLC (CH & RE) and Trillium Residencies are the only entities that stand strong to date after the ‘Golden Key tsunami’ washed off the entire Ceylinco business empire.
At the time of Ceylinco Group’s collapse CH & RE had liabilities over Rs 4.5 billion and as usual and in typical Ceylinco Style similar to other financial entities and real estate companies of Ceylinco, CH & RE was also used to accept public deposits engaging in financial activities although it is a real estate company. Under the Lalith Kotelawala led leadership the company then was having a public deposit base amounting to over one billion and was paying more than 20% to 30% unrealistic interest per annum to depositors.
When I took over the company as Chairman I realized by going through the accounts, that almost another one billion rupees was due to be paid to the contractor. Though the company was unprofitable at that stage still there were enormous intercompany and related party transactions that pulled out cash and borrowings.
celinco karayage badu tika issuwa naki maina ekka..
https://srilankaequity.forumotion.com/t28546-trillium-residencies-regaining-lost-glory
At the peak of the ‘Ceylinco crisis’ although many of its real estate subsidiaries were affected there is one company that has fully recovered from the crisis and stands strong among all giants in real estate .
‘Trillium Residencies’ the iconic real estate project of City Housing and Real Estate Company PLC (former Ceylinco Housing & Real Estate Company PLC) is one of Sri Lanka’s up-market projects that offers a luxury lifestyle to meet market demand.
The present Chairman of City Housing and Real Estate Company PLC (CH&RE) Janaka Rathnayake who re-engineered ‘The Trillium’ venture to where it stands today, shared his experiences with Ceylon FT.
Ratnayake turned around many entities of the collapsed Ceylinco Group when he headed the country’s one of the larger state-owned merchant and investment banks — Merchant Bank of Sri Lanka (MBSL) and converted MBSL into a group of companies with full-fledged savings and insurance arms, extending the bank’s expertise.
Q: Could you tell us about the history of ‘Trillium’?
A: Initially Trillium Residencies was a Rs 3 billion flagship project of Ceylinco Condominiums Ltd, a subsidiary of Ceylinco Housing and Real Estate Company, which is now City Housing and Real Estate Company PLC (CH & RE : Stock Code - CHOU) and approved by the Board of Investment (BoI) of Sri Lanka.
Ceylinco bought the land 10 years ago from Dilmah Tea founder Chairman Merril Fernando, and then Ceylinco Chairman Lalith Kotelawala officially launched the project on 29 October 2004 on the occasion of his 62nd Birthday.
Q: How bad was the company at the time of the ‘Ceylinco crisis’ in 2008?
A: I must first say that the City Housing and Real Estate Company PLC (CH & RE) and Trillium Residencies are the only entities that stand strong to date after the ‘Golden Key tsunami’ washed off the entire Ceylinco business empire.
At the time of Ceylinco Group’s collapse CH & RE had liabilities over Rs 4.5 billion and as usual and in typical Ceylinco Style similar to other financial entities and real estate companies of Ceylinco, CH & RE was also used to accept public deposits engaging in financial activities although it is a real estate company. Under the Lalith Kotelawala led leadership the company then was having a public deposit base amounting to over one billion and was paying more than 20% to 30% unrealistic interest per annum to depositors.
When I took over the company as Chairman I realized by going through the accounts, that almost another one billion rupees was due to be paid to the contractor. Though the company was unprofitable at that stage still there were enormous intercompany and related party transactions that pulled out cash and borrowings.
