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Kelsey Homes records Rs. 149.92 m revenue in Q3 2021 despite challenging times

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Chairman Eardley Perera and CEO, Lalinda Kalubowila

Kelsey Developments PLC’s (Kelsey Homes) registered a modest yet steady revenue growth during the third quarter of FY 2021 – 22 reporting LKR. 149.92 million in revenue for the 9 months ended 31st December 2021.

Sustained interest in units in CENTRAL PARK JA-ELA and URBAN GATEWAY KOTTAWA projects helped Kelsey Homes secure total reservations with an expected sales value of LKR. 4.66 Bn, as of 31st December 2021 with the revenues set to be recognized in the coming months with project progress.

“We strive to empower more Sri Lankans here and overseas to reap the benefits of investing in real estate through our portfolio of ultra-modern living spaces that come with the finest amenities and a world of benefits. Despite challenging global and local economic conditions and prevailing uncertainties, we have faith in the growth potential of Sri Lanka’s real estate sector,’ said Eardley Perera, Chairman of Kelsey Developments PLC.

While the pandemic had a significant impact on business operations through 2020 and 2021, Kelsey Homes successfully concluded the sales of all units of CENTRAL PARK JA-ELA Phase I and II in FY 2020-21 and is now on the verge of completing the sale of all units in Phase III of the project. The Company had acquired an 82 perch prime property in Nugegoda, a neighbourhood that has high market value and demand, to begin construction of an iconic 100-unit apartment complex during 2022.

Holding inventories to the tune of LKR. 2.06 Bn in estimated sale value, as of 31st December 2021, the developer is currently focusing its efforts on the sales of its existing projects while actively seeking out other properties for future developments.

“We are seeing steady demand from a growing segment of prospective homeowners who appreciate the value offered by our affordable housing units like Central Park which are high on features and amenities. Encouraged by the response, we look forward to offering more units of this kind to enable more Sri Lankans to realise their dream of owning a home,” said Lalinda Kalubowila, Chief Executive Officer of Kelsey Developments PLC.

Thursday, March 31, 2022 – 01:00

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