Business
CBD Business Centre in Fort, hosts official opening; ready for new tenants in 2021
CBD Business Centre, the landmark corporate edifice in Colombo Fort is set to welcome new tenants at the start of the new year following an extensive Rs 609 million renovation by its owner Cargo Boat Development Company PLC (CBD), a company news release said.
“The iconic 38-year-old building, is now ready for occupancy by companies looking for contemporary office spaces centrally located in Colombo’s business district at an affordable rent,” it said.
Long-standing director of the CBD Company Merrill J. Fernando, Founder of Dilmah Tea, declared the building recently. Those present included CDB Chairman Ravi Thambiayah, Deputy Chairman Nirmalie Thambiayah, Managing Director Niruja Thambiayah, Managing Director of International Distillers Lanka Mohan Tissanayagam, Joint Managing Directors of Renuka Hotel and Renuka City Hotel Arnila Thambiayah and Shibani Thambiayah, Maya Jayawardena and Thiyagarajah Dharmarajah.
Dilith Jayaweera, Chairman of George Steuart & Co., and the first tenant of CBD Business Tower, Dharshan Munidasa, Director of Crab Corp (and co-founder of Ministry of Crab alongside Mahela Jayawardene and Kumar Sangakkara). The Consultants from Avant Garde Urban Design Partnership and the Contractor for the Project, Sanken Construction (Pvt) Ltd were also present.
“This building was first built and opened by our chairman Ravi Thambiayah in 1982. It was the first UDA approved project in Fort and one of the first high rise buildings in Fort,” said MD Niruja Thambiayah at the event. “ABN bank was the first tenant to sign a lease in April 1980, one and a half years before the building was even ready. Bankers Trust, Swiss Air, Julius & Creasy, the Central Bank, and other prestigious tenants including the Presidential Secretariat and Ministry of Defence were quick to follow.
“This building was initially constructed in 1982 on the land which housed the offices of CBD’s original parent company – Cargo Boat Despatch Company, a Greek Shipping company (formed in 1866), which was acquired by my grandfather, Alfred Leo Thambiayah in 1939, which he grew into one of the leading shipping companies on the island, responsible for most of the functions of the port of Colombo at the time of nationalization of cargo operations in 1958.” A. L. Thambiayah was also a MP for Kayts from 1947 to 1956.
“We have now re-launched the CBD Business Centre with a contemporary look and an upgraded suite of facilities and services,” she added. “At a time when potential tenants are becoming increasingly discerning about their office spaces, we wanted to ensure that with this refurbishment, we tick all the boxes with respect to design, sustainability, functionality, and convenience.”
Slated to be among Colombo’s best commercial addresses, the newly-renovated CBD Business Centre holds its prime Fort location at 41 Janadhipathi Mawatha, Colombo 01, with building access from both Hospital Street and Janadhipathi Mawatha. Located right opposite the Central Bank and within walking distance of the World Trade Centre and Port City, this flagship development of the CBD company (an associate company of the Renuka Hotels Group) currently houses a total of 54,400 sq. ft. of newly refurbished, modern, rentable office space, spread over 11 floors with panoramic views of Colombo city, Port City, Colombo harbour and ocean.
For companies looking to rent out smaller spaces, every 5,700 sq. ft. office floor can be subdivided into two separate office areas of 2,800 sq. ft. each. The rent is currently being offered at special introductory rates of Rs.195 per sq. ft. (+ taxes) for office floors 1 to 9, and Rs.220 per sq. ft. (+ taxes) for the ground floor.
The CBD Business Centre has already secured its second tenant, Hoist Global SL (Pvt) Ltd., the Sri Lankan arm of Canadian-based IT company Hoist Global Tech Solutions Inc.
In addition to superior new masonry and cutting-edge electrical & plumbing infrastructure outfitted throughout the entire building, the CBD Business Centre also boasts energy efficient central air-conditioning and LED lighting systems, with separate electricity, water, and BTU meters for each office.
With a brand-new entrance lobby with reception, newly-installed passenger and service elevators, upgraded fire detection and protection system, 100% backup generator, new sanitary facilities and pantries, the tower also affords additional services including an on-site building management service, 24-hour security, and CCTV in the common areas and a basement car park.
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SLT-Mobitel, the nation’s ICT and Telecommunications Service Provider recently partnered with Spotify, to mark their launch in Sri Lanka. Spotify is a paid premium music streaming app which allows subscribers to listen to music to their hearts content. Both, SLT-Mobitel Post-Paid and Pre-Paid customers will now be able to enjoy Spotify by activating a monthly recurring subscription or one-time subscription plan and access unlimited music streaming and downloading facilities.
The subscription charges will get added to the user’s customary billing, where payment will be deducted in real time. Starting from the payment date, the user will be able to access Spotify and download their favourite songs, for the next 30 days. Users who sign up for their first monthly subscription will receive an additional one month, courtesy of Spotify. The one-month subscription plan is not applicable with one-time subscription plans. SLT-Mobitel data rates, depending on the user’s respective broadband charges, will apply.
Spotify also has some exciting features that will provide SLT-Mobitel customers with the opportunity to listen to ad-free music, access millions of uninterrupted music under one platform, play any song they like, anywhere they go, and also be able to enjoy their music offline.
SLT-Mobitel customers can select their preferred premium package under four categories; Individual, Duo, Family, Student. Each category has recurring and non-recurring plans. After one month of free streaming, the package will activate once the offer period terminates. While both, the Individual and Student premiums are limited to one account user, the Duo package offers two accounts and the Family premium is accessible through six accounts. To view Spotify plans, users can log on to https://spoti.fi/3aLWvce
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by Sanath Nanayakkare
Anyone conversant with the elements of a political economy would know that Sri Lanka is using its ‘sovereign power’ to manage the different dynamics of the economy in a sustainable manner, Professor W. D Lakshman Governor of the Central Bank said on Wednesday.
“Some critics are saying that we adopt a so-called modern monetary theory. That’s not the case. In fact, Sri Lanka is using its sovereign power in a number of economic aspects to honour its external debt repayment commitments as well as to reduce its debt burden in the medium term as well as achieve resilient growth in the medium to long term, he said.
“We make policy decisions to boost our gross foreign reserves, meet our external debt servicing, to facilitate monetary expansion, to boost our GDP growth, to strengthen our current account balance and manage our domestic and external economic variables in a sustainable manner. This is not a modern monetary theory. This is an age-old tool used by central banks around the world when the circumstances demand it, he said.
“Certain trade-offs will be necessary when dealing with an economy which has a big fiscal gap to bridge. There are efforts to push Sri Lanka towards the IMF again which would in turn have influence on our policymaking. We have taken policy measures to stabilize the economy and we have adequate reserve levels to meet our debt repayments. Meanwhile, we are in negotiations with overseas central banks and multilateral agencies to further boost our reserve level and it would materialise within a matter of weeks,” he noted.
“One of the tools the Central Bank has introduced is in respect of repatriation of export proceeds into Sri Lanka and conversion of such proceeds into Sri Lankan rupees in order to strengthen the foreign exchange situation of the country,” he said.
The Governor made these remarks while delivering the keynote speech at a webinar organised by the Veemansa Initiative led by its Managing Director Luxman Siriwardene – the former Executive Director of Pathfinder Foundation.
The webinar revolved round the topic ‘External debt situation in Sri Lanka: Are we heading for a resolution or crisis?’
Professor Sirimal Abeyratne, Prof. Sumanasiri Liyanage, Dr. Nishan de Mel and Dr. Ravi Liyanage were the other speakers on the panel.
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By Hiran H.Senewiratne
CSE produced signs of a rebound yesterday with both indices closing positive, though turnover remained low. Central Bank Governor W.D Lakshman’s recent statement on managing foreign reserves gave some boost to the market yesterday, stock market analysts said.
The index experienced a zigzag movement within the early hours of trading; thereafter, it recorded a slight up-trend as it reached its intraday high of 7,439. Later, the market witnessed a down-trend at mid-day, followed by a sideways movement and closed at 7,372, gaining 43 points during the month of February, market sources said.
It is said the banking sector dominated turnover with a contribution of considerable parcel trades in Sampath Bank, Commercial Bank and HNB.
Further, the Commercial Bank’s impressive quarterly results during the recent turbulent period also built investor confidence. Commercial Bank was able to register a18 percent net interest income when other banks were reporting a decline. Its share price increased by Rs. 3 or 3.5 percent. On the previous day, its shares started trading at Rs. 85 and at the end of the day they moved up to Rs. 88. Due to the positive growth results, the bank announced a Rs. 4.40 dividend per share, plus a Rs. 2 script divergent for every share.
Further, Sampath Bank shares also appreciated in both crossing and retail. In crossings its shares appreciated by Rs. 1.At the end of the day they moved up to Rs. 154.50. In the retail market, its shares moved up by Rs. 2 or 1.3 percent. Previously, its shares fetched Rs. 154 and at the end of yesterday they moved up to Rs. 156.
Amid those developments, both indices moved upwards. The All Share Price Index went up by 104.48 points and S and P SL20 rose by 67.78 points. Turnover stood at Rs. 3 billion with four crossings. Those crossings were reported in Sampath Bank, where 3.9 million shares crossed for Rs. 602.2 million, its share price being Rs. 154.50, HNB 375,000 shares crossed for Rs. 39.4 million, its shares traded at Rs. 105, Pan Asia Power 9.5 million shares crossed for Rs. 33.2 million, its shares traded at Rs. 3.50 and Access Engineering 1.2 million shares crossed for Rs. 28.2 million; its shares traded at Rs. 24.
In the retail market top five companies that mainly contributed to the turnover were, Expolanka Rs. 450 million (10 million shares traded), JKH Rs. 205 million (1.3 million shares traded), Browns Investments Rs. 199 million (34.9 million shares traded), Sampath Bank Rs. 191 million (1.2 million shares traded) and Dipped Products Rs. 137.7 million (2.8 million shares traded). During the day 101 million share volumes changed hands in 18046 transactions.
During the day, Expolanka, the biggest contributor to the turnover, saw its share price appreciating by Rs. 6.20 or 15 percent. Its share price quoted on the previous day was Rs. 41 and at the end of trading yesterday it moved up to Rs. 47.
Sri Lanka’s rupee quoted wider at 193.50/195.50 levels to the US dollar in the spot next market on Thursday while bond yields remained unchanged, dealers said. The rupee last closed in the spot market at 194.50/195.00 to the dollar on Wednesday.
