Business
Orel Corporation in strategic partnership with Prime Residencies
By Ifham Nizam
Sri Lanka’s leading electrical goods manufacturer, Orel Corporation, on Monday announced a strategic partnership with Prime Residencies, a leading real estate company here, for their upcoming iconic project, The Palace Gampaha.
The partnership was officially signed recently which designates Orel Corporation as the primary contributor responsible for external electrical systems in this innovative development.Speaking to The Island Financial Review, on their target market group, Prime Director Noel Joseph said the Palace Gampaha is designed to cater to the discerning preferences of upper-middle-class individuals.
Joseph added: ‘The residences are situated in a prime location, suggesting easy access to essential amenities and a desirable neighborhoods.
‘The project emphasizes a balance between affordable living and sophistication, indicating that it aims to provide luxurious homes at a reasonable price.
“The residences come with premium features, likely including high-end amenities, advanced security systems, and quality finishes to meet the standards of the upper-middle-class demographic.
‘The mention of exclusive events suggests a focus on community building and social activities for the residents, fostering a sense of belonging and a luxury lifestyle.
‘The introduction of a revolutionary 1% per month payment plan is highlighted. This unique payment structure may make the dream of opulent living more attainable for potential buyers.
‘The project promises an unmatched lifestyle for residents, indicating that it goes beyond providing just a place to live and aims to create a unique living experience.
‘The project is positioned in the vibrant location of Gampaha, suggesting that it is part of a lively and dynamic community.
‘For those seeking refined elegance in their homes, The Palace, Gampaha aims to fulfil this desire, indicating a focus on aesthetics and luxury.
‘Overall, the description paints a picture of a high-end residential project that combines affordability with luxury, offering a distinctive living experience for upper-middle-class individuals in the vibrant city of Gampaha.
‘The real estate sector has experienced steady growth, driven by rapid urbanization and population expansion. This growth is likely fueled by an increasing demand for housing and commercial spaces in response to urban development.
‘Sales taxes, including Value Added Tax (VAT) and Social Security Contribution Levy (SSCL), are mentioned as contributing to the challenging environment. These taxes will add to the overall cost of a project and affect its financial viability.
Prashantha Hettiarachchi, Project Manager/Management Consultant Orel, told The Island Financial Review; “Our target market is developers, investors in the building sector and consultants in Building Services Engineering.
‘I am happy to say that we have achieved more than 10% of the market share in turnkey projects in the electrical sector in Sri Lanka within one year.
‘The key of the success of the Orel turnkey division is its ability to offer comprehensive solutions tailored to the unique needs of our clients. Whether it’s project management, design, procurement, installation, or maintenance, we have assembled a team of experts to ensure a seamless and hassle-free experience for our clients.
Pramuditha Gurusinghe, Assistant General Manager – Turnkey Projects from Orel Corporation stated; ‘’We are happy to join forces with Prime Residencies, Sri Lanka’s top notch real estate giant, embarking on a transformative journey to redefine the landscape of infrastructure development— and this marks a tremendous milestone for our turnkey projects’ portfolio. This strategic partnership in which we facilitate robust electrical infrastructure, reinforced by the pioneering spirit of Prime Residencies in the realm of building development, signifies our commitment to paving the path to a brighter and connected tomorrow’’.
Nalinda Heenatigala, Director Corporate Affairs of Prime Lands Residencies PLC, shared his enthusiasm about the partnership, stating, “We are excited to introduce an exclusive investment opportunity for The Palace Gampaha to our valued clients. Our ground-breaking payment plan, a first of its kind in Sri Lanka, aims to provide a luxurious and accessible lifestyle to our investors. Committed to revolutionizing real estate investment in Sri Lanka, we aim to offer a unique and unparalleled experience for our clients.”
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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