Business

Kelsey records Rs. 50 m revenue Q1 2021

Kelsey Developments PLC recorded Rs. 50 million in revenue for the first quarter of the financial year 2021-22. The company secured cumulative reservations for an expected sales value of Rs. 3,212 million as of 30 June 2021, which will be recognised in the following months.

“Our team consistently strived to pursue growth targets while ensuring the safety and well-being of all involved. This was not an easy task, yet we succeeded in continuing business operations to achieve sustained growth, in the interest of all our stakeholders. We are confident the country will overcome all challenges and our advantageous position as a member of Janashakthi Group will strengthen our ability to continue our growth momentum,” commented Kelsey Developments PLC Chairman Eardley Perera.

Kelsey Homes’ sales reservations for the period were driven by the projects Central Park – Ja-Ela, Verdant Villas – Negombo, Urban Gateway – Kottawa, and Urban Heights – Wattala. Meanwhile, in spite of operational difficulties stemming from the pandemic situation, the company successfully completed the sale of housing units of both Phases I and II of the Central Park – Ja-Ela project in 2020/2021. At present, the company is successfully carrying out the sale of housing units of Phase III of the project, while also focusing efforts on the sale of other ongoing projects. The sales value of existing inventories is Rs. 2.94 billion. Furthermore, the company has entered into a sales and purchase agreement to acquire a property in Nugegoda and intends to launch a residential apartment project in the coming months.

“With an insight-driven strategy to create value for all stakeholders, we crafted our strategy to meet the current demand for housing in the country. We are aware that the volatile economic environment amidst the pandemic requires a prudent and time-sensitive approach to operations and will continue to focus our efforts on meeting prevalent challenges in a timely manner,” said Kelsey Developments PLC CEO Lalinda Kalubowila.