Colombo Land and Development Company PLC is a real estate development company, primarily engaged in leasing out investment property under operating leases and the development of investment properties in Sri Lanka. We also work in renting out developed properties and cultivating teak and mahogany trees. The company was incorporated in 1981 and is based in Colombo, Sri Lanka.
Colombo Land & Development Company was formed in 1981 as a joint venture between Clarisssa Private Ltd of Singapore and UDA to undertake urban development activities in Sri Lanka. The original brief was for CLDC to play an active role in the development of some state owned properties which were identified by UDA for urban development during early 1980's.
The basic understanding was that CLDC would raise funds using the international connections of the Singaporean partner and undertake various development projects while the UDA contribution was to be the land allocated for the projects. In return, UDA was to receive part ownership of the property development company. Accordingly UDA was allocated 30% of CLDC shares when it was formed. Company was listed in 1982 giving the opportunity for the original shareholders to either retain or divest their shares in the long run.
During early 80's CLDC completed two projects and was assigned with a third. The first project to be completed was the Peoples Park Phase 1 in Petah which is a 92,387 square feet shopping complex with 383 shop units.
The second project be completed was the Liberty Plaza shopping mall in Colombo 3. Liberty plaza was a project partially completed by UDA at that time and CLDC settled the initial investment made by UDA and completed the project.
The third project assigned to CLDC was the development of a 13 acres and 32.41 perches land in Pettah identified by UDA for a major development project. A key pre-requisite for this project to be implemented was the relocation of a number of government institutes, which were occupying the property identified for the development purposes. Due to the prevailing political uncertainty and the lack of focus on development activities during the 30 year long war, this project could not be implemented until now. However with the dawn of peace the company is already making plans to launch a major development project in this location which will mark the beginning of a new era transforming Pettah in to a modern cosmopolitan.
During the last 30 years the ownership of the company has gone through significant changes and today CLDC is a truly public listed company with a highly diverse ownership. A professional board of directors manages the company.