Property Development PLC

All Island

About Property Development PLC

In the late 1970s, as the Bank of Ceylon experienced rapid growth, the need for a centralized head office became evident. To address this, the bank decided to construct its headquarters at Echelon Square, a site offered on a 99-year lease by the Urban Development Authority.

Property Development Limited (PDL) was established on October 15, 1980, with the mission to execute or engage in construction and property development projects beneficial to the company. The first public share issue occurred in May 1981, with 55,000,000 shares fully subscribed. In October 1984, a Rights Issue of 11,000,000 shares at par, offered one new share for every five held, also saw full subscription, bringing the company’s stated capital to Rs. 660 million.Construction of the headquarters began in early 1981, with partial completion by January 25, 1985, and substantial occupancy by October 1987. The total built-up area is approximately 600,000 square feet. Despite bomb damage in 1996 and 1997, restoration was completed by December 2001, without disrupting occupancy. Today, the building, a landmark in Colombo, houses over 2,000 people.In December 2010, PDL made a strategic investment in Koladeniya Hydropower (Pvt) Ltd. Construction of the Koladeniya Mini Hydropower Plant, with a capacity of 1200 kW, began in January 2011. The plant started commercial operations, generating hydroelectricity for the Ceylon Electricity Board National Grid, on April 25, 2012. On March 30, 2021, PDL sold Koladeniya Hydropower (Pvt) Ltd, following directives from the Central Bank and the Ministry of Finance.

Available Jobs

Jobs posted by Property Development PLC

30 May 2024
Valid until: June 3, 2024
All Island