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Sri Lanka Equity Forum » Stock Market News » Nawaloka Construction gets deal to build $ 60 m resort in Maldives

Nawaloka Construction gets deal to build $ 60 m resort in Maldives

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Nawaloka Holdings yesterday announced that the group would be launching its first overseas construction effort worth $ 60 million on the Maldivian island of Vakkaru.
 The project is a 5-star luxury resort, designed by client EFZY Holdings Ltd. and will feature 150 villas with 55 water villas and 95 beach villas. The facility will also feature a spa and several restaurants.



Nawaloka Holdings Chairman Jayantha Dharmadasa said the group won the contract due to a string of high-profile domestic mega-projects including the Primo Sri Lanka silo in Trincomalee, Razvi Medical Complex, Road Development Authority Head Office in Battaramulla and the Cargils Square Super Market Complex in Jaffna.



“We work hard to ensure we finish projects within the given timeframe, under-budget and with overall good standards,” he added.



As the 70-year-old company has grown its operations within Sri Lanka, today its staff handles 15-20 projects at a time. The company has also expanded to include a Planning and Design Division to make up for a lack of in-house designers. Shareholders see international projects as the next logical step forward and hope to pursue contracts in South East Asia in the next two years.



“Having achieved and maintained a high standard in Sri Lanka, we are working with the Asian Development Bank (ADB) to build infrastructure such as roads and waterways in Myanmar and Cambodia,” says Dharmadasa.



 Nawaloka’s project in Vakkaru will require around 800 new jobs to complete within the contract time period of 20 months, shareholders say. However, only about 200-250 of these jobs will go to skilled Sri Lankan workers as the remainder require unskilled workers who are supposedly hard to find in Sri Lanka.



 Nawaloka Holdings Director D. Sunil Abeyratna says: “The Sri Lankan workforce is too skilled so we struggle to find enough laborers for our projects. We will have to source our laborers from countries like Maldives, India and Bangladesh.”



Abeyratna argues that the proliferation of private tuk-tuks in Sri Lanka has monopolised much of the unskilled workforce thereby sucking up potential workers for the construction industry. “Many unskilled laborers go get tuk tuks and don’t want to work for construction, we don’t know why,” says Abeyratna.



 According to shareholders, construction jobs pay up to Rs. 1,500 a day, coming up to an average of around Rs. 30,000 a month plus incentives and bonuses. 
However, perceptions of safety and dignity lead workers to find different fields or migrate to countries where unskilled wages are higher.
Courtesy: Daily Financial Times 17 September 2015

slequityanalyst


Manager - Equity Analytics
Manager - Equity Analytics
What has it got to do with us?

Chinwi

avatar
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Abeyratna argues that the proliferation of private tuk-tuks in Sri Lanka has monopolised much of the unskilled workforce thereby sucking up potential workers for the construction industry. “Many unskilled laborers go get tuk tuks and don’t want to work for construction, we don’t know why,” says Abeyratna.
මෙන්න අන්තිමට කෙනෙක් ඇත්තක් කියලා රටට හෙනයක් උන ත්‍රී වීල් ගැන​.
අද රටේ තරුණ පිරිමි වැඩි හරියක් දවසේ වැඩි හරියක් ඔහේ බකන් නිලා ගෙන වාඩි වෙලා ඉන්නවා. ත්‍රී වීල් ඇතුලේ පල් හෑලි කියව කියව .  හයර් 20 ක් වැදුනා කියමු. ඕන නම් පැය 1 - 1 1/2 ක් ධාවනයේ යෙදෙයි . අනිත් පැය සියල්ලම නිරපරාදේ රටට වැඩක් නෑ තමන් ට වැඩක් නෑ කාලය කනව​.

මේ විනාසේ රටට, රටේ නිශ්පාදන ක්‍රියාවලියට   ඉතාම අහිතකර ලෙස බලපානව​.  රටේ හයිය හත්තිය ඇති ජනකායෙන් සෑහෙන ප්‍රමාණයක් හොඳම වයසේ දී උඩ බලාගෙන ඉන්නව​. දවසකට පැය කී ලක්‍ෂයක් ද ? අනිත් ක්‍ෂේත්‍රයන් ට අහිමි වන සේවක සංඛාව කීයද​? දැනටමත් සේවකයින් ඉන් දියාවෙන් ගේන්න වෙන්නෙ මේනිසා. ඊට අමතරව රටේ ජාතික ධනය ඉන් දියාවට ඇදී යනව​. වසර 3- 4 කින් යකඩ ගොඩක් වෙන දේකට​.  

ඒ අතරේ ඇඟේ තෙල් තැන්පත් වෙලා 40-45 වෙනකොට හාට් එකත් ත්‍රී වීල් එකේ එන්ජිම ගානට ජරස් බරස් ගානව​. ඊට පස්සෙ ඉස්පිරිතාල  ජාතික ධනය වැය කරමින් හදවත් රෝග, දියවැඩියාවට බෙහෙත් බෙදනව​.

මේ අපරාධයට ත්‍රී වීල් අරන් ඇවිත් විවිධ ප්‍රචාරක උපක්‍රම දාල මෙහේ විකුනං කන සමාගම් මෙන්ම මේවා ගැන අද්‍යයනය කර ප්‍රතිඵලය දකින්න බැරි, ප්‍රතිපත්තියක් හදා ගන්න බැරි රජයේ ආයතන වල ඉන්න නිකං කන්නොත් වග කියන්න ඕන​.

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