Schaffter family controlled Kelsey Development PLC is preparing to launch a gated housing project in Negombo in the 1st quarter of the 2016/17 financial year, the company’s interim financial statements said.

“The company is preparing to launch a gated housing project consisting 46 houses in Negombo. This gated community is strategically located 10 minutes away from the Colombo – Katunayake Expressway and 15 minutes from Bandaranaike International Airport,” it said.

It added that the houses are built on 80 perch land plots in sizes varying between 2,000-3700 square feet, and that the construction of common facilities and model houses have already commenced.

The new project is coming on the heels of Kelsey Development successfully selling out its Templer’s Square project prior to completion.

“It is expected that approximately seventy five of the hundred houses will be handed over before the end of the financial year. This will generate a contribution of approximately Rs.160mn from the Templers’ Square project in the 2015/16 financial year,” the company said.

For the quarter ended September 2015, the group level net loss stood at Rs.24.76 million compared to a net profit of Rs.18.34 million year-on-year.