Niruja Thambiayah named MD of Cargo Boat Development

Group ready to launch Rs. 2 billion real estate project in Colombo-2


Niruja Thambiayah

Miss. Niruja Thambiayah was last week named the new Managing Director of Cargo Boat Development Company PLC with effect from Aug. 21, succeeding her father, Mr. Ravi Thambiayah, who will continue as Chairman of the company having retired from the position of MD.

Mrs. N.A. Thambiayah has been named the Deputy Chairman of this family-controlled company.

Cargo Boat has set up a subsidiary, Renuka Land (Pvt) Ltd., which is awaiting final clearance to construct and manage a state of the art commercial complex in Colombo 2. A BOI company, Renuka Land plans to invest approximately Rs. 2 billion on this 14-storey property at Braybrooke Place originally acquired to build a hotel.

The project envisages 109,000 sq.ft of rentable office space, a five floor car park with 150 slots, retail space, a gymnasium and a commercial laundry. The project is expected to take off next month.

Niruja Thambiayah holds a Bachelor of Arts degree with Honours in Industrial Economics from the University of Nottingham, UK and a Master of International Business from Monash University, Australia.

She has worked as a Project Officer for the office of the Deputy Vice-Chancellor (International) at Monash University in Australia. She has also obtained a Certificate IV in Property Services from the Real Estate Institute of Victoria, Australia and has worked as a Property Manager for Leske, Cohen & Sandor Real Estate in Melbourne.

Ms. Thambiayah will continue as an executive director of companies under the Renuka Hotels Group including Renuka City Hotels PLC and Renuka Hotels Ltd.

The group which specialises in property development pioneered the construction of the Cargo Boat building on Janadhipathi Mawatha after the 1978 liberalization of the economy. It has long been in the hotel industry with the very successful Renuka Hotel in Galle Road, Kollupitiya, followed by the development of the quoted Renuka City Hotels PLC. on the adjoining property.

The group also owns a valuable share portfolio of companies listed on the Colombo Stock Exchange.

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