According to Nayana Mawilmada, President, Property Sector, John Keells Group, Sri Lanka's property industry has shown remarkable resilience despite economic challenges.
As a featured speaker at the ‘Invest Sri Lanka - Retire Sri Lanka’ event held in Singapore on the 30th of October, organized by the Singapore Sri Lanka Business Association (SLBA), Mawilmada provided an in-depth look at the real estate landscape in Sri Lanka and the prospects it holds for citizens, regional and expatriate investors.
The forum also featured a high-level panel including industry leaders such as Dr. Nandalal Weerasinghe, Governor - Central Bank of Sri Lanka, Rajeeva Bandaranaike, CEO - Colombo Stock Exchange, Thulci Aluwihare, Deputy Managing Director - CHEC Port City, discussing avenues to promote Sri Lanka's investment proposition.
During the presentation, Mawilmada covered topics including urbanization trends, shifting housing preferences, affordability, and growth drivers for the Sri Lankan property market.
Mawilmada explained how Colombo is the dominant urban area, attracting over two million passenger trips daily, with more infrastructure and development centered around the denser city core.
He also discussed the gradual shift from detached housing to apartment living driven by high land costs, smaller families, lifestyle changes, security, etc.
John Keells Properties aimed to showcase its flagship development, Cinnamon Life, which Mawilmada emphasized will be a game-changer for Colombo.
Located in the heart of the city, the expansive mixed-use project comprises residential and office complexes, an 800-room hotel, a mall, a convention center, gaming facilities, event spaces, etc.
Moreover, he noted that a substantial portion of the project is completed and occupied, showcasing the company's resilience.
“Cinnamon Life is not just a project.
It goes beyond being our largest investment and a catalyst for Sri Lanka's progress,” he said.
In addressing the diverse demands of the Sri Lankan property market, John Keells Properties strategically caters to different segments.
Additionally, the company addresses domestic high-urban housing demand and suburban housing needs.
Mawilmada also revealed that over 80% of buyers for John Keells' high-end developments are Sri Lankans, including expats.
But signature projects such as Cinnamon Life are likely to attract more foreign investment from India and beyond.
Cinnamon Life, positioned as a high-end offering, targeting a specific demographic, is expected to place Colombo on the map for top-tier tourism and its facilities and entertainment venues are set to attract international events and visitors.
Overall, Cinnamon Life will generate jobs, encourage ancillary businesses to grow, and position Sri Lanka as an attractive MICE and hospitality destination in South Asia.
Exceptional planning and a robust team are the pillars of John Keells Properties' success.
Despite facing unprecedented challenges, the company's disciplined management and dedicated team ensured that major projects, including Cinnamon Life and TRI-ZEN, continued at full throttle during difficult periods.
"Our ability to plan strategically and the resilience of our exceptional team have been instrumental in overcoming challenges.
We have weathered the storm, and now, as we see signs of recovery, we remain confident that better times are ahead," concluded Mawilmada.
John Keells Properties aims to continue to be a driving force in Sri Lanka's real estate sector.
With a portfolio that reflects innovation, resilience, and a commitment to excellence, the company stands poised to usher in a new era of real estate development for the nation and the region.
For more information on John Keells Properties contact +94 702 294 294 or visit their website www.johnkeellsproperties.com