Reporting on trends in the real estate market, including home sales, rental rates, commercial property development, and housing affordability issues.
Prime Group has unveiled its most ambitious project to date, the “YOLO” apartment city in Kiribathgoda, marking a new era in luxurious urban living. This groundbreaking development, with an investment of Rs. 15 billion, spans 13 acres and introduces a host of innovative features and amenities. The YOLO project will offer 476 high-end residences, designed
Prime Group is set to invest over Rs. 20 billion in 2024 for two significant real estate projects in Dubai and Kiribathgoda. Co-Chairperson Sandamini Perera announced that the company is embarking on its first venture in the UAE, constructing a 45-key apartment complex in Dubai with an investment of approximately AED 50 million. Construction is
Sri Lanka’s real estate and construction sectors are showing signs of recovery, but challenges persist due to inconsistent policies and high taxation, according to industry stakeholders. Sivarajah Thumilan, Founder and Chairman of Blue Ocean Group of Companies, highlighted that these issues are undermining the sector’s global competitiveness despite its significant potential for foreign exchange earnings.
The Research Intelligence Unit (RIUNIT), an international research and consulting firm with its Asia headquarters in Colombo, successfully launched its latest initiative, “Asia’s Real Estate Opportunity of the Century,” on July 16th at the prestigious Port City Sales Gallery, Port City. This landmark event aims to open doors for local developers and investors to engage
LankaPropertyWeb (LPW) has unveiled groundbreaking enhancements designed to revolutionize the real estate marketing industry. The introduction of two cutting-edge features – the AI-powered social Media Promo Add-On Package and the ML Image Recognition Tool – marks a significant leap forward in property listings and marketing efficiency. LPW’s AI-powered social Media Promo Tool, named A.M.Pl.I.F.I.E.R (Automated
The Sri Lankan Cabinet of Ministers has approved the establishment of a Land Management Trust to address longstanding challenges in utilizing government-owned land for economic development. This initiative aims to streamline the process, attract investments, and unlock new opportunities for job creation. Currently, the Sri Lankan government holds a significant portion of the country’s land,
Sri Lanka’s construction industry appears to be showing initial signs of recovery, according to the January 2024 Purchasing Managers’ Index (PMI) for Construction. The Total Activity Index, a key indicator of overall activity, surpassed the neutral threshold of 50 for the first time since January 2022, registering an index value of 52.9. This positive development
In a significant development for the Colombo Port City Special Economic Zone (SEZ), the Colombo Port City Economic Commission has issued Authorized Persons (AP) licenses to three of Sri Lanka’s prominent commercial banks—Commercial Bank, Hatton National Bank (HNB), and Sampath Bank. This milestone achievement underscores the transformative journey of the Colombo Port City SEZ, positioning
In the dynamic world of construction in Sri Lanka, the year 2024 unveils significant shifts in cost considerations for building houses. Despite facing unprecedented challenges, the sector is witnessing a positive transformation marked by controlled inflation and eased import restrictions. The trajectory of construction costs, which surged in mid-2022, underwent a notable change in 2023.
Deputy Managing Director of CHEC Port City Colombo, Thulci Aluwihare, recently met with the Deputy High Commissioner of Sri Lanka in Southern India, Dr. D. Venkateshwaran, and Minister of Commerce of the Deputy High Commission, G. L. Gnanatheva, on December 15, 2023. The focus of their meeting was on the significance of attracting investments from