Sri Lanka’s property market has grown much the past years, so much, that government officials are afraid that we will see a new bubble burst in 2020-2022.
Everything from condo buildings to commercial properties are being built, and there are a number of local developers operating in the country. But you rarely find summarized information about the top developers.
In this article, you’ll learn more about some of the top residential property developers in Sri Lanka, who their founders are, what properties they build, what projects they manage, and more. Let’s have a look.
1. Blue Ocean Group of Companies
Blue Ocean Group of Companies is a big and diversified international business conglomerate based in Sri Lanka. They’re a leading real estate developera in the country, but also offers services in different sectors include trading, engineering, education, logistics, garments, construction of government infrastructure projects, and corporate consultancy.
The founder and the chairman of the company is Mr. Sivarajah Thumilan. He’s a graduate from the UK, with degrees in ACCA, CPA, and FMAAT from universities in UK, Australia, and Sri Lanka.
In total, they own more than 40 different companies and subsidiaries, out of which 16 works in the real estate sector. Some of their well-known companies and subsidiaries working in the real estate industry are listed below.
- Blue Oceans Residences (Pvt) Ltd.
- Blue Ocean Realty (Pvt) Ltd.
- Blue Ocean Breeze (Pvt) Ltd.
- Link Realty (Pvt) Ltd.
- Alconn Construction (Pvt) Ltd.
- Blue Ocean Real Estate (Pvt) Ltd.
- Link Real Estate (Pvt) Ltd.
- Link Capital (Pvt) Ltd.
In addition to their businesses and real estate projects in Sri Lanka, they also have a presence in East Asia, the Middle East, Europe, and other countries in Asia Pacific. The head office of the company is based in Dehiwala, Sri Lanka, and they have offices in the UK, Dubai, Australia, and Canada.
According to the Group’s official website, it is ISO 14001: 2015, ISO 9001:2008, and OHSAS 18001: 2007 certified. The Group is also a member of the Chamber of Construction Industry (CCI) and Major Constructions of Sri Lanka (MCSL).
They’ve completed several real estate projects in the last few years, mostly condominiums and other residential projects. They’re also working on around 14 projects in Colombo, Mount Lavinia, and Nuwara Eliya.
Some of the on-going projects are listed below.
a. A 10-floor condominium project at No. 35 Ramakrishna Road, Colombo 6
b. A 7-floor condominium project at No. 37/3, Beach Road, Mount Lavinia
c. Blue Oceans King Alfred Palace, Colombo
No.32, 1st & 2nd Floors,
Galle Road, Dehiwala,
2. Maga Engineering (Pvt)
Maga Engineering is a well-known real estate developer in Sri Lanka and was founded in 1984. In addition to their residential and commercial projects they’re known for their mega government infrastructure constructions that include thousands of miles of roads, bridges, government buildings, hospitals, and water supply schemes.
The head office of the company is based in Colombo and the founder and chairman is M.G. Kularatne. He served in the Sri Lankan Army and other multinational organizations before establishing his own company.
Maga Engineering currently employs more than 10,000 people, making it one of the biggest real estate developers in Sri Lanka. They’ve completed around 425 real estate and other construction projects so far.
Maga Engineering is ISO 9001, ISO 14001, and OHSAS 18001 certified company. They’ve also won several awards from the Construction Industry Development Authority (CIDA) Construction Excellence Awards, CIDA Merit Awards, CIDA Construction Performance Awards, The Institutions of Engineers, Sri Lanka, Excellence Awards, and National Chamber of Commerce Business Excellence Awards.
Maga Engineering develops all types of real estate projects that include residential, commercial, and hospitality projects. They’ve developed several high-end resorts and hotels in different cities, like Colombo and Galle.
In 2007, Maga Engineering also developed Sri Lanka’s tallest residential project at that time, a 32-floor Fairmount Residence. In 2014, they again developed the tallest residential building, the 47-floor Clearpoint Residencies.
Their on-going projects include:
- Grand Hyatt Colombo
- Fairway Galle, Galle
- Fairway Elements, Rajagiriya
- Urban Regeneration Project, Colombo
200, Nawala Road, Narahenpita, Colombo 5, Sri Lanka
3. Walkers CML Properties (Private) Limited
Walkers CML Properties (Pvt) Ltd is a leading real estate developer based in Colombo. They’re best known for their mid-rise residential apartment buildings. Walkers CML was founded as an engineering firm in 1854 by a Britisher, John Walker, who worked as an engineer in Sri Lanka during the colonial rule. This makes it one of the oldest real estate and engineering firms in the country.
They’re mostly known for their infrastructural and engineering projects but have recently started developing residential real estate projects as well. In 2015, they acquired Wincon Development Ceylon (Pvt) Ltd to enter into the real estate industry.
Since then, they’ve completed six residential projects, all apartment buildings. The management of the company consists of both Sri Lankans and expats, with Jehan Prasanna Amaratunga serving as deputy chairman, and Mr. Keith George Cowling, a civil engineer graduate from Scotland, as Director.
- Sea Breeze Homes
- Lavanya Heights
No 10, Trelawney Place,
4. Home Lands Skyline Pvt Ltd
Home Lands Skyline Pvt Ltd is a subsidiary of Homeland Holdings, a leading real estate developer in Sri Lanka. They’re mostly known for their high-end residential projects, which also include resort apartments.
The founder and the chairman of the company is Nalin Herath, who established the company in 2003 with three other partners. The head office of the company is based in Battaramulla. They also have branch offices in Colombo, Galle, Kandy, Negombo, and Kurunegala.
Home Lands Holdings own several subsidiaries working in the real estate sector, including:
- Survey Systems Pvt Ltd
- Home Lands Skyline
- Home Lands Construction
- Urban Space
Home Lands Skyline develops high and medium-rise residential apartment buildings.
They’ve recently won an Award for the Best Housing Development in Sri Lanka for Ariyana Resort Apartment in 2018 at the PropertyGuru Asia Property Awards.
- Ariyana Resort Athurugiriya
- Aurum Residences
- Flora Residences
- Porshia Nawala
- Green Valley
- Treasure Trove
Home Lands Holding (Pvt) Ltd, No 1060, Pannipitiya Road, Battaramulla, Sri Lanka.
5. Indocean Developers (Pvt)
Indocean Developers (Pvt) Ltd is owned by an international real estate developer South City Projects (Kolkata) Pvt. Ltd. They’ve recently established their head office in Colombo and entered the Sri Lankan real estate industry with their first high-end residential project called Altair Sri Lanka.
South City Project is known for its high-rise and landmark developments in Kolkata and other Indian cities. They’re known for their high-rise residential buildings that contribute to city’s skyline. They’ve so far completed more than 100 residential projects in India and other countries.
In addition to high-rise residential apartment buildings, they’ve also developed IT parks, malls, residential townships, commercial projects, schools, hospitals, and resorts.
Altair Sri Lanka, which is 240 meters tall, is going to be one of the tallest residential buildings in Colombo. The project is designed by architect Moshe Safdie, who is also known for his landmark developments like Marina Bay Sands, Singapore.
Altair Sri Lanka won several awards at the 2018 PropertyGuru Asia Property Awards that include Best Luxury Condo Development, Best Luxury Condo Architectural Design, and Best Condo Development Sri Lanka.
Pardeep Moras is the director of the Indocean Developers, who also recently won an Award for the Real Estate Personality of the Year at PropertyGuru Asia Property Awards (Sri Lanka).
They’re currently working on one project, which is Altair Sri Lanka.
Indocean Developers (Pvt) Ltd 121A, Sir James Pieris Mawatha, Colombo 02, Sri Lanka
Trillium is a well-recognized real estate developer and known for its high-end mega residential projects. They’ve developed several real estate projects in the last few years that include apartments, villas, hotels, resorts, and commercial buildings.
They’ve so far completed four apartment projects, two residential projects that consist of villas, three hotels & resorts, and two commercial buildings.
Here is the list of some of their current projects.
- Trillium Residencies Colombo 8
- Trillium Residencies Colombo 7
- Trillium Havelock Residences
- Trillium Tower
In addition to their on-going projects, they’re also planning to build multiple resorts in the near future that include:
- 50 Chalet Luxury Agro-Resort in Kahathuduwa
- Another upcoming resort in Maharagama
Trillium Property Management & Services Ltd.
No 38, Somadevi Place,
7. Capital TRUST Residencies (Pvt.) Ltd
Capital TRUST Residencies (Pvt) Ltd is a subsidiary of Capital Trust Holdings Limited, a leading Sri Lanka based conglomerate. Capital Trust Holdings Limited owns several other companies and subsidiaries as well working in different sectors. Some of their well-known subsidiaries include:
- Capital Trust Securities (Pvt) Ltd
- Capital Trust Residencies (Pvt) Ltd
- Capital Trust Properties (Pvt) Ltd
- Capital Trust Credit (Pvt) Ltd
- Capital Trust Wealth Management (Pvt) Ltd
In addition, they own five more companies as well working in education, margin trading, automobiles, and investment advisory industries.
The company started in 1991 as a stock-broking firm but later developed into one of the leading real estate developers in the country.
They won an Award for the Best Boutique Developer at the 2018 PropertyGuru Asia Property Awards. In addition, they also won an Award for the Best Mid End Condo Development.
Other notable awards include the Best Condominium Development Award and more, at the Asia Property Awards 2017.
Here is the list of currently under-construction projects:
- Capital TRUST Residencies – Vajira Road, Colombo 04
- Capital TRUST Residencies – Thimbirigasyaya Road, Colombo 05
- Capital TRUST Residencies – Fortress
42 Sir Mohammed Macan Marker Mawatha,
8. Prime Group
Prime Group is a leading real estate developer, based in Colombo, that owns several subsidiaries in the real estate sector, including Prime Land (Pvt) Ltd, founded 20 years ago.
The company started with only four employees, but within two decades, they’ve one of the most well-known name in Sri Lanka’s real estate industry with 80,000 customers. They have a presence in 18 out of 25 districts in the country.
Prime Group sells land, develop individual houses as well as large-scale residential projects including high-rise apartment buildings. They’re most known for their high-rise residential apartment buildings, some of which also adds to the Colombo’s skyline, like the 36-floor Prime Grand Ward Place.
Mrs. Sandamini Perera is the co-founder and deputy chairperson of Prime Group, who also won ‘Woman Super Achiever of the Year Under Real Estate Sector Award in 2018’ by Business Leader of the Year Annual Awards.
The company recently won an Award for ‘the Best Developer Sri Lanka’ at the 2018 PropertyGuru Asia Property Awards. Prime Group was also ranked among the 25 Great Places to Work for the fourth consecutive year in 2018.
Prime Group is also included in Asia’s 100 Greatest Brands according to Asia One Magazine.
- Prime Grand Ward Place
- The Beach Front II
- Prime Edmonton 2
- Prime Grand Colombo 07
In total, they have completed 19 apartment projects so far.
No.75, D.S. Senanayake Mawatha,
9. Colombo City Centre Partners (Pvt) Ltd
The Abans Group is one of the leading conglomerates in Sri Lanka with more than six thousand employees. It has multiple subsidiaries working in lifestyle, electronics, and consumer products. In total, the Abans Groups owns 440 companies, one of which is Colombo City Centre Partners (Pvt) Ltd.
Colombo City Center Partners (Pvt) Ltd develops the Colombo City Center, a luxurious mixed-use iconic high-rise building with 192 apartments and Sri Lanka’s largest shopping mall.
The project consists of the two, three, four, and five bedroom apartments. Colombo City Center Partners (Pvt) Ltd was formed by two international developers, Next Story Group from Singapore and the Abans Group from Sri Lanka.
They’re currently working on their first project, the Colombo City Center.
137, Sir James Pieris Mawatha
Colombo 02, Sri Lanka