Top 9 Property Developers & Real Estate Companies in Sri Lanka

Sri Lanka’s property market has grown much in 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 is 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).

Projects

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 ongoing 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

Office address

No.32, 1st & 2nd Floors,
Galle Road, Dehiwala,
Sri Lanka

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.

Projects

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

Office address

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 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.

Projects

• Arcadia
• Grace
• Habaraduwa
• Ascent
• Sea Breeze Homes
• Lavanya Heights

Office address

No 10, Trelawney Place,
Colombo 04
Sri Lanka

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.

Projects

• Ariyana Resort Athurugiriya
• Aurum Residences
• Flora Residences
• Porshia Nawala
• Green Valley
• Treasure Trove

Office address

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).

Projects

They’re currently working on one project, which is Altair Sri Lanka.

Office address

Indocean Developers (Pvt) Ltd 121A, Sir James Pieris Mawatha, Colombo 02, Sri Lanka

6. Trillium

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.

Projects

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

Office address

Trillium Property Management & Services Ltd.
Trillium Tower
No 38, Somadevi Place,
Kirulapone Avenue,
Colombo 05.

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 as 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.

Projects

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

Office address

42 Sir Mohammed Macan Marker Mawatha,
Colombo 03,
Sri Lanka.

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 names 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, develops 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 add 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 the ‘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.

Projects

• 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.

Office address

No.75, D.S. Senanayake Mawatha,
Borella, Colombo-08,
Sri Lanka.

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 Group 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 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.

Projects

They’re currently working on their first project, the Colombo City Center.

Office address

137, Sir James Pieris Mawatha
Colombo 02, Sri Lanka