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John Keells Properties, the country’s largest developer, has played a pivotal role in shaping Sri Lankan real estate, delivering notable successes such as The Emperor, The Monarch, 7th Sense, OnThree20, TRI-ZEN, including its latest VIMAN project and Cinnamon Life, hailed as the largest private sector investment in Sri Lanka.
According to John Keells Group Property Sector President Nayana Mawilmada, Sri Lanka’s property industry has shown remarkable resilience despite the economic challenges.
As a featured speaker at the ‘Invest Sri Lanka – Retire Sri Lanka’ event held in Singapore on October 30, organised 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 Central Bank Governor Dr. Nandalal Weerasinghe, Colombo Stock Exchange CEO Rajeeva Bandaranaike and CHEC Port City Deputy Managing Director Thulci Aluwihare, discussing avenues to promote Sri Lanka’s investment proposition.
During the presentation, Mawilmada covered topics including urbanisation 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 centred 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 emphasised 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 centre, 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 percent 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.
