Sri Lanka-Singapore Business Council promotes Real Estate Investments in Sri Lanka
Daily News: The Sri Lanka-Singapore Business Council of the Ceylon Chamber of Commerce (CCC), in association with KPMG Sri Lanka as the Knowledge Partner, has successfully concluded a Webinar on “Real Estate Investment Opportunities in Sri Lanka” recently with over 200 participants from Sri Lanka and neighboring countries including Singapore.
The Webinar comprised of two key presentations on “Outlook and Why invest in the Real Estate Sector in Sri Lanka” by Gihani Hewavitarana, Senior Manager, Real Estate Advisory, KPMG Sri Lanka and a presentation on “Overview of the Port City Colombo Project” by Yamuna Jayaratne, Director Sales & Marketing, CHEC Port City Colombo (Pvt) Ltd. The session concluded with a panel discussion with Roshanie Jayasundara Moraes Executive Vice President/ CMO, John Keells Holdings, Hardy Jamaldeen, Executive Director, Lanka Realty Investment PLC, Prasanjith Wijayatilake, Executive Director of Investment Promotion, Board of Investment Sri Lanka and was moderated by Nipuni Samarasekara, Partner, SW Legal Associates.
The two resource persons emphasized the opportunities in the real estate sector which has generated high returns for investors and the recognition as an investment destination in the Asian region, with Port City
Colombo being the key focal point of the present real estate landscape. The Port City Colombo project, the next game changer in the sector, comprising world class business commercial, ultra-luxury residential, entertainment and lifestyle hubs being developed adjoining Colombo CBD, targeting high net worth individuals in the Asian region was strongly promoted at the webinar.
It was highlighted that the Port City Project is anticipated to add a total of 179 Ha. of marketable land and a total GFA of 6.3 Mn sq. ft. and will create a positive impact on economic growth with the increase in FDIs and attract high spending tourists to the country and create over 83,000 job opportunities. The conducive business environment and the double taxation avoidance agreements with 38 countries, bilateral investment agreements with 28 countries, secured foreign investment policies, a transparent legal and regulatory framework, COVID-19 loan schemes to support industries, permission for condominium ownership on freehold for foreign nationals, were also highlighted as key aspects for attracting investors to consider Sri Lanka as a potential country for real estate investment.
The Bilateral Business Councils, an integral part of the Ceylon Chamber of Commerce, plays a vital role in the promotion of international business. The main activity of the Councils is expansion of business between Sri Lanka and the partner country. The Ceylon Chamber operates 19 Bilateral Business Councils with the prime objectives of promoting trade and investment, joint ventures, services including promotion of tourism between Sri Lanka and the respective countries. The Sri Lanka – Singapore Business Council was inaugurated in August 1997 to promote trade, tourism investment and services between Sri Lanka and Singapore vice versa.
The Sri Lanka – Singapore Business Council of the Ceylon Chamber of Commerce continues to act as the vital link between Sri Lanka and the partner countries, to develop new initiatives and areas of cooperation in terms of trade, tourism and investment. The Business Council membership comprises a wide spectrum of companies engaged in infrastructure, logistics and services, financial services, tourism and leisure, import and export trading, manufacturing, ICT and telecommunication.
OSL take:
Sri Lanka’s expanding economy and posturing as an emerging business destination in the South Asian region have increased the value of real estate in the island. The ongoing development programme in the country has added to the increasing value of real estate in Sri Lanka. Given the growing business potential in Sri Lanka’s real estate sector, foreign businesses/investors could explore the growing opportunities in the country’s real estate sector.
| Article Code : | VBS/AT/14102021/Z_8 |