Trillium in $20 million worth power play to expand real estate and hospitality offering
Daily FT: Confident of future prospects, Trillium Group recently announced a mega $ 20 million or Rs. 6 billion worth expansion into the real estate and hospitality industry.
Among projects unveiled include $ 12 million investment to put up Trillium Duplex Colombo 5; $ 3 million on Trillium Residencies Nugegoda and $ 6 million on second Trillium hotel in Colombo 7 the “Trillium Express: Colombo 7” at the former Dasa Building at Ward Place.
Identifying itself as a beacon of innovation and resilience, Trillium said these projects will redefine urban and suburban living in Sri Lanka.
“In the face of unprecedented challenges posed by the COVID-19 pandemic and economic downturn, Trillium Group stands resilient. While many developers halted projects, Trillium persevered, notably with the nearly completed Trillium Havelock Residencies in Colombo 5,” Trillium Chairman and Managing Director Janaka Ratnayake said.
Despite disruptions in supply chains and workforce limitations, Ratnayake said Trillium Group, driven by commitment, ensured the continuity and progress of Trillium Havelock Residencies with a minor delay in comparison to most other projects in Colombo. Upholding its promise to deliver not just properties but enduring homes, the decision to persist reflects Trillium’s confidence in the real estate market’s enduring potential.
As it enters a new era, Ratnayake said Trillium Group remains dedicated to delivering excellence and standing tall among those who weathered the storm.
With a substantial investment of Rs. 4 billion ($12 Million), Trillium is poised to redefine upscale living in the heart of the Colombo city again with the second development in Colombo 5: Trillium Duplex Colombo 5.
“These strategic investments to a tune of Rs. 6 billion ($21 Million) not only signifies Trillium’s commitment to delivering unmatched residences and hospitality options in Colombo but also underscores its dedication to helping to fuel economic growth and job creation,” said Ratnayake.
OSL take:
The growing business potential in Sri Lanka is evident by the undertakings by many local businesses to invest in operations to expand businesses. These expansions could be seen in the steadily growing economic sectors like tourism, especially in the leisure and hospitality sectors, and real estate that includes house and property. Such investments and expansions of local businesses is a clear indication of the overall strength and resilience of Sri Lanka’s economy, especially given the challenging economic conditions faced by the country in the past few years. The growth and business potential in Sri Lanka’s tourism and real estate sectors have also managed to attract the attention of foreign businesses/investors. With the country’s target of becoming a regional hub, the existing business/investment opportunities are likely to see a further increase in the coming months. The strong private sector of the country also presents ideal opportunities for collaborations between foreign businesses and local entities. Given all these developments, foreign businesses/investors could confidently explore the expanding business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/20240404/Z_3 |