Sri Lanka is at
the cusp of economic change. Per capita GDP will reach US$ 6,000 from the
current US$4,000 in a couple of years, leading the way to an increase in
consumer spending. Sri Lanka will be an attractive destination for investors,
but that is not all.
The iconic mixed
development project for Cinnamon Life consists of an 800-room five-star hotel,
427 luxury residential units, banqueting and meeting facilities that can host
up to 5,000 guests, a state-of-the-art office tower, multi-story shopping mall,
and entertainment center. However, it's much more.
Improving policy
stability, gaining traction in the Colombo Port City growth, the burgeoning
tech industry, and deepening trade relationships with regional economies would
increase the attractiveness of investors and global talent.
John Keells
Holdings is positioned to capture the next growth wave in Sri Lanka, comprising
70 companies across a variety of sectors. The flagship project is Cinnamon
Life, a mixed-development resort in downtown Colombo. We believe the
opportunity here is real. Apartments dominate Sri Lanka's high-rise property
market, though nascent, as an investable asset. Office spaces are not
purchasable and tradable hot commodities. Commercial property designers rent
out office spaces in Sri Lanka.
Half the
capacity of the office tower will be sold to potential investors while the
remainder will lease. When there's demand, we can always sell more. There was
recognition by prospective investors and by local corporates, which was very
encouraging until the building began several years ago. We've already sold a
couple of floors to local businesses and keep generating interest.
The
groundbreaking mixed development project Cinnamon Life by the John Keells Group
has altered all that. We created a market for office spaces as an opportunity
with the 30-story office building in Cinnamon Life, which will be the first to
come online in 2020.
There are
opportunities to lure regional offices to Sri Lanka, as cities are becoming too
costly in places like Hong Kong, Singapore, and even India. Colombo has what it
takes to attract talent internationally. Port City is going to transform the
business center of Colombo. The ex-pat community is growing, and professional
Sri Lankans are returning home. What that does to any business and the economy
relevant to customers is just amazing.
OSL Take: The
positive movements in the property market by John keels an indicative of the
growth in Sri Lanka’s economy. Sri Lanka’s business potential is on the
increase, along with the expansion of investment opportunities in the country.
The positive growth in the vital economic sectors islandwide has resulted in
increased business/investment opportunities in Sri Lanka. Also, Sri Lanka’s
geographical positioning in the Indian Ocean, the ease of doing business
environment in the country and the many trade agreements, as well as trade
concessions enjoyed by the state, have made it an attractive business
destination in the South Asian region.
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