Top 10 Proposed Urban Development Projects in Sri Lanka Likely to Positively Impact the Real Estate Market

Executive Summary:

Sri Lanka's urban landscape is on the cusp of significant transformation, with a robust pipeline of proposed development projects poised to reshape its cities and stimulate substantial growth in the real estate market. This report identifies the top 10 such projects, ranging from ambitious mixed-use city expansions to vital transportation infrastructure upgrades and waterfront revitalizations. These initiatives are anticipated to generate considerable positive impacts, including increased property values, heightened demand for residential and commercial spaces, and the attraction of both domestic and international investment. Key drivers such as supportive government policies, a growing influx of foreign investment, and a focus on infrastructure development underpin the likelihood of these projects moving forward. The overall outlook for Sri Lanka's real estate market is optimistic, with these developments acting as catalysts for sustained expansion. Strategic recommendations for investors and developers are provided to capitalize on the emerging opportunities within this dynamic environment.

Introduction:

Sri Lanka's urban areas are experiencing a growing need for modern infrastructure and well-planned development to support its evolving economy and population. Strategic urban development projects are increasingly recognized as crucial drivers for enhancing the livability and competitiveness of cities, and they hold immense potential to spur growth in the real estate sector. The government of Sri Lanka has placed a significant emphasis on economic development and actively seeks to attract foreign investment to fuel this growth.1 This report aims to identify and analyze the top 10 proposed urban development projects across the country that are most likely to have a positive and substantial impact on the real estate market in the coming years, providing valuable insights for stakeholders seeking to navigate this evolving landscape.

In-Depth Analysis of the Top 10 Proposed Urban Development Projects:

1. Colombo Port City (Mixed-Use Development)

• Detailed Description: Colombo Port City stands as the most ambitious proposed urban development in Sri Lanka. This mega-scale project involves reclaiming 269 hectares of land adjacent to the Colombo Port to create an extension of the city's Central Business District.8 Envisioned as a futuristic smart city, it will encompass five distinct precincts dedicated to commercial, financial, residential, lifestyle, and entertainment activities.9 The project includes plans for office towers, residential complexes, retail spaces, hotels, a marina, and a convention center.8
• Potential Positive Impacts on the Real Estate Market: The sheer scale of Colombo Port City is expected to generate significant demand across all real estate sectors. The establishment of a new financial district is poised to attract multinational corporations, leading to a surge in demand for premium office spaces and executive residential units.12 The introduction of high-end retail and entertainment options, along with the luxury yacht marina 10, will further enhance the area's appeal, driving up property values and creating opportunities for hospitality investments.14 The project's strategic location as a gateway to South Asia 9 is anticipated to attract substantial foreign direct investment, further fueling the real estate market.
• Likelihood of Implementation and Timeline: Construction of Colombo Port City is already underway with significant progress. Approximately USD 1.2 billion has been invested in land reclamation and basic infrastructure.12 The first downtown duty-free mall opened in September 2024 9, and the luxury yacht marina broke ground in January 2025, with completion slated for 2027.10 The project benefits from a 99-year lease agreement with the government and strong backing from Chinese investors.11

1. Colombo Light Rail Transit (LRT) System

• Detailed Description: The Colombo Light Rail Transit (LRT) system is proposed as a key solution to alleviate the severe traffic congestion in the Colombo Metropolitan Region.15 The initial phase of the project aimed to establish a 15.8 km elevated rail line connecting Fort and Malabe, with 16 stations and an estimated travel time of around 30 minutes.18 The fully electrified network was designed to integrate with other transport modes, providing a more efficient and sustainable public transportation option for the city's commuters.20
• Potential Positive Impacts on the Real Estate Market: The development of an LRT system is expected to significantly enhance the accessibility of areas along its route, making them more attractive for both residential and commercial purposes.15 Improved connectivity to the Colombo CBD could drive up demand and property values in suburban areas like Malabe, which are currently experiencing substantial land price increases.15 The convenience of rapid transit is also likely to encourage Transit-Oriented Development (TOD), with increased development density around LRT stations.
• Likelihood of Implementation and Timeline: The LRT project, initially commenced in 2017 with funding from the Japan International Cooperation Agency (JICA), was unilaterally cancelled in September 2020.17 This action resulted in diplomatic strains and financial losses.21 While the current government has expressed interest in reviving the project and has engaged in discussions with Japan 23, the Japanese government has yet to formally recommit, citing the need for Sri Lanka to ensure foreign investment safeguards and stabilize its financial condition.23 The initial timeline projected commercial operations to begin by early 2025.20

1. Beira Lake Waterfront Development (Aquarina)

• Detailed Description: The Beira Lake Intervention Area Development Guide Plan for 2022–2031 outlines a comprehensive strategy to transform the 269-hectare area surrounding Beira Lake in Colombo's CBD into a premier waterfront destination, branded as "Aquarina".28 The plan envisions a "Blue & Green Mix Development" concept, integrating high-density residential and commercial properties with enhanced public spaces, recreational facilities, and a focus on environmental sustainability.29 The goal is to attract high-end investments and establish the area as a prestigious financial district and a major tourist attraction.29
• Potential Positive Impacts on the Real Estate Market: The implementation of this guide plan is expected to unlock significant real estate development opportunities on currently underutilized lands around Beira Lake.29 The proposed mixed zoning will allow for a diverse range of high-value properties, including luxury apartments, Grade A office spaces, upscale retail outlets, and premier lakeside hotels.30 The creation of a continuous public promenade, nodal parks, and improved environmental quality will enhance the desirability and value of properties in the vicinity.29 The strategic positioning of the Beira Lake area within Colombo's CBD, coupled with the high-end development trend of neighboring Colombo Port City, is expected to drive substantial appreciation in land and property values.29
• Likelihood of Implementation and Timeline: The Beira Lake Intervention Area Development Guide Plan for 2022–2031 has been approved by the Minister of Urban Development and Housing.29 This signifies a strong government commitment to guiding and managing development in the area. The plan provides detailed, plot-wise guidelines and regulations for development over the next decade, indicating a long-term vision for the transformation of the Beira Lake waterfront. While specific timelines for individual projects within the guide plan will vary, the approval of the overarching framework suggests a high likelihood of ongoing and future development in this area.

1. Welikada Prison Land Redevelopment (High-Rise Mixed Development)

• Detailed Description: The proposal to relocate the Welikada Prison, the largest prison in Sri Lanka, from its 40-acre prime location in Borella, Colombo 08, is set to open up a significant opportunity for a high-rise mixed-use development.31 Situated in close proximity to the IT industrial area of Orion City and with easy access to the port, educational institutions, financial centers, and major transportation facilities, the land is considered ideal for a transformative project.33 The envisioned development includes commercial spaces, high-rise residential apartments, and potentially facilities catering to the IT sector, aiming to create a modern urban hub within the city.33
• Potential Positive Impacts on the Real Estate Market: The release of such a substantial land parcel in a highly sought-after central location is expected to have a profound positive impact on Colombo's real estate market. The development of high-rise mixed-use complexes will introduce a significant supply of new residential and commercial spaces, catering to the growing demand within the city.34 Given the proximity to the IT industry, there is potential for attracting tech companies and professionals, further boosting the demand for both commercial office spaces and residential units in the area.33 This project is anticipated to revitalize the Borella area and lead to a considerable increase in land and property values in the surrounding vicinity.
• Likelihood of Implementation and Timeline: The relocation of the Welikada Prison to Horana is proposed to be completed by 2024.32 The Urban Development Authority (UDA) intends to call for Requests for Proposals (RFPs) for the redevelopment of the land following the completion of the prison's relocation.34 The estimated value of the project is USD 1500 million, with expectations for commencement in 2023.33 The project is being offered on a 99-year lease basis, indicating a long-term commitment to the development of this strategically important site.

1. Chalmers Granaries Land Redevelopment (High-Rise Mixed Development)

• Detailed Description: Located in the heart of Colombo Fort, opposite the main railway station, the 9-acre Chalmers Granaries land is proposed for a high-rise mixed development project.34 This prime land, now rebranded as 'Golden Gateway to Port City' 37, is envisioned as a vibrant hub featuring shopping malls, office spaces, high-end commercial areas, indoor and outdoor entertainment facilities, and potentially residential components.35 Its strategic location is further enhanced by its direct connectivity to the proposed Pettah Interchange of the Elevated Highway Bypass, which will link Orugodawatte to Port City.
• Potential Positive Impacts on the Real Estate Market: The central position of the Chalmers Granaries land within Colombo's commercial capital makes it an exceptionally attractive prospect for real estate investment. The development of modern commercial and retail spaces is expected to cater to a wide range of businesses and consumers, driving significant economic activity in the area.35 The improved accessibility resulting from the direct connection to the highway bypass will further enhance the land's value and attractiveness for development.37 The mixed-use nature of the proposed project is anticipated to create a dynamic urban environment, leading to an increase in both commercial and potentially residential property values in the vicinity.
• Likelihood of Implementation and Timeline: The Urban Development Authority (UDA) is in the process of preparing to call for Requests for Proposals (RFPs) for the Chalmers Granaries land, with the call expected within the next two months as of late 2024.37 The land, valued at US $ 100 million, has an estimated investment requirement of US $ 900 million for the project.37 The project is expected to commence in 2022 and is offered on a 99-year lease basis.35

1. Makumbura Multimodal Transport Center and Surrounding Developments

• Detailed Description: The area surrounding the Makumbura Multimodal Transport Center (MMC) in Kottawa, a rapidly expanding suburb of Colombo, is slated for significant urban development.38 Kottawa's strategic location, with its easy access to the Southern Expressway and the Outer Circular Expressway, has made it an increasingly important node for commuters and businesses.39 Proposed developments in the vicinity of the MMC include high-rise mixed-use projects and commercial spaces, aiming to capitalize on the area's connectivity and growth potential.38
• Potential Positive Impacts on the Real Estate Market: The Makumbura MMC itself is expected to serve as a major transportation hub, driving increased demand for commercial properties such as retail outlets, restaurants, and office spaces to cater to the needs of commuters and travelers.38 The availability of land fronting the MMC presents significant opportunities for mixed-use developments, combining residential apartments with commercial establishments.38 This integrated development approach is anticipated to enhance the overall appeal of Kottawa as a residential and business location, leading to a steady appreciation in land and property values in the area and its surroundings.39
• Likelihood of Implementation and Timeline: The Urban Development Authority (UDA) had called for Requests for Proposals (RFPs) for the high-rise mixed development project at Makumbura, with the deadline for submissions on March 22, 2024.38 The land extent offered for the project is approximately 0.4983 hectares, with an estimated value of USD 2.16 million.38 Kottawa is already experiencing a growth in apartments and housing complexes, indicating an ongoing trend of development in the area.39

1. Logistics Park at Ekala, Ja-Ela

• Detailed Description: A new Rs. 2.2 billion Logistics Park is being developed in Ekala, Ja-Ela, on a 36-acre land belonging to the Urban Development Authority (UDA).13 Strategically located between the Colombo Port and the Bandaranaike International Airport, this project aims to establish Sri Lanka as a key supply integration center in the region.40 The park will include warehousing facilities, bonded warehousing subject to approvals, office spaces, and amenities to support logistics and business operations.13
• Potential Positive Impacts on the Real Estate Market: The development of this large-scale logistics park is expected to significantly boost the demand for industrial and commercial real estate in the Ekala and Ja-Ela areas.40 By attracting multinational companies involved in export-related activities, the project is anticipated to generate substantial foreign exchange earnings and create over 1,000 job opportunities.40 This influx of businesses and employees is likely to lead to an increased demand for residential properties in the surrounding areas as well, contributing to the overall growth of the local real estate market. The project is also expected to enhance property values in the Ekala region.42
• Likelihood of Implementation and Timeline: The project was launched by the UDA in February 2022, with an agreement signed with Access Lanka Park (Ekala) (Pvt.) Ltd., a subsidiary of Access Engineering (Pvt.) Ltd., which is investing Rs. 2.2 billion.13 The lease period for the project is 50 years, with the entire lease amount paid upfront to the UDA.40 The warehousing complex, spanning 700,000 square feet, is expected to be completed within one and a half years from March 2025.27

1. Anuradhapura Integrated Urban Development Project

• Detailed Description: The Anuradhapura Integrated Urban Development Project encompasses a range of initiatives aimed at enhancing the urban infrastructure and public spaces of Anuradhapura, a city of significant historical and cultural importance.43 The project includes various sub-projects focused on improving drainage systems, upgrading road networks, developing public conveniences, and enhancing recreational areas, all intended to improve the overall livability and functionality of the city for its residents and visitors.43
• Potential Positive Impacts on the Real Estate Market: By improving the city's infrastructure and enhancing its public spaces, the project is expected to increase the overall attractiveness of Anuradhapura as a place to live, work, and visit.44 This increased appeal could lead to a rise in demand for both residential and commercial properties within the city. Furthermore, with Anuradhapura being a major religious and tourist destination, any improvements in its urban environment are likely to stimulate the development of tourism-related infrastructure, including hotels, guesthouses, and other commercial establishments, thereby boosting the local real estate market.43
• Likelihood of Implementation and Timeline: The Anuradhapura Integrated Urban Development Project features a mix of ongoing and to-be-awarded sub-projects, indicating continued momentum.43 Ongoing projects include the development of a Railway Plaza and the redevelopment of the Lion Pillar Roundabout, among others. Projects slated to be awarded include improvements to canals and the development of multimodal transport centers. While the project has been underway, specific timelines for the completion of all sub-projects would require further detailed information.

1. Strategic Cities Development Project (Kandy Urban Upgrading)

• Detailed Description: As part of the broader Strategic Cities Development Project, a significant focus is placed on urban upgrading interventions in Kandy, a UNESCO World Heritage city renowned for its cultural and historical significance.45 The project aims to stimulate the transformation of Kandy's built environment through improvements to the existing drainage system, enhancing walkability around the lake, upgrading public parks like Tomlin Park, and improving infrastructure to better serve both residents and pilgrims.50
• Potential Positive Impacts on the Real Estate Market: The urban upgrading initiatives in Kandy are expected to enhance the city's appeal as a desirable place to live and a compelling destination for tourists.51 Improvements to infrastructure and public spaces are likely to drive up demand for residential properties, particularly those offering modern amenities while respecting the city's heritage. Furthermore, the focus on enhancing facilities for pilgrims and tourists could stimulate investment in the hospitality sector, including boutique hotels and guesthouses that cater to the unique cultural and historical context of Kandy.53
• Likelihood of Implementation and Timeline: The Strategic Cities Development Project, including the Kandy component, commenced in May 2014 and was initially scheduled for completion by December 2019, but the timeline has been extended to December 31, 2021.48 Several urban upgrading interventions in Kandy have already been completed, such as the rehabilitation of the drainage system and improvements to the lakeside walkability.50 Ongoing projects include further improvements to Tomlin Park and the Municipal Car Park Rooftop, indicating continued progress in enhancing the city's urban environment.

1. Strategic Cities Development Project (Galle Urban Development)

• Detailed Description: Similar to the interventions in Kandy and Jaffna, the Strategic Cities Development Project includes a focus on urban development in Galle, another city with rich historical significance and a UNESCO World Heritage-listed fort.45 The project encompasses a range of initiatives aimed at improving urban services and enhancing public urban spaces within Galle and its surrounding areas, including Hikkaduwa and Weligama.47 Key interventions include the rehabilitation of canals like Moragoda Ela and Moda Ela, improvements to roads, and the restoration of the Galle Fort rampart.50 Additionally, there are plans for a significant land reclamation project within the Bay of Galle to facilitate further infrastructure and real estate developments.55
• Potential Positive Impacts on the Real Estate Market: The ongoing restoration and improvement of the Galle Fort, a major tourist attraction, are expected to significantly enhance the city's appeal to both domestic and international visitors, driving demand for hospitality properties such as hotels and guesthouses.56 The proposed land reclamation project, similar in concept to Colombo Port City, has the potential to create new waterfront real estate opportunities, including residential and commercial developments with prime coastal access.55 Overall, these urban development initiatives are anticipated to boost property values and attract further investment into Galle's real estate market.
• Likelihood of Implementation and Timeline: The Strategic Cities Development Project commenced in May 2014 and has seen several phases of completion and ongoing work, with the overall project extended until December 2021.48 The land reclamation project in the Bay of Galle has received the green light, with the Environmental Impact Assessment (EIA) approved in December 2024.56 This approval paves the way for the construction of offshore breakwaters and a modern cruise terminal, indicating a strong likelihood of this major development moving forward.

Factors Driving the Likelihood of Project Implementation:

The potential for these top 10 proposed urban development projects to positively impact Sri Lanka's real estate market is significantly influenced by several key factors:

• Role of Government Policies and Support: The government of Sri Lanka has actively promoted economic liberalization and is keen on attracting foreign direct investment across various sectors.7 The Board of Investment (BOI) serves as the primary government authority responsible for facilitating both foreign and domestic investment by offering project incentives, streamlining approval processes, and assisting with necessary services.1 The Urban Development Authority (UDA) plays a crucial role in planning and implementing urban development projects throughout the country and is increasingly looking towards Public-Private Partnerships (PPPs) to leverage private sector expertise and capital.34 These government bodies and policies create a supportive framework for the initiation and progression of large-scale urban development projects. However, it is important to note that Sri Lanka's foreign investment policies have been described as inconsistent, with frequent changes potentially causing uncertainty for investors.2
• Attraction of Foreign Investment: A significant portion of the funding and expertise required for Sri Lanka's ambitious urban development projects comes from foreign investment, particularly from key partners such as China and Japan.11 The Colombo Port City project, with a committed investment of USD 1.4 billion for initial infrastructure, stands as a prime example of FDI-led development.12 Japan has also been a long-standing supporter of Sri Lanka's infrastructure development, including the now-stalled LRT project, for which revival efforts are underway.19 Sri Lanka's strategic location in the Indian Ocean, its potential as a regional trade and logistics hub, and its growing middle class make it an attractive destination for investors seeking to capitalize on South Asia's economic growth.6
• Economic Stability and Growth: Sri Lanka's economy has faced considerable headwinds in recent years, including a severe balance of payments crisis and unsustainable debt levels.1 The country has been engaged in negotiations with the International Monetary Fund (IMF) and other partners to secure financial assistance and restructure its debt.1 While the economic outlook remains somewhat sluggish, there are positive signs of recovery, with growth restored by the beginning of 2023.66 The government has implemented sweeping financial reforms and is focused on attracting foreign investment as a key strategy for economic revival.2 Achieving sustained economic stability and managing currency exchange rate risks 67 will be crucial for maintaining investor confidence and ensuring the long-term viability of these development projects.
• Infrastructure Development Plans: The proposed urban development projects are often interconnected with broader national infrastructure development plans, particularly in the transportation and utilities sectors.27 For instance, the Colombo LRT system, if revived, would be a key component of the Western Region Megapolis transport plan.18 Similarly, the development of logistics parks like the one in Ekala aligns with Sri Lanka's goal of becoming a regional trade and supply chain hub.40 These integrated plans help to maximize the overall impact of individual projects on the country's economic growth and connectivity.15

Overall Impact and Future Outlook for Sri Lanka's Real Estate Market:

The successful implementation of the top 10 proposed urban development projects outlined in this report is anticipated to have a transformative and largely positive impact on Sri Lanka's real estate market. These projects are expected to collectively drive significant increases in property values across various segments, from high-end residential and commercial spaces in Colombo to tourism-related properties in heritage cities and industrial land in emerging logistics hubs. The improved infrastructure and enhanced urban environments resulting from these developments will likely lead to heightened demand for real estate, attracting both domestic and international buyers and investors.

The growth and expansion of Colombo as a major commercial and financial center, particularly with the ongoing development of Port City and the revitalization of the Beira Lake waterfront, will create new prime real estate opportunities. Suburban areas benefiting from improved connectivity, such as Kottawa with the Makumbura MMC and regions along the potential LRT lines, are also poised for significant real estate market expansion. Furthermore, the strategic focus on developing tourism infrastructure in cities like Galle and Nuwara Eliya could establish these locations as key destinations for real estate investment in the hospitality sector.

Looking ahead, the future of Sri Lanka's real estate market appears promising, contingent on the sustained progress and successful completion of these proposed urban development projects. While economic challenges and implementation risks remain factors to consider, the government's proactive approach to attracting foreign investment and the strategic importance of these projects for the country's overall development suggest a positive trajectory. The real estate sector is likely to witness increased dynamism, with the emergence of new urban centers and a broader range of investment options becoming available to stakeholders.

Strategic Recommendations for Real Estate Investors and Developers:

• For Investors: Given the potential for significant growth and appreciation in value, investors should closely monitor the progress of these top 10 urban development projects. Early investment in properties located within or near these project zones could yield substantial returns over the medium to long term. The high-end residential and commercial segments in Colombo, particularly in areas adjacent to Port City and the Beira Lake development, present attractive opportunities for those seeking premium investments. Furthermore, the tourism sector in Galle and Nuwara Eliya, bolstered by urban upgrades, warrants consideration for investments in hotels, resorts, and related infrastructure. It is crucial for investors to conduct thorough due diligence on the specific timelines, funding status, and potential risks associated with each project before committing capital.
• For Developers: Real estate developers should strategically align their projects with the anticipated growth and demand spurred by these urban development initiatives. There is likely to be a strong need for high-quality residential properties catering to the growing urban population and the influx of foreign professionals, particularly in areas with enhanced connectivity due to transportation projects. The development of modern commercial and office spaces in Colombo's emerging business districts and around transport hubs will also be critical. Developers should also explore opportunities in the hospitality and leisure sectors in cities with a strong tourism focus. Embracing sustainable building practices and incorporating modern amenities will be key to attracting discerning buyers and tenants in these evolving urban landscapes.

Conclusion:

The top 10 proposed urban development projects in Sri Lanka represent a pivotal moment for the nation's urban evolution and offer a compelling outlook for its real estate market. These ambitious initiatives, spanning various sectors and regions, are poised to modernize Sri Lankan cities, enhance their economic competitiveness, and improve the quality of life for their inhabitants. While the successful implementation of these projects will require sustained commitment, effective management of economic factors, and continued attraction of investment, their potential to transform Sri Lanka's real estate sector is undeniable. By strategically engaging with these developments, investors and developers can position themselves to capitalize on the significant growth and opportunities that lie ahead in this dynamic market.

Key Tables:

1. Top 10 Proposed Urban Development Projects in Sri Lanka

1. Potential Real Estate Investment Opportunities Arising from Urban Development Projects

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