Sri Lanka’s real estate a new segment of export economy: developer

Oct 12, 2015 (LBO) – Sri Lanka’s ongoing real estate developments can be used to attract investors to the island as a new segment of our export economy, a developer said.

“The scale and quality of some of the on-going building projects in Colombo justify looking at property development as a new segment of our export economy, as they have the potential to attract investors from many countries,” Pradeep Moraes, director of Indocean Developers said.

“While each project will compete in the market for buyers, there is a strong case for the leading property developers to work together to position and market the sector overseas,” he said.

He made these comments when Sri Lankan property developers ventured into the Chinese market showcased at the recently concluded Beijing International Property Show.

“Sri Lanka is poised for tremendous growth, and the new property developments in Sri Lanka will set the stage to take the country to the next level,” Roshanie Jayasundera Moraes, chief marketing officer, property group of John Keells Land said.

“Chinese overseas property investments over the last few years have grown astronomically and Sri Lanka are perfectly positioned along the silk route and will be a strategic hub in Asia,’ she said.

However, Sri Lankan property developments are still not on the radar among many foreign investors. Therefore the industry as a whole will need to work hard on promoting Sri Lanka as an attractive investment destination, she added.

Indocean Developers, the promoter of ‘Altair’ the iconic twin tower high rise and Waterfront Properties, a member of the John Keells Group developer of ‘Cinnamon Life’ represented the sector at this show.

The show had attracted exhibitors from countries such as the USA, Canada, Australia, New Zealand, the UK, Spain, Portugal, Germany, Italy, Netherlands, Greece, Korea, Japan, Singapore, Malaysia, Thailand, UAE, Cyprus, Latvia and Bulgaria, all of them seeking buyers from China.