Sri Lanka’s most ambitious urban development initiative has achieved a significant milestone with the commencement of construction on the first residential project within Port City Colombo. This development marks the transition of the country’s flagship Special Economic Zone (SEZ) from regulatory preparation to active private-sector delivery.
The project, known as Bay One Residences Colombo, is being developed by ICC Port City (Private) Limited, a subsidiary of International Construction Consortium (Private) Ltd. (ICC). ICC is recognized for its extensive experience and success in delivering complex, large-scale projects to international standards. This development is among the earliest substantial private-sector residential investments within Port City Colombo and serves as a cornerstone in establishing the city’s mixed-use urban ecosystem.
“Developed on 269 hectares of reclaimed land, Port City Colombo is now evolving into a modern urban destination, with its first phase of infrastructure successfully completed. Bay One Residences represents a rare first-mover opportunity, designed to enable residents to live, work, and relax in an integrated environment, and is backed by ICC’s 45 years of trusted expertise in delivering landmark, large-scale developments,” stated Mr. Namal Peiris, Managing Director/Chief Executive Officer of International Construction Consortium (Pvt) Ltd.
Located on a 13,945 square meter prime waterfront plot, Bay One Residences Colombo represents a total investment of approximately USD 112 million, including land and development costs. The project will feature 231 luxury apartment units, designed to international standards, aimed at both local and international buyers seeking premium urban living in a globally benchmarked city environment.
The initiation of this residential development is a crucial step in the broader transformation of Port City Colombo. The city has been purpose-built as a multi-services SEZ, featuring a transparent, rules-based regulatory framework and world-class infrastructure, with a long-term vision to position Sri Lanka as a competitive destination for global capital, talent, and services.
“The start of the first residential development at Port City Colombo marks a pivotal moment for the project. After years of planning and regulatory groundwork, this is when the city begins to take physical shape, where private-sector confidence translates into real, on-the-ground execution,” remarked Mr. Xiong Hongfeng, Managing Director of CHEC Port City Colombo (Pvt) Ltd.
The groundbreaking ceremony was attended by senior national leaders, institutional stakeholders, and industry leaders, highlighting the strategic importance of this milestone in Sri Lanka’s broader urban development and investment landscape.
The event was honored by Chief Guest Dr. Sulakshana Jayawardena, Director General of the Corporate Affairs Division, Ministry of Finance, Planning and Economic Development. The Guest of Honour was Mr. Harsha Amarasekara PC, Chairman of the Colombo Port City Economic Commission. Also present were Mr. Xiong Hongfeng of CHEC Port City Colombo (Pvt) Ltd., along with the Chairman, Vice Chairman, Managing Director, and senior management team of International Construction Consortium (Private) Ltd.
The commencement of construction by ICC Port City (Private) Limited signifies growing private-sector confidence in Port City Colombo and marks the progress of the SEZ from planning to active, on-the-ground delivery, as the city transitions from vision to investable reality.
For more information about investment opportunities at Port City Colombo, please visit www.portcitycolombo.lk. For details on Single Window Investment Facilitation and regulatory matters, please visit www.portcitycolombo.gov.lk.
