Monday Jan 26, 2026
Monday Jan 26, 2026
Monday, 26 January 2026 05:29 - - {{hitsCtrl.values.hits}}
Sri Lanka’s most ambitious urban development project reached a critical execution milestone, as construction officially commenced on the first residential development within Port City Colombo.
The milestone marks the transition of the country’s flagship Special Economic Zone (SEZ) from regulatory readiness to active private-sector delivery.
The project, Bay One Residences Colombo, is being developed by ICC Port City Ltd., an entity established by International Construction Consortium Ltd., (ICC), one of Sri Lanka’s most established and experienced construction companies with a long track record of delivering complex, large-scale developments to international standards. The development represents one of the earliest major Sri Lankan private-sector residential investments within Port City Colombo and plays a foundational role in activating the city’s mixed-use urban ecosystem.
ICC Managing Director/CEO Namal Peiris said: “Developed on 269 hectares of reclaimed land, Port City Colombo is now transitioning into a modern urban destination, with its first phase of infrastructure successfully completed. At the forefront of this evolution, Bay One Residences presents a rare first-mover opportunity, thoughtfully designed to enable residents to live, work, and unwind in a truly integrated environment, backed by ICC’s 45 years of trusted expertise in delivering landmark, large-scale developments.”
Situated on a 13,945-square-metre prime waterfront plot, Bay One Residences Colombo represents a total investment of approximately $ 112 million, inclusive of land and development costs. The development will comprise 231 luxury apartment units, designed to international standards and targeted at both local and international buyers seeking premium urban living within a globally benchmarked city environment.
The commencement of the first residential development also marks an important step in the broader evolution of Port City Colombo, which has been purpose-built as a multi-services SEZ with a transparent, rules-based regulatory framework, world-class infrastructure, and a long-term vision to position Sri Lanka as a competitive destination for global capital, talent, and services.
CHEC Port City Colombo Managing Director Xiong Hongfeng said: “The commencement 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 the moment the city begins to take physical shape, where private-sector confidence turns into real, on-the-ground execution.”
The groundbreaking ceremony was held in the presence of senior national leadership, institutional stakeholders, and industry leaders, reflecting the strategic importance of the milestone within Sri Lanka’s broader urban development and investment landscape.
The event was graced by Chief Guest Finance, Planning and Economic Development Ministry Director General – Corporate Affairs Division Dr. Sulakshana Jayawardena and Guest of Honour Colombo Port City Economic Commission Chairman Harsha Amarasekera, PC.
The commencement of construction by ICC Port City underscores growing private-sector confidence in Port City Colombo and marks the steady progression of the SEZ from planning to active, on-the-ground delivery, as the city moves from vision to investable reality.
