SL’s potential can grow tremendously due to strategic location
Sri Lanka is expected to be the growth area in South Asia owing to its strategic location, its skilled workforce and ease of doing business in the country when compared to its closest neighbours.
The Sri Lankan Government has been looking at relaxing its fiscal policy and reducing taxes to encourage more foreign investment to the country said Dr. Nirmal De Silva, Director and CEO, Paramount Realty, during a webinar regarding the property awards to be held in Colombo in December.
Jules Kay, Managing Director Property Guru Asia property said that companies in Sri Lanka will be given an opportunity to compete with partners in the region like Singapore, Thailand, Indonesia, Malaysia, Vietnam and China and other countries for the property awards where around half a million viewers from China to Australia are expected to view this event. This event will bring together top developers and showcase projects for future development and design in the region. The property awards is viewed as a gold standard for real estate for countries in the region. In 2019 the best award for properties was awarded to Colombo, he said.
Dinuk Hettiarachchi, Managing Partner NH and Company and CEO, Director RNH Group of companies, said that NH is part of HLB that operates in 159 countries. HLB is the official supervisor of Property Guru Asia “Our job is to ensure transparency and fair play without any bias to other competitors at the awards,” he said.
Roshan Madawela, Founding Director and CEO Real Estate Intelligence Unit Sri Lanka, said that the economy of the country was affected due to sovereign debt. However the economy is poised to grow by 5.5 percent this year.
The government’s decision to slash interest rates is a shot in the arm for property developers. Meanwhile the Port City project is expected to bring much needed FDI to the country. Mega Kularatne, Chairman/Managing Director Maga Engineering said that there is 2.5 million square feet for office space in Sri Lanka which is expected to increase exponentially in the future. The Port City will create a paradigm shift in the construction industry within the next 10-15 years. This project will create a substantial office space in the country.