Sri Lanka’s largest condominium developer – Blue Ocean Group of Companies on Thursday (February 2) unveiled its twenty first and newest flagship project – Blue Ocean at Layards Road, Colombo 04 heralding in a new era to Sri Lanka’s vibrant construction industry.
The prestigious Blue Ocean Group broke new ground in the heart of the city in Bambalapitiya in a bid to add a 14 storey luxury condominium complex complete with 50 well-appointed apartments at 15A, Layards Road, into its extensive portfolio of iconic real estate development projects in support of the government’s drive towards transforming the city into the investment nerve-center and economic hub of South Asia.
The gala foundation stone laying ceremony was held with the patronage of Minister of Finance, Hon. Ravi Karunanayake, Minister of Plantation Industries, Hon. Naveen Dissanayake and Former Minister Athauda Seneviratne.
Welcoming the distinguished guests, Chairman of Blue Ocean Group S Thumilan, pointed out that Sri Lanka was perfectly poised upon the threshold of an exciting era.
“Overall, optimism reigns high in Sri Lanka in particular and in Asia Pacific in general, with capital inflows into our economy expected to increase during 2017, providing a much-needed boost to the country’s burgeoning property industry.”
“The Government has mooted so many positive and encouraging changes that would undoubtedly boost the property, construction and infrastructure sectors of the country creating a trickling down effect on all segments of the economy. Finance Minister in his 2017 Budget Speech has reemphasized the huge potential for the construction and property industry anticipating it to grow into a fully-fledged Rs. 6,500 billion or nearly US$ 43.3 billion high-value sector in the next five years. So this is indeed an immensely exciting era not only for us industrialists but all Sri Lankans,” said a confident Thumilan.
“It is pertinent to note that the burgeoning condominium industry has been identified as a sector with significant potential for foreign investment. We laud policy reforms initiated by Finance Minister and the government, to further incentivize such foreign investments, by announcing to issue temporary resident visas for foreigners who invest US$ 300,000 or more, encouraging foreign investors with freehold right to purchase condos from the ground floor. All these farsighted policy reforms will indeed ensure more foreign exchange inflows into the economy during 2017 and beyond,” he explained.
Blue Ocean Group possesses a wealth of local and global experience as the Group has already completed numerous innovative international and local projects. More information could be obtained from www.blueocean.lk.
“15A, Layards Road Project therefore indicates our natural progression stemming from these successes. It is one of the landmarks in the real estate development and construction projects that we have undertaken in Colombo and the suburbs including in Colombo 3, 4, 5, 6, 7. 8 Mount Lavinia and Nugegoda. With Blue Ocean Group's involvement in engineering, trading, education and consultancy, expansion of the Group to key markets in the Asia Pacific, Europe, the Middle East and East Asia has already begun.”
Speaking to Chairman, an increasing number of purchases are through repeat customers or referrals channeled through existing customers. “There seems to be a growing perception in the market that Blue Ocean Condominiums offer a distinctive value proposition over time.”
Using renowned European and Sri Lanka architects to ensure compliance to international standards, he alluded to the fact that Blue Ocean Group's success is in the multiplicity of competencies, experience and knowledge within its team, a highly professional collation of chartered architects, chartered accountants, chartered engineers and industry professionals.”