Access Engineering recapitalises harbour village with Rs. 8.5bn ahead of Marina Square soft opening

By Nishel Fernando 

Access Engineering PLC has announced a substantial Rs. 8.5 billion capital infusion into its wholly-owned subsidiary, Harbour Village (Pvt) Ltd, to recapitalise the landmark Marina Square Uptown Colombo project.

​The investment is being executed through redeemable preference shares priced at Rs. 10.00 per share, with the first tranche of Rs. 4.82 billion having been invested on March 31, 2026.

Speaking to Mirror Business, Access Engineering Executive Vice Chairman Christopher Joshua noted that the recapitalisation was necessary given the massive scale of the mixed-development project, which was previously undercapitalised. 

The fresh capital aims to provide a robust funding base to support ongoing operational expenses of a recurrent nature.

​The capital injection comes as the sprawling development prepares for its soft opening, scheduled for the 10th of this month. Joshua revealed that the project has already achieved a solid 60 percent pre-sales rate across its 1,088 residential condominium units, and the handover process to buyers has officially commenced. He further highlighted that the company is currently experiencing a significant uptick in demand for the remaining residential spaces as the development nears completion. ​The imminent realization of the project marks a critical inflection point for Access Engineering’s balance sheet, transitioning the asset from a capital-intensive construction phase into a major revenue-generating engine. With handovers commencing, the group is positioned to unlock significant top-line growth starting from the current financial year. Furthermore, the strategic retention of the expansive 150,000-square-foot commercial and retail space will allow the group to build a robust portfolio of yielding investment properties. This pipeline of recurring rental income is expected to provide a high-margin revenue stream that acts as a strong buffer against the traditional cyclicality of the core civil engineering sector.

​The commercial area is carefully curated to enhance urban living and will consist of a food court, retail outlets, a supermarket, wellness services, and selected office spaces designed for the convenience of residents. According to Joshua, there is substantial demand from prominent brands eager to secure a footprint within the complex. Negotiations are currently ongoing with various retailers to curate a vibrant commercial ecosystem that will seamlessly complement the lifestyle offered by Marina Square. ​Strategically located at Srimath Ramanathan Mawatha in Colombo 15, Marina Square is positioned just minutes away from the Colombo Port City and the Port Access Elevated Highway.