Higher rental rates, occupancy levels lift Overseas Realty March performance

Chairperson  Dr. Ranee Jayamaha

Group CEO/Director Pravir Samarasinghe

​Overseas Realty (Ceylon) PLC, the iconic World Trade Centre landlord, reported robust top and bottom-line performances for the quarter ended in March 2026.
​The real estate company, with many landmark properties under its name, recorded revenues of Rs.3.29 billion for the January-March quarter, up by a robust 35 percent from the same period last year.
​The revenues were mainly driven by the property leasing segment of the business, as the rental properties, led by the World Trade Centre, fetched higher rental incomes.
​“The company revenue of Rs.780 million at the World Trade Centre, Colombo, was 11 percent higher than the corresponding quarter of last year, mainly due to the higher rental rates,” the company said in a statement.
​Its office space Mireka Tower generated revenues of Rs.1,027 million in the quarter, while its shopping complex Havelock City Mall earned revenues of Rs.585 million, logging a growth of 114 percent and 22 percent, respectively.
​The company noted that the sharp increase in revenue across the two properties stemmed from higher occupancy levels and improved rental rates.
​The group’s property trading segment reported revenues of Rs.556.16 million, slightly down from Rs.569.32 million in the year-earlier period.
​The revenue slippage was due to the limited number of units available for sale at its Havelock City residential project.
​The company is currently building its newest residential project Mireka Seascape, a beachfront property in Dodanduwa, Galle, which comprises 168 luxury apartments and villas.
​The company launched the project in June 2025 and the piling work commenced in the ongoing quarter.
​The company’s long-time Chief Executive Officer Pravir Samarasinghe said in a post-earnings statement to the media that the company continues to explore the opportunities in the real estate sector to foster sustainable growth and deliver long-term shareholder value.
​“With high occupancy levels across all investment properties, strong recurring revenue streams and a robust asset base, the company remains financially resilient,” he added, highlighting the firm’s financial heft to continuously undertake new projects.
​The company reported earnings of Rs.1.47 a share or Rs.1.83 billion for the January-March quarter, compared to 78 cents a share or Rs.973.54 million in the year-earlier period.
​Singapore-based property holding and investment company Shin Kwan Investment Company Limited holds a 38.43 percent stake in Overseas Realty (Ceylon) PLC, making it the firm’s largest shareholder.