John Keells unveils major residential project as Colombo housing demand picks up

Krishan Balendra

Nayana Mawilmada

Nadeem Shums

• Launches 60-storey Vauxhall DSTRCT with 100 apartments sold on opening day

By Shabiya Ali Ahlam

John Keells Properties yesterday unveiled a 60-storey residential development, Vauxhall DSTRCT, in central Colombo, marking the group’s first major real estate launch since Sri Lanka’s economic crisis, with more than 100 apartments sold on the opening day amid signs of renewed demand for city-centre housing.

The project will rise along Vauxhall Street in Colombo 02, occupying one of the city’s most connected urban corridors with views across Colombo’s skyline and the Beira Lake. 

The development is positioned within close proximity to key commercial districts, schools, supermarkets, lifestyle hubs and major transport routes, targeting professionals, families and property investors seeking centrally located residences.

John Keells Holdings Chairman Krishan Balendra shared the decision to launch a project of this scale reflected growing confidence in Sri Lanka’s economic recovery and the long-term resilience of the residential property market.

“We are launching the Vauxhall DSTRCT as the first major property development undertaken since the economic crisis. It is a large project and some may be surprised that we are launching something of this scale so soon after the crisis,” Balendra said at the official unveiling of the project.

“But it comes from confidence that Sri Lanka has stabilised and is now on a path of recovery and growth. We also believe demand for residential units will continue to grow going forward,” he added.
Balendra noted that previous developments by the group had achieved strong sales despite challenging macroeconomic conditions.

“Even through some of the most difficult periods, including during the conflict and the recent economic crisis, we have completed all our projects and most of them have sold out. Stakeholders can therefore have confidence that developments we start will be completed to the quality promised,” he said.

The Vauxhall DSTRCT project will comprise a mix of one-, two-, three- and four-bedroom apartments supported by a range of lifestyle amenities designed for contemporary urban living. The development will incorporate shared recreational spaces, wellness facilities and community areas, alongside secure parking and integrated residential services aimed at enhancing convenience for residents.

John Keells Holdings President of Property and Leisure Nayana Mawilmada said the project was shaped by evolving living patterns in Colombo and growing demand for apartment living within the city centre.

“Colombo is undergoing a significant shift in how people live, with apartment living continuing to gain momentum as the city evolves,” Mawilmada said.

According to him, there is a pent-up demand for housing in the core of the city, particularly as the rental market has begun to surge again after a period of stagnation.

He noted that recent performance of the company’s projects reflected strong rental demand and capital appreciation for centrally located residential developments.

The project will also build on the smart-technology concept first introduced at TRIZEN Colombo, with the new development expected to feature the next generation of connected apartment systems designed to integrate digital controls and enhanced energy efficiency and security.

Over the past two decades, John Keells Properties has played a major role in shaping Colombo’s modern residential landscape with developments including OnThree20, 7th Sense Residences and the residential component of Cinnamon Life at City of Dreams Sri Lanka.

The launch of Vauxhall DSTRCT adds to a pipeline of large-scale urban developments by the group and signals renewed developer confidence in Colombo’s property market as macroeconomic stability gradually returns.

 Pix by Kithsiri de Mel