Port City Colombo Enters Active Development With First Residential Project

Construction has officially commenced on the first residential development within Port City Colombo, marking a major execution milestone for Sri Lanka’s flagship Special Economic Zone and signaling its transition from regulatory readiness to active private-sector development.

The project, Bay One Residences Colombo, is being developed by ICC Port City (Private) Limited, an entity established by International Construction Consortium (Private) Ltd. (ICC). The development represents one of the earliest major Sri Lankan private-sector residential investments within Port City Colombo and is expected to play a key role in activating the city’s mixed-use urban environment.

Port City Colombo spans 269 hectares of reclaimed land, with its first phase of infrastructure now completed. Bay One Residences is positioned as a first-mover residential offering designed to support integrated urban living, enabling residents to live, work, and relax within a single ecosystem, backed by ICC’s 45 years of experience in delivering large-scale developments to international standards.

Located on a 13,945 square metre prime waterfront site, the project represents a total investment of approximately US$112 million, including land and development costs. It will feature 231 luxury apartment units designed to international benchmarks, targeting both local and international buyers seeking premium urban living.

The project milestone also marks an important phase in the evolution of Port City Colombo as a purpose-built multi-services SEZ, supported by a transparent regulatory framework, world-class infrastructure, and a long-term vision to attract global investment, talent, and services.

The groundbreaking ceremony was attended by senior government officials, institutional stakeholders, and industry leaders, highlighting the strategic importance of the development within Sri Lanka’s urban growth and investment landscape.

Officials noted that the commencement of construction reflects growing private-sector confidence in Port City Colombo and underscores the steady progression of the SEZ from planning to on-the-ground delivery, as the city moves closer to becoming an investable urban destination.