With the completion of the USD 15 billion Port City; part of the Belt and Road Initiative (BRI), considered to be the new Silk Road, the metropolis is expected to vastly provide a knock-on increase in property value and rental yields in neighbouring areas, such as Colombo 1, 2 and 3. Particularly with tourists staying in apartments (16% rise between Q1, 2018 and Q2, 2018), as opposed to hotels (Lanka Property Web, 2019, Real Estate Trend Report).
Projects located around the Beira lakefront, such as Capitol TwinPeaks, a 50-storey interlocking twin-tower residential project, under the Sanken Group is expected to double within the next six years (KPMG, Paradise Island - Luxury Living in the Tropics, Luxury Real Estate Report 2018) with an additional increase in its rental yields due to the need for affordable, convenient, contemporary living close to the Port City.
The reclaimed land project aims to develop one of the most livable cities in South Asia, built on sustainable values, a healthy environment with future ready infrastructure to enhance living convenience, providing an exemplary city with quality commercial, entertainment, medical, education and lifestyle opportunities (CHEC Port City Colombo (Pvt) Ltd 2019). Soon to become home to a melting pot of cosmopolitan foreign, expatriate and local residents, The Port City is expected to create an immediate, as well as long-term impact on Sri Lanka’s (primarily Colombo) economy.
CHEC Port City Colombo (Pvt) Ltd through China Harbour Engineering Company (CHEC) is part of China Communications Construction Company Limited (CCCC), which has been involved in development work inSri Lanka since 1998, executing major construction projects, such as the Southern Highway, Outer Circular Highway, Hambantota Port, Mattala International Airport, and the Colombo South Container Terminal.