Sri Lanka is racing to expand its economy and the latest indicators showed the island nation is on the road to victory. Thanks to the numerous projects instigated by private developers and the ongoing infrastructure initiatives on the part of the national government, the Sri Lankan economy can now be classified under the boom status.
One thing is apparent – that the South Asian nation’s decision to adopt a build environment appears to be paying off. For one, Colombo’s underway efforts to upgrade the country’s existing infrastructures seem to serve as an effective catalyst to fire up the economy.
“Infrastructure projects are changing the face of the island,” Property Report said on its latest coverage on Sri Lanka’s emerging economy.
Investors are taking notice, the report stated, also pointing out that the country’s string of ambitious infrastructure undertakings – like the Western Province Megapolis that will become operational by 2030 and the extension works on the Bandaranayake International Airport – all the more serve to boost investors’ confidence.
The immediate result is a property market that only gets more exciting and busier by the day, spurred in large part by the ready involvement of the private sector.
New Landscape Shaping Up
In the same story by Property Report, it was underscored that as proof of Sri Lanka’s economic expansion, one only needs to marvel at the country’s fast-changing landscape. In Colombo, for instance, four new skyscrapers will soon rise and they will be solid testaments on how far the country has come.
One of the structures, dubbed as The One, when completed is touted to tower over other buildings found in South Asia. The building complex is envisioned to benefit from modern functionalities and smart features such as the use of biometric access systems to secure the residents.
But the real jewel of the epic property developments in Sri Lanka is the Port City Colombo that mainly will be funded by China. The reclamation project is estimated to cost $15 billion at the onset and will serve as a 296-hectare extension of the capital.
Not only is the Port City seen to further strengthen the local economy it is also designed to easily connect Sri Lanka with Asian and European businesses. In other words, the prospect of economic growth will be heightened once the Port City becomes a reality.
This early, Sri Lanka seems to be headed on the right direction, indicating that the country will soon achieve its aspirations. Per the same report, poverty is gradually being wiped out and has been improving significantly. From the 23 percent seen in 2013, poverty incidence dipped to 4.1 percent in 2016, and as of the end of 2017 the GDP per capita was set at $4065.
All signs are saying Sri Lanka is slowly but surely realising its huge potentials and when the country’s wealth begins trickling down to the general population, it is projected that the property sectors will be among the biggest gainers, benefitting from the ensuing rash of asset ownership.