Business
Blue Ocean Group urges govt to encourage foreign investment in residential real estate
By Sanath Nanayakkare
S. Thumilan, Group CEO/Chairman of Blue Ocean Group of Companies made the following remarks at a recent event held in Colombo to celebrate the 13th anniversary of the group of companies.
“Blue Ocean Group has showcased remarkable resilience by upholding core values of quality, integrity, and customer satisfaction. Amid economic challenges that forced many businesses to close or relocate, Blue Ocean Group not only persevered but also thrived. It is now expanding into new cities with several apartment projects.”
“The group’s strategy centers on achieving both differentiation and cost leadership, drawing inspiration from the Blue Ocean Strategy. This approach highlights value innovation by merging differentiation with cost efficiency, a deep understanding of market dynamics, and a steadfast commitment to ethics and transparency. These principles form the foundation of Blue Ocean Group’s dedication to ethical business practices and innovation.”
Thumilan, expressed pride in Blue Ocean Group’s contribution to Sri Lanka’s business landscape, stating, ‘We have firmly established ourselves in the country’s developmental history, transforming the corporate and real estate sectors. Our organic growth mirrors effective solutions to global challenges, contributing positively to the global development agenda.’
“The group has stayed resilient despite the multiple challenges due to our strategy centers on achieving both differentiation and cost leadership, drawing inspiration from the Blue Ocean Strategy. This approach highlights value innovation by merging differentiation with cost efficiency, a deep understanding of market dynamics, and a steadfast commitment to ethics and transparency. These principles form the foundation of Blue Ocean Group’s dedication to ethical business practices, innovation and regional diversifications of our projects.”
“Blue Ocean has successfully completed over 20 condominium projects up to now and 95% of them have handed over the final title deeds to the residents while others are in the process of issuing the deeds where the occupation is given to the owners. Now, the group has 10 ongoing projects which are being carried out meticulously to ensure their smooth conclusion like our previous projects.”
“Some foreign investors who invested in real estate and construction projects in Sri Lanka have stopped their projects, but Blue Ocean has steadfastly carried on ahead with their projects and have earned the trust despite the challenges created due to many reasons beyond our control such as in 2018 the civil riots & constitutional issues, in 2019 the Easter attack tragedy, in 2020 the COVID 19 global pandemic, 2021 onwards the bankruptcy declared by the CBSL and prevailing economic crisis”
“Apartments in Sri Lanka are more expensive than the apartments in India, Bangladesh, Thailand, Malaysia and Singapore. This is not the fault of the developers. The prices are high because of multiple taxes and unpredictable cost incurred. If the policymakers introduce more global practices when developers sell apartments to foreigners, the construction industry can bring more foreign currencies mainly the US dollars to the country in terms of remittances than foreign migrant workers and faster than Tourism. The foreign investors are not confident about buying apartments in Sri Lanka due to inconsistent tax policy as well as uncompetitive prices.”
“A lot of construction companies have had a bad hit due to subdued growth in the sector, and therefore, they are not recruiting new workforce, but Blue Ocean is making new recruitments under our Blue Ocean strategy which optimizes cost efficiency leadership in the industry and our diversification into the provinces. Those key elements of our strategy have enabled us thus far to weather the turbulent times of the industry and stay afloat without running into operational slowdowns. Our group has demonstrated its ability to manage the challenges and stay financially stable and operationally strong as a leading firm in the industry. We were able to identify the opportunities among the multiple challenges and make the best out of them. That is how even the country became bankrupt, we were able to survive.”
“As rules and regulations are too strict, the sale of apartments in Colombo has come to a halt. Sri Lanka needs to have more relaxed rules and regulations when it comes to the sale of apartments to foreign investors. It is a channel of bringing foreign direct investments to the country and we should take note of that fact more seriously. Of course, we understand that there needs to be a framework that adheres to global practices when foreign investors buy apartments in Sri Lanka. I think that the policymakers should weigh the benefits that foreigners get when buying apartments in other countries and implement a system to attract foreign buyers to buy our apartments. When they buy an apartment, they can only enjoy living in it. They can’t take it away. So, a robust framework needs to be in place to effectively deal with conflicting interests and sell our apartments to foreign investors and strengthen our foreign currency inflows. If we tap our apartment market with the potential foreign investors with the right policy shift, we won’t need the extended fund facility from the IMF to stabilize our economy,” Thumilan said.
Business
Ceylon Chamber Re-elects Chairperson Krishan Balendra at 187th AGM
The Ceylon Chamber of Commerce announced the re-election of Chairperson Krishan Balendra and the election of its Board for the Year 2026/27 at the Chamber’s 187 th Annual General Meeting on June 25. High Commissioner of Britain to Sri Lanka, Andrew Patrick, attended as Chief Guest.
The 2026/27 office-bearers are Chairperson Krishan Balendra, – Chairperson John Keells Holdings PLC, Vice Chairperson Bingumal Thewarathanthri – CEO, Standard Chartered Bank Sri Lanka, and Deputy Vice-Chairperson Vinod Hirdaramani – Chairman, Hirdaramani Group.
Jayanthi Dharmasena – Managing Director, Hayleys Agriculture Holdings Ltd., Kasturi Chellaraja Wilson – Chief Operating Officer, Head of APAC – 5Hour International Corporation Singapore, Shibani Thambiayah – Managing Director, Renuka Hotels PLC,Supun Weerasinghe – Director/Group CEO – Dialog Axiata PLC, and Shiran Fernando – Secretary-General and CEO will serve as Board Members. Rohana Dissanayake – Group Chairman and Managing Director of David Pieris Motor Company Pvt. Ltd. will also join the Board, replacing Bernhard Stefan – Managing Director – Nestlé Lanka PLC, who relocated overseas.
In his remarks, Balendra noted that over the past year, the Chamber adopted a more solutions-oriented approach to advocacy, focusing not only on identifying challenges but also on developing constructive recommendations in collaboration with government, industry stakeholders, and development partners, with this approach yielding stronger results. “Through our engagement in the Budget 2026 process, eighteen recommendations proposed by the Chamber were incorporated into the national budget, covering areas such as trade facilitation, investment promotion, digitalisation, infrastructure, and improving the ease of doing business.
This builds upon the strong momentum established in previous years and demonstrates the value of evidence-based, constructive engagement.
The Chamber also contributed to addressing emerging global trade challenges, including tariff-related issues affecting Sri Lankan exports. By representing private sector perspectives in Presidential Committees, we supported efforts to safeguard export competitiveness and strengthen trade resilience.”
Beyond advocacy, it significantly expanded its engagement footprint, strengthening bilateral partnerships across more than twenty countries, and supporting more than 1,800 SMEs through training, advisory services, and market access initiatives.
He added that over the next year, the Ceylon Chamber is committed to deepening engagement with members, strengthening global partnerships, enhancing support for SMEs, and accelerating efforts to promote exports and attract investment, and is committed to working with the Government and stakeholders to ensure a resilient and prosperous Sri Lanka.
Business
Kandy’s singing couple striking a harmonious chord
In the hill capital of Kandy, a husband-and-wife duo has won the admiration of music lovers with their shared passion for singing and their dedication to the art.
Vijitha Kingsley Bandara and Umesha Kalhari Navaratne have become familiar voices among audiences in Kandy, entertaining crowds with their musical talents while building a reputation as a versatile singing couple.
Kingsley began his musical journey at the age of 17, performing at outdoor musical shows before gaining opportunities to showcase his talent at several hotels in the Kandy area. His performances for local and foreign tourists further enhanced his reputation as a singer. He later took his musical talents overseas, entertaining audiences in several countries.
For the past 12 years, Kingsley has been engaged in singing at establishments operated by the Devon Group and The Grand Kandyan Hotel in Kandy, following an opportunity extended by Group Chairman Gamini Weeraratne.
Supporting him both in life and music, Umesha has also established herself as a singer, performing at Devon establishments. She also runs a home-based cake-making venture.
The couple, who continue to receive appreciation from music enthusiasts, said they are ready to accept invitations to perform at musical events across the country. They can be contacted on 071-1519130.
Text and Pic by SK Samaranayake
Business
ComBank unveils GIG+ for Lanka’s digital workforce
Recognising the rapid emergence of the gig economy in Sri Lanka, the Commercial Bank of Ceylon has introduced ‘ComBank GIG+’ – a specialised banking solution designed for freelancers, digital entrepreneurs, social media influencers, and individuals and businesses earning in foreign currency through overseas engagements to receive their foreign earnings, including PayPal-linked withdrawals, through a structured banking account.
ComBank GIG+ reflects a decisive shift in the country’s employment landscape, where a growing number of professionals are leveraging global digital platforms and remote work opportunities to build independent income streams. From freelance service providers operating on platforms such as Fiverr, Upwork and Freelancer.com, to content creators monetising audiences across YouTube, TikTok, Meta and X, this segment represents a dynamic and increasingly influential contributor to foreign exchange inflows.
ComBank GIG+ is tailored to meet the specific needs of these digital earners, offering account options in Sri Lanka Rupees as well as major foreign currencies including USD, EUR, GBP and AUD. The account is available to Sri Lankan citizens aged 18 and above residing in the country, as well as duly registered business entities, subject to verification of foreign currency income derived through recognised digital and remote work channels.
Commenting on the introduction of ComBank GIG+, Hasrath Munasinghe, Chief Operating Officer of Commercial Bank said: “The rise of independent digital earners represents a structural shift in how value is created and exported from Sri Lanka. With ComBank GIG+, we are establishing a banking framework that not only recognises this segment, but also integrates it more meaningfully into the formal financial system. This enables individuals and businesses operating beyond traditional employment models to build a verifiable financial track record, access formal financial services, scale their operations, and contribute more visibly to the country’s economic growth.”
The launch of ComBank GIG+ is particularly timely following Sri Lanka’s recent enablement of PayPal linked withdrawals, which has simplified the process of bringing overseas digital earnings into the country.
In addition to facilitating PayPal-linked withdrawals and foreign currency inflows, the Bank said the ComBank GIG+ account offers a range of value-added benefits including first-year fee waivers on credit cards and digital banking services, preferential foreign exchange rates for qualifying conversions into Sri Lanka Rupees, and the opportunity to establish a structured banking relationship that may support future access to financing and other financial solutions. These features are designed to enhance financial efficiency while supporting the day-to-day banking needs of digitally active customers.
By aligning its product innovation with evolving global work patterns, Commercial Bank continues to strengthen its position as a forward-looking, technology-driven institution. The introduction of ComBank GIG+ underscores the Bank’s commitment to supporting new economic segments, enhancing financial inclusion, and enabling Sri Lankan talent to participate more effectively in the global digital economy.
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