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ComBank to finance luxury apartment purchases at first mixed development project in Rajagiriya

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Kapila Liyanage, Assistant General Manager - Personal Banking at Commercial Bank exchanges the agreement with Xueyuan Deng, Director of Baili Investments in the presence of senior representatives of the two companies.

Enters into MoU with developer Baili Investments Lanka to support sales at 1000-unit high rise

In yet another demonstration of its understanding of customer requirements, the Commercial Bank of Ceylon has entered into a Memorandum of Understanding (MoU) with Baili Investments Lanka Private Ltd. to provide prospective buyers of condominium apartments at a mixed development project in Rajagiriya with access to flexible home loan facilities.

Under this agreement, the Bank will offer home loans to buyers through tripartite arrangements involving the Bank, the developer, and the buyer. Buyers will be able to obtain loans covering up to 75% of the purchase price of their apartments, making it significantly easier for them to own homes in this landmark development.

The project represents an investment of US$ 60 million by Baili Investments Lanka featuring six modern towers with 1,000 luxury apartment units, a shopping complex, cinema and premium lifestyle amenities. The project aims to enhance urban living and aligns with Sri Lanka’s Megapolis and Western Development vision. Construction commenced in May 2023 and the superstructure has already reached the sixth floor. Presales are currently underway, with the full project expected to be completed in September 2029.

Located in Rajagiriya, the development offers a unique blend of urban convenience and a tranquil, green environment, positioning it as one of the most desirable residential projects in Colombo’s suburbs.

Through this partnership, Commercial Bank aims to expand its housing loan portfolio by providing facilities at the lowest interest rates in the market, with repayment plans that include grace periods of up to five years, and structured and tailor-made payment plans. These concessions will enable customers to plan their financial commitments with greater flexibility and confidence. On top of these, the Bank will offer a free Decreasing Term Assurance Policy (DTAP) or a loan protection policy for first time home buyers, covering the life of the buyer to settle the Home Loan through the insurance policy, in case of an unforeseen eventuality.

The Bank said the agreement between Commercial Bank and Baili Investments Lanka not only opens the door for Sri Lankans to secure modern luxury homes but also underlines the Bank’s commitment to supporting quality real estate developments backed by reputed international investors.

Baili Investments Lanka is a BOI-registered Sri Lankan real estate developer backed by Hong Kong investor Mr Tristan Wu, who has over 20 years of multi-sector experience and a proven track record of successful property development ventures in China. The high-rise in Rajagiriya is the company’s first project in Sri Lanka.

The first Sri Lankan bank with a market capitalisation of more than US$ 1 billion, Commercial Bank was also the first bank in the country be listed among the Top 1000 banks of the world, and has the highest capital base among all Sri Lankan banks. The Bank is the largest private sector lender in Sri Lanka and the largest lender to the country’s SME sector. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.



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GDP data reaffirms persistent asymmetry of Sri Lanka’s provincial economy

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Western Province maintains its dominant position, accounting for 42.4% of nominal GDP

The 2024 provincial GDP data reaffirms the profound and enduring structural asymmetry in Sri Lanka’s economic geography. The Western Province continues to function as the nation’s overwhelming economic core, while the second and third runners-up, the North Western and Central Provinces respectively, operate on a markedly different scale and sectoral foundation.

The Western Province maintains its dominant position, accounting for 42.4% of the country’s nominal GDP. This preeminence is rooted in its commanding role across the high-value Services and Industry sectors, where it contributes 44.5% and 47.6% of national output, respectively. Its economy is distinctively modern, with a scant 2.3% reliance on agriculture and over 98% of its output derived from industry and services. This concentration of finance, trade, administration, and manufacturing creates an unmatched gravitational pull for investment and talent.

In stark contrast, the combined economic share of the North Western (11.5%) and Central (10.7%) Provinces is just over half that of the Western Province alone. Their paths to relevance are fundamentally different. The North Western Province has solidified its role as the nation’s agricultural heartland, contributing a full 20.0% of national agricultural activity. It also holds a significant, though secondary, position in industry at 12.0%. Its internal economic composition is more balanced across sectors than the west, with a notable reliance on industry (29.1% of its own GDP) alongside agriculture.

The Central Province, meanwhile, presents a more services-oriented profile among the runners-up, contributing 10.7% to the national services total. It also holds important shares in agriculture (13.9%) and industry (9.6%). Internally, its economy mirrors the national structure most closely among major provinces, with services constituting about 63% of its output. This suggests a diversified regional economy centered on urban hubs like Kandy, but one that lacks the concentrated high-end service power of Colombo.

The comparative analysis reveals a clear hierarchy. The Western Province is the integrated, metropolitan driver of the modern economy. The North Western Province serves as a vital agro-industrial base, and the Central Province as a diversified regional center. Despite a noted increase in the combined share of the other provinces, the gap remains vast. The economic landscape is thus characterized not by convergence, but by a persistent and specialized asymmetry, where the runners-up support the national economy through different, but essential, sectoral strengths, all while operating in the long shadow of the western province.

by Sanath Nanayakkare

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Sri Lanka Insurance supports 1,000 families in flood-affected areas

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Dry ration packs were distributed through the NDRSC

Sri Lanka Insurance Life and Sri Lanka Insurance General, in collaboration with the National Disaster Relief Services Centre (NDRSC), extended vital assistance to 1,000 families affected by the recent ‘Ditwah’ cyclone. The relief initiative was carried out in two phases on 30th November and 2nd December 2025, reflecting the company’s continued commitment to supporting communities in times of distress.

Dry ration packs were distributed through the NDRSC to the Maharagama Urban Council and the Divulapitiya Pradeshiya Sabha, ensuring that aid reached the most affected households swiftly and efficiently. Both distribution programmes were held with the participation of local authorities and the management teams of SLIC Life and SLIC General, further strengthening the company’s close partnership with the communities it serves.

Speaking on the initiative, Chairman of Sri Lanka Insurance, Nusith Kumaaratunga, stated; “Sri Lanka Insurance has always placed community wellbeing at the heart of its purpose. In difficult times such as these, it is our responsibility to stand with the families who have been affected and offer meaningful support. This relief effort reflects our ongoing commitment to uplift communities and reinforces our role as a trusted national insurer focused on protection, care, and compassion.”

In addition to the relief programme, Sri Lanka Insurance has implemented extended operating hours at selected SLIC General branches in the affected areas to ensure uninterrupted service. Claims, customer care teams, and branch staff are working beyond regular hours to provide prompt assistance to policyholders impacted by the severe weather conditions.

Sri Lanka Insurance remains dedicated to safeguarding its customers and supporting communities across the nation, reaffirming its longstanding promise of protection, stability, and service excellence.

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Jaffna Hindu College wins regional AIA Healthiest Schools award

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The college was honoured at a vibrant regional awards ceremony

Jaffna Hindu College was named as one of the winners at the regional award ceremony of the prestigious AIA Healthiest Schools Competition, a flagship initiative by AIA Group aimed at promoting healthier habits among students across Asia-Pacific region through innovative school-based projects. The competition, which drew a record number of entries from eight regional markets, recognises schools that implement innovative and impactful initiatives in the areas of healthy eating, active living, mental wellbeing, and sustainability. Jaffna Hindu College stood out in the Active Lifestyles Award Category for its creative and community-focused project that introduced a bicycle rental system, ensuring greater access to physical activity for all students and encouraging healthier lifestyles across the region.

The winners of AIA Healthiest Schools programme were honoured at a vibrant regional awards ceremony in Da Nang, Vietnam, where the prize money was awarded to the respective schools to support the ongoing health and wellbeing initiatives.

The Cycling Club was introduced to make physical activity accessible and enjoyable for all students. The club introduced a bicycle rental system, managed via a custom software platform, ensuring equitable access regardless of financial background. Students participated in a cycle parade and three themed challenges focused on endurance, speed, and teamwork. The initiative quickly became popular, engaging over 100 students and receiving enthusiastic support from teachers, parents, and local businesses. Experienced cyclists from the community volunteered as coaches, while cycling organisations provided safety training and route planning.

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