Business
ITC One Colombo development achieves key milestones towards 2023 completion
With significant progress in construction work, the US$ 400 million+ ITC One Colombo development has successfully crossed several major milestones on its journey towards completion in 2023. This landmark development is the first project in Sri Lanka by WelcomHotels Lanka (Private) Limited, a wholly owned subsidiary of ITC Limited, India.
The sustainability centric state-of-the-art development comprises of the super luxury ITC hotel with 352 gracefully appointed guest rooms and suites with a range of fine dining options of international and Indian cuisine, Sapphire Residences housing 132 uber luxury Sky Mansions with average sizes of approx. 5500 sq ft, retail and commercial spaces.
Several of the world’s leading names are behind the design and architecture of development;
these include Principal Architecture by Gensler (USA) working alongside revered local architect Surath Wickramasinghe, residential interiors by YOO Inspired by Starck (UK), Principal Structural Engineers Thornton Tomasetti (USA), landscape design by Burega Farnell (Singapore), hotel interiors by Design Wilkes Malaysia, security design by Control Risks, with L&T Limited as General Contractor
Despite facing significant challenges over the past few years, the project has successfully completed the superstructure construction of the 50-storey Sapphire Residences tower, the 30-storey ITC hotel tower, the Podium, the Commercial block and the Retail area.
Further, the most distinctive feature is the c.55-metre Ahasa One Sky Bridge, which has been installed c.100 metres in the air where it connects the Sapphire Residences with the adjacent ITC hotel at the 19th-21st level. An engineering marvel that was the subject of a TV documentary last year, Ahasa One is a symbol that Colombo is joining the ranks of top global cities where outstanding architectural landmarks are found. The helipad atop the hotel tower, the structure of which has also been completed, is set to add a new dimension to transportation possibilities in the heart of the city.
In addition, prospective buyers of Sapphire Residences can now experience and view show apartments in all four distinctive interior styles – Nature, Minimal, Classic & Culture designed by legendary designer Philippe Starck.
Subi George, Managing Director of WelcomHotels Lanka, commented, “Despite the challenging times, the completion of all these key milestones demonstrates our continued commitment towards delivering this landmark development which will redefine Colombo’s skyline. We are certainly heading in the right direction, and remain unwavering in our efforts to deliver an unparalleled lifestyle to our residents, tenants, and guests.”
In a significant move for Sri Lanka’s tourism sector, NKAR, a stalwart in the industry for over 45 years, has announced a partnership with Holiday Max, Australia’s largest tour operator. Based in Perth, Holiday Max has ventured into Sri Lanka for the first time, marking a promising expansion for both entities.
This collaboration aligns with NKAR’s strategic vision to enhance the country’s appeal to international travelers. Nilmin Nanayakkara, Chairman and Managing Director of NKAR says, “Our policy has always been to promote Sri Lanka to new markets by attracting new operators, rather than competing through price undercutting or making unrealistic promises.” This statement encapsulates NKAR’s commitment to fostering sustainable tourism growth by focusing on quality over cost.
By prioritsing service excellence and maintaining high health and safety standards, NKAR aims to elevate the overall travel experience for visitors. This approach not only positions Sri Lanka as a premium destination but also attracts reputable operators like Holiday Max, who are drawn to the island’s unique experiences and NKAR’s dedication to quality service.
The partnership represents a remarkable opportunity to showcase Sri Lanka’s diverse offerings to Australian travelers, potentially opening new avenues for tourism growth. As NKAR continues to innovate and adapt, this collaboration is set to bolster Sri Lanka’s standing as a sought-after travel destination, steering the industry away from aggressive price competition towards sustainable growth through authentic experiences.
By focusing on attracting new operators and markets, NKAR is paving the way for a revitalised tourism landscape in Sri Lanka, one that values quality, safety, and the unique charm of the island. NKAR is recognised as one of the top five destination management companies in Sri Lanka. The company recently won 3 major awards at Sri Lanka Tourism Awards.
By Sanath Nanayakkare
LOLC Finance secured five Gold Awards and one Merit Award at the LankaPay Technovation Awards 2025, including the prestigious Overall Excellence in Digital Payments Gold Award for the sixth consecutive year.
The company dominated both bank and NBFI categories, winning Best Digital Strategy Gold Award, proving its superiority over traditional banks in digital finance.
Awards won were as follows.
Gold Awards:
Best Digital Payment Strategy (Banks & NBFI)
Best Mobile Application for Retail Payments via JustPay (Banks & NBFI)
Excellence in Customer Convenience (NBFI)
Financial Inclusivity (NBFI)
Overall Excellence in Digital Payments (NBFI)
Merit Award: Most Popular Digital Payment Product (iPay)
CEO Krishan Thilakaratne emphasized digitalization as core to LOLC Finance’s operations, enabling seamless, 24/7 financial access through platforms like LOLC Real Time and iPay.
Chairman Conrad Dias highlighted the audited, performance-based recognition and iPay’s mission to solve real-world financial challenges with cutting-edge tech.
iPay & JustPay innovations were Recognized for leading digital payment adoption with 1M+ downloads, 1.8M monthly transactions, and 65% JustPay market share, featuring biometric security and AI fraud detection.
Financial Inclusivity was recognized for Bridging gaps via multi-lingual services, cashless processes, and rural outreach programs.
Customer Convenience was recognized for real-time solutions (SLIPS, CEFTS) eliminating branch visits for payments and transfers.
Tree House International, located in Dehiwala, has been recognised as the Most Evidence-Based Special Needs School of the Year at BWIO Awards. The only international school in Sri Lanka dedicated exclusively to children with special needs, 75% of its students relocate from abroad for its high-quality, result-driven education.
Last semester, 100% of students transitioned to mainstream or vocational training.
The school is led by Dr. Anton James, a Chartered Behavioural Psychologist with over 20 years of global experience.
His evidence-based approach earned the highest honour from the British Psychological Society, and he was elected a Chartered Scientist. Co-directed by Chrystal Honsaker, an expert with 15 years of international special needs experience, the school also offers an accredited British curriculum alternative to GCSEs.
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