Business

Launching in Kandy of SL’s first seven-star hotel, valued at Rs. 9 billion

Published

1 year ago

2024/12/10

Sahan Weerasooriya

Dignitaries at the launch of the hotel.

By Ifham Nizam

Sri Lanka is poised to make history with the opening of its first seven-star hotel, Aviyana’s Private Chalets, in Kandy. The brainchild of Dr. Indika Hewawasam, the estimated Rs. nine billion project is set to elevate the island nation’s appeal as a premier destination for high-end travelers.

The first stage of this ambitious project, featuring 12 private chalets, is scheduled to welcome guests in May 2025.

Ambasevana Group of Companies chairman cum chairman Aviyana Private Chalet (Pvt) Ltd. Dr. Hewawasam, unveiled his vision last Thursday when he spoke to journalists at Cinnamon Life.

Highlighting the unparalleled features of the project, he stressed that the complex will boast 50 swimming pools, making it a standout in the region. “This is not just a hotel; it’s an experience. Our goal is to position Sri Lanka as a leading destination for luxury travel, attracting billionaires and global celebrities,” said the youthful chairman.

Hewawasam who is passionate about nature said that chalets were built on an 18-acre property in the scenic Knuckles Mountain Range, stressing the hotel aims to blend opulence with nature.

“Each chalet will offer unmatched privacy and breathtaking views of the region’s lush landscapes, catering to discerning travelers seeking tranquility and exclusivity, he said.

The project, with an estimated cost of Rs. 9 billion, has already seen an investment of Rs. 7 billion, with construction 70% complete. More than 300 workers are currently engaged in bringing this vision to life.

Hewawasam projects an annual contribution of USD 500 million to Sri Lanka’s tourism revenue, underlining the untapped potential of the country’s luxury travel segment.

“Our marketing campaign will position these chalets at a starting rate of USD 1,000 per night. This not only sets a new benchmark in Sri Lankan hospitality but also aligns with the growing demand for premium travel experiences, Hewawasam added.

Aviyana’s Private Chalets also offers a lucrative proposition for investors. Villas are priced at approximately Rs. 180 million, with pre-purchase options currently available.

He guarantees one of the highest returns on investment (ROI) in the market, with all tenant and maintenance responsibilities managed by the hotel’s dedicated team.

“We’ve deliberately chosen to keep ownership exclusive, involving a select group of local professionals and foreigners. This ensures the integrity and high standards of the project, he explained, addressing queries about the decision to avoid raising funds through the stock market.

Aviyana’s Private Chalets Director Operations Shezad Hameed said that to enhance the guest experience, Aviyana’s Private Chalets will bring in world-class chefs, wellness professionals, and service staff. The goal is to redefine luxury hospitality in the region, offering an unparalleled blend of comfort, privacy, and natural beauty.

As the project progresses towards its grand opening, he said that it stands as a testament to Sri Lanka’s potential to compete with global luxury destinations. By combining innovative design, strategic marketing, and a commitment to excellence, Aviyana’s Private Chalets is set to put Sri Lanka firmly on the map of elite travel destinations.

The Aviyana Hotel will be the eighth seven-star hotel globally, joining the ranks of renowned establishments like the Burj Al Arab in Dubai. Hewawasam stressed the importance of attracting high-net-worth international tourists and positioning Sri Lanka as a premier destination.

The Chairman also said that the project is also a testament to the country’s entrepreneurial spirit. Backed by 200 local professionals and select Sri Lankan investors, it showcases a self-reliant funding model without foreign loans. “The initiative is expected to boost the national GDP and create numerous employment opportunities, with plans for extensive collaborations with global chefs, designers, and service providers,” he added.

Aviyana’s innovative approach intertwines luxury with Sri Lanka’s rich cultural heritage. From incorporating traditional cuisine to sustainable practices, the hotel aims to offer an authentic experience. It also features the untapped potential of Sri Lanka’s tourism, which contributed only 5% to the GDP in 2018, despite its global appeal.

“With vision and perseverance, the impossible becomes achievable,” Hewawasam remarked, reflecting on the journey of conceptualizing and executing this landmark project.

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Business

A Historic First: Sri Lanka’s capital market leaders bring investor forum to Saudi Arabia

Published

21 hours ago

2026/02/6

Thilina Walpola

Key dignitaries at the Saudi investor forum

The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE), in association with the Embassy of Sri Lanka to the Kingdom of Saudi Arabia, successfully convened an investor forum on Saturday 24th January 2026 at the Radisson Blu Hotel, Riyadh Convention & Exhibition Center. Alongside the forum, the SEC and CSE facilitated a meeting with the Public Investment Fund (PIF) which is Saudi Arabia’s main sovereign wealth fund.

The forum was organized to engage directly with the vibrant Sri Lankan expatriate community in the Kingdom and international investors, highlighting compelling opportunities within Sri Lanka’s capital market following the country’s successful exit from sovereign default and restoration of macroeconomic stability.

The forum was marked by the presence of several senior level policy officials, market leaders and market regulators including; Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL); Chathuranga Abeysinghe, Deputy Minister of Industry and Entrepreneurship Development; Ameer Ajwad Ambassador of Sri Lanka to the Kingdom of Saudi Arabia.; Senior Prof D.B.P.H. Dissabandara, Chairman of the SEC; Ray Abeywardena, Director of CSE; and Dr. Naveen Gunawardane, Co-Founder and Managing Director of Lynear Wealth Management.

In his welcome address, Ameer Ajwad stated, that a significant opportunity remains in broadening public participation in the capital market of Sri Lanka. As financial literacy and investment awareness among potential investors are limited, the investor forum would serve to bridge the knowledge gap. The forum offered an excellent opportunity for first-time investors, overseas investors, and those seeking to enhance their knowledge, to learn how to invest prudently, manage risk, and build wealth with discipline and confidence. Ambassador invited participants to make full use of the presence of high-level authorities from Sri Lanka’s key financial institutions, such as the Central Bank of Sri Lanka, the SEC, and the CSE, and to explore investment opportunities in Sri Lanka’s capital market, not only as a pathway to financial growth but also as a meaningful contribution to Sri Lanka’s resilience and long-term prosperity.

Business

CIC Holdings’ 9MFY26 revenue reaches Rs.70 bn

Published

21 hours ago

2026/02/6

Thilina Walpola

Agriculture-rich diversified conglomerate CIC Holdings PLC (CSE: CIC) recorded a consolidated revenue of Rs. 70.28 billion for the nine months ended 31 December 2025 (9MFY26), reflecting an increase of 8.69% YoY compared to the corresponding period of the previous year.

The Group’s gross profit increased by 10.11% to Rs. 18.42 billion, with the gross profit margin for the period under review improving to approximately 26%, supported by disciplined pricing and product mix optimisation. Profit after tax (PAT) increased to Rs. 5.97 billion from Rs. 5.70 billion in the corresponding period of the previous year, despite losses incurred in parts of the Group’s agri operations following the impact of Cyclone Ditwah, which disrupted cultivation activity during the Maha season.

The Group’s Crop Solutions sector remained the largest contributor to consolidated revenue, accounting for approximately 44.7% of total revenue, followed by Livestock Solutions at 21% and Health & Personal Care at 20.18%. The remaining sectors, Industrial Solutions and Agri Produce, contributed 8.6% and 6.4% to Group turnover respectively. Health and Personal Care , particularly export-driven product lines, recorded improved performance during the period, alongside continued growth in feeds, poultry, and veterinary care solutions, which supported the Group’s overall operating results.

Despite cyclone-related disruption to cultivation cycles, the Group delivered a strong operating performance, with EBITDA and operating profit (EBIT) both recording year-on-year growth. Operating profit (EBIT) closed at Rs. 9.67 billion, compared to Rs. 8.62 billion in the corresponding period of the previous year, reflecting the strength of the Group’s diversified portfolio and disciplined cost management.

During the period in review, key Group businesses across the five industry sectors, namely Crop Solutions, Agri Produce, Livestock Solutions, Industrial Solutions, and Health & Personal Care, continued to perform resiliently. Crop Solutions revenue increased from Rs. 28.06 billion to Rs. 32.32 billion, while Livestock Solutions revenue grew from Rs. 13.35 billion to Rs. 14.60 billion. Health & Personal Care revenue improved from Rs. 14.29 billion to Rs. 14.46 billion, supported by herbal health product exports and steady domestic demand. Revenue from Agri Produce increased from Rs. 4.35 billion to Rs. 4.64 billion, while Industrial Solutions revenue rose from Rs. 6.07 billion to Rs. 6.28 billion.

Commenting on the performance, CIC Holdings Group CEO Aroshan Seresinhe said, “Despite the disruption caused by Cyclone Ditwah to agricultural activity during the Maha season, the Group remained focused on supporting farming communities through well clean-up operations, field renovation, and the restoration of cultivation activity.

Business

CSE regains some of its bullish verve as turnover hits Rs.11 billion

Published

21 hours ago

2026/02/6

Thilina Walpola

CSE trading reflected a bullish trend yesterday due to positive quarterly corporate earnings coupled with lower Treasury Bill yields, market analysts said.

Further, institutional participation contributed more than 50 percent to the day’s turnover.

Amid those developments both indices moved upwards. The All Share Price Index went up by 63.67 points, while the S and P SL20 rose by 12.58 points.

Turnover stood at Rs 11.1 billion with10 crossings. The top seven crossings were: JKH 189.5 million shares crossed to the tune of Rs 4.2 billion; its shares traded at Rs 22.70, HNB 3.5 million shares crossed for Rs 1.48 billion; its shares traded at Rs 422, Hemas Holdings 11 million shares crossed for Rs 376.2 million; its shares traded at Rs 34 20, Commercial Bank 1.5 million shares crossed for Rs 336.8 million; its shares traded at Rs 224.50, Sampath Bank 600,000 shares crossed for Rs 93.6 million; its shares sold at Rs 156, Laugfs Gas 868,000 shares crossed for Rs 51.6 million; its shares sold at Rs 71 and Sierra Cables 1 million shares crossed for Rs 36.7 million; its shares sold at Rs 36.70.

In the retail market top seven companies that mainly contributed to the turnover were; Ceylon Land Equity Rs 385 million (20 million shares traded), Commercial Bank Rs 373.9 million (1.7 million shares traded), Luminex Rs 247.2 million (26.7 million shares traded), Colombo Dockyard Rs 152 million (one million shares traded), TJ Lanka Rs 152 million (four million shares traded), Easter Merchants Rs 142 million (8.7 million shares traded) and RIL Properties Rs 116.9 million. During the day 441.3 million share volumes changed hands in 44406 transactions.

It is said that manufacturing sector counters, especially JKH, led the market while the banking sector also performed well, especially HNB and Sampath Bank. Further, the capital goods sector too performed well.Yesterday the Central Bank’s US dollar buying rate was Rs 305.78 and selling rate Rs 313.32.

By Hiran H Senewiratne