Business
SL signals readiness to host ‘new class of global luxury’
Colombo’s skyline has a new jewel — the Sapphire Residences, where apartments start at USD 1.2 million and rise to nearly USD 3 million for the larger units. Unveiled to the media at an exclusive walk-through recently, this ultra-luxury oceanfront development is redefining premium living and signaling growing investor confidence in Sri Lanka’s high-end real estate market.
Developed by WelcomHotels Lanka (Private) Limited, a subsidiary of ITC Hotels Limited India, the project marks ITC’s first mixed-use development outside its home country. For ITC — a century-old conglomerate with a formidable reputation for excellence and sustainability — the Colombo project represents both a milestone and a message: Sri Lanka is ready to host a new class of global luxury.
“This is a landmark development and a statement of confidence in Sri Lanka’s future, said Subi George, Managing Director of WelcomHotels Lanka (Pvt) Ltd. “By merging world-class design with ITC Group’s philosophy of Responsible Luxury, we are proud to introduce a new benchmark for sustainable, ultra-luxury living in South Asia.”
The development comprises 132 residences, aptly called Sky Mansions, each designed to offer panoramic views of the ocean, Beira Lake and the Colombo cityscape. The smallest two-bedroom units span a generous 3,000 square feet, while the largest — the master penthouse — covers a breathtaking 20,000 square feet.
“All 132 apartments offer scenic water views, and 131 of them look directly over the Indian Ocean, noted Neluka De Alwis, Chief Sales and Marketing Director of Sri Lanka Sotheby’s International Realty, the exclusive sales and marketing partner for Sapphire Residences. “This is ultra-luxury vertical living at its best. In real estate, location is everything — and here, we’re right on the Galle Face oceanfront, Colombo’s gold phase.”
She added that the development’s clientele primarily comprises ultra-high-net-worth individuals (UHNIs) — both Sri Lankans based locally and overseas, as well as expatriates and foreign investors. “Been fortunate to attract discerning buyers who are end-users. These are not speculative investors — they’re people who plan to live here and make Sapphire their home, she said.
The Sapphire Residences is the result of collaboration among some of the world’s most respected names in architecture and design. Gensler (USA) served as the principal architect in partnership with Surath Wickramasinghe Associates, one of Sri Lanka’s leading architectural firms. The interiors were created by YOO Inspired by Philippe Starck (UK), while Thornton Tomasetti (USA) handled structural engineering and Burega Farnell (Singapore) crafted the landscape.
The striking triangular design and north-south orientation maximise light, airflow, and panoramic views, setting a new aesthetic standard for Colombo’s urban skyline. The project also embodies ITC’s sustainability philosophy, having achieved LEED Platinum certification, the globally recognised benchmark for environmentally responsible construction.
“This development is more than just glass and steel — it’s a reflection of optimism and belief in Sri Lanka’s potential, De Alwis added. “Projects like this show that Colombo is ready to compete on the global stage, offering world-class living infused with Sri Lankan warmth and charm.”
By Ifham Nizam ✍️
Business
HNB Assurance Recognized with Merit Award at the Great HR Awards 2025
HNB Assurance PLC was recognized at the Great HR Awards 2025, receiving the Merit Award in the Finance, Insurance, Real Estate, and Investment sector. This recognition reflects the company’s continued commitment to strengthening its people strategy, nurturing a progressive culture, leveraging technology and maintaining strong industrial relations.
Sharing his thoughts on this accomplishment, Lasitha Wimalarathne, Executive Director / Chief Executive Officer of HNB Assurance PLC, stated, “This recognition reiterates our belief that people are the true drivers of our success. Over the years, we have invested significantly in building an environment where our teams feel inspired and supported to deliver their best. As we continue to grow as one of Sri Lanka’s best insurance companies, this award reflects our ongoing efforts to build a workplace where both our people and our business can thrive. My sincere thanks go out to our HR team for continuously driving these initiatives.”
Commenting on the award, Navin Rupasinghe, Head of HR / DGM at HNB Assurance PLC, said, “Our people-first philosophy shapes every HR initiative we design, from strengthening learning pathways and leadership development to enhancing employee well-being and engagement. This recognition validates our ongoing efforts to build a workplace culture grounded in trust, inclusivity and performance. As we look ahead, we remain committed to evolving our HR practices to meet the expectations of our people and the future of work. My sincere thanks to the CIPM for this recignition.”
Business
MullenLowe Sri Lanka named Creative Agency of the Year in South Asia
MullenLowe Sri Lanka has been awarded Gold as the Rest of South Asia’s Creative Agency of the Year at the Campaign Agency of the Year Awards 2025, held recently at Mumbai’s ITC Maratha Hotel. The accolade marks a landmark year for the agency, driven by breakthrough ideas, ambitious brands, and a surge in economic activity.

Campaign Agency of the Year – South Asia 2025 (Rest of South Asia – Creative Agency) awarded to MullenLowe Sri Lanka
Guided by a clear creative vision and extensive category expertise across 111 brands in 33 sectors, MullenLowe strengthened its position through strategic leadership appointments, talent acquisition, and the integration of AI-enabled tools. These initiatives created an environment where creativity, learning, and commercial impact worked in tandem, supporting long-standing client relationships and consistent new business momentum.
Thayalan Bartlett, Executive Chairman, said, “Our growth is rooted in a people-first, creative-centred culture. By attracting top talent and focusing on continuous upskilling, we have enriched both our creative and strategic capabilities.”
The agency’s innovation was further enhanced by Fever, its AI-enabled production studio, and LoweGo, a subscription-based design unit, enabling faster and more scalable solutions for modern marketers. Training programs, including an international AI workshop in Baku for top creative minds, helped unify teams around technology-driven creativity, leading to MullenLowe’s highest Effie points haul in a decade.
Harendra Uyanage, Senior Vice President and Executive Creative Director, added, “This recognition celebrates a team that constantly stretches its creative boundaries, transforming every brief into opportunity.”
The win adds to a series of recent accolades, including Most Effective Agency of the Year at the 2024 Effie Awards, and multiple awards at Dragons of Sri Lanka and SLIM Digis 2025, cementing MullenLowe’s vision to become Sri Lanka’s most commercially impactful creative company by 2030.
Business
ComBank named Sri Lanka’s Best Trade Finance Bank at Euromoney Awards 2025
The Commercial Bank of Ceylon PLC was named Sri Lanka’s Best Trade Finance Bank at the prestigious Euromoney Transaction Banking Awards 2025, in recognition of the Bank’s strong performance and continued contribution to supporting Sri Lanka’s export and import sectors.
This global recognition from Euromoney, a leading authority in financial markets, celebrates institutions that demonstrate innovation, leadership, and measurable impact in transaction banking across cash management, payments, trade finance, and technology. Commercial Bank is Sri Lanka’s clear market leader in trade finance, commanding a 21% share in exports and a 14.26% share in imports, demonstrating its strong presence across both segments.
In 2024, the Bank supported over US$ 5 billion in trade transactions, underscoring its unmatched role in enabling the flow of goods, services, and foreign exchange. Its leadership has also been recognised regionally by the Asian Development Bank (ADB), which named Commercial Bank its Leading Partner Bank in Sri Lanka for the fourth consecutive year under the Trade and Supply Chain Finance Programme.
At the forefront of Commercial Bank’s recent innovations is ComBank TradeLink, Sri Lanka’s first fully integrated, end-to-end digital trade finance platform. The system brings all trade finance operations – from Letters of Credit to export collections and shipping guarantees – into one secure online interface, providing customers real-time visibility, faster processing, and paperless convenience. This digitalisation drive has redefined the client experience, reduced manual processes and improved turnaround times across thousands of transactions.
The Bank’s commitment to advancing Sri Lanka’s trade sector extends beyond technology. Through initiatives such as the ComBank Trade Club, which facilitates connections between buyers and suppliers both locally and internationally, and ComBank LEAP | GlobalLinker, a digital business networking platform for SMEs, the Bank is actively building bridges between Sri Lankan entrepreneurs and global markets. Its Diribala Exporter Development Programme further empowers micro, small, and medium enterprises to become export-ready, providing access to expert guidance, training, and financial support.
Reflecting on the award, Commercial Bank said the recognition from Euromoney was a tribute to the trust placed in the Bank by Sri Lanka’s exporters and importers, and to the dedication of its trade finance teams who continue to innovate and deliver excellence in a rapidly evolving global landscape.
As Sri Lanka’s largest private sector bank and the first to surpass US$ 1 billion in market capitalisation, Commercial Bank continues to lead in supporting national trade, driving digital transformation, and shaping a more inclusive and resilient export economy, the Bank said.
Commercial Bank was the first bank in the country to be listed among the Top 1000 Banks of the World, and has the highest Tier I 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.
Commercial Bank operates a network of strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.
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