The Juniper Group has spent over a decade developing property across multiple districts, from Batticaloa to Colombo and along the Southern Coast. Yatila Wijemanne, Co-founder and Executive Chairman at Juniper Group, says significant capital is now flowing into Sri Lanka, placing the country in direct competition with markets like Vietnam, Thailand, and Malaysia for similar sorts of investments.
In conversation with Echelon, Wijemanne shares where he sees the strongest opportunities in the market today and what shapes Juniper’s approach to building developments that create value well beyond the transaction where we see “still waters with deeper investments”.
Where should investors put their money over the next five to ten years?
There are two corridors to watch. The first is the Central Expressway, which we see as a major economic growth corridor. Juniper is already one of the largest real estate developers in the Kurunegala district, and we remain highly confident about its long-term potential.
Despite delays, close to 50% of the expressway has now been completed. The Central Expressway will be completed by 2028.
Kurunegala is positioned to become a major economic and logistics hub, connecting five surrounding districts. Research consistently shows that once a location falls within 90 minutes of a country’s main financial centre, urbanisation accelerates and satellite cities begin to emerge. Today, the journey to Kurunegala takes over three hours. Within the next two years, once the expressway is complete, it will be reduced to under 80 minutes. For investors thinking five years ahead, that presents a compelling growth opportunity.
The second is the Southern Belt — and that opportunity is already unfolding in real time. Property values are climbing, capital is moving in, and investors are already seeing returns. If you are not positioned in the South today, you are missing a significant opportunity. There is growing competition from developers, but for those with the right product and a clear value proposition, the upside remains substantial.
What is driving the new investor confidence in Sri Lanka’s real estate sector today?
Juniper operates across three distinct segments. The first is traditional land subdivision, where we develop infrastructure in strategic locations and offer land parcels geared for capital appreciation. The second is housing, where we build directly for homeowners. The third — and newest — is gated villa communities developed specifically for tourism-led investment.
Over the past few years, we have seen growth across all three. Compared with last year, investment has accelerated meaningfully. The strongest momentum is in villa communities. Juniper will be handing over the first gated villa community project catering towards tourism by July to August 2026 in Ahangama. Furthermore, we are operating in Hiriketiya and Unawatuna, with the fourth gated villa project launching within weeks.
How has your market and clientele changed over the last five years?
There have been three significant phases.
The first came just after the second wave of COVID in 2021. That period was driven by aggressive buyers. The real estate market was moving fast, and in many cases clients were committing before inventory was even available.
Then the economic crisis reshaped buyer behaviour. Local investors became more conservative, moving funds into fixed deposits while interest rates were high. At the same time, real estate remained an important hedge against inflation. We also saw strong demand from Sri Lankan expatriates who moved aggressively into the market, taking advantage of the exchange rate when the dollar was trading around Rs380–390.
The current phase — over roughly the last 14 to 18 months — is different again. Today’s buyer is more informed, more strategic, and clearer about both risk and expected returns. We are also seeing stronger interest from the Sri Lankan diaspora, particularly in Europe. For many planning a return for retirement, the current environment presents a genuine entry point — and southern investments offer the added advantage of dollar-linked rental returns.
Can you describe the shift taking place along the southern coast?
The South initially grew on the back of tourism confidence, and the numbers reflect that. But alongside tourism came connectivity. Infrastructure development has played a critical role — particularly the expressway and internal road networks, which have significantly improved accessibility. Today, you can travel to Hiriketiya and return within the day. That level of access changes the investment equation entirely.
Then there is the lifestyle dimension: the food, entertainment, surfing, yoga retreats and wellness culture. What makes the South distinct, particularly compared with destinations like Bali, is how compact and connected the experience feels. Visitors can spend the day surfing or hiking, attend a wellness session, and within minutes be at a restaurant, a nightlife venue or a beach club. That mix, within such a concentrated geography, is what makes the South unique.
How does Juniper approach real estate development beyond buying and selling land?
We have operated for over a decade across seven to eight districts, working with everyone from first-time buyers to investors making their fifteenth purchase. Our projects have succeeded because we focus on the broader ecosystem — and on building that ecosystem sustainably.
You cannot enter an area, develop it, and ignore what surrounds it. You have to understand the environment, understand the people, and bring them into the growth story.
Real estate is fundamentally about wealth creation — but lasting wealth is never created in isolation. It has to be built collectively, with the communities around you also benefitting from the opportunity. When people are part of that value creation, the long-term growth trajectory becomes stronger and more sustainable.
Our developments may be exclusive in positioning, but they are built with an inclusive mindset. That philosophy has been central to how we operate — and it is a big part of why Juniper has grown the way it has.