Sri Lanka’s ultra-luxury real estate market, though small, is refined, mirroring the island’s scale and its measured pace of growth. While it remains a niche segment, it consistently attracts the attention of discerning global investors. To stand out among established Southeast Asian markets such as Mumbai, Singapore, and Bangkok, experts believe Sri Lanka must develop a unique identity that celebrates its culture, natural beauty, and craftsmanship.
Echoing this view, Neluka de Alwis, Chief Marketing & Sales Officer of Sri Lanka Sotheby’s International Realty, told Echelon that her focus is on curating a distinctive luxury experience that resonates with both international and Sri Lankan buyers.
Sapphire Residences has introduced the concept of Sky Mansions to South Asia. What inspired this architectural vision and how does it reflect your overall commitment to redefining luxury living in Sri Lanka?
Sapphire Residences, developed by WelcomHotels Lanka (Private) Limited—a wholly owned subsidiary of ITC Hotels Limited, part of ITC Group—was created to redefine luxury living in Sri Lanka. When the government of Sri Lanka invited ITC to invest and offered this exceptional site, the team saw an opportunity to introduce something truly distinctive and beautiful.
After studying the market, while many properties claimed to be “luxury,” few met global standards. Their vision became the introduction of Sky Mansions, expansive residences that combine the grandeur of a mansion with the vertical elegance of a tower. Ranging from the smallest Sky Mansion, approximately 3,000 square feet, to the largest Sky Mansion at approximately 20,000 square feet, with ceilings ranging from 4 to 6 metres, the homes embody space, scale, and sophistication.
To realise this vision, ITC brought together a world-class team of leading global architecture firm Gensler (USA), renowned design house YOO Inspired by Philippe Starck (UK), and Sotheby’s International Realty as the exclusive sales and marketing agent. This resulted in a landmark development that blends artistry, craftsmanship, and prestige—setting a new benchmark for ultra-luxury real estate in Sri Lanka.
What sustainability or smart living features are integrated into Sapphire Residences, and how do they align with global luxury standards?
Sustainable luxury is about living beautifully and responsibly, moving beyond excess to embrace mindfulness, meaning, and lasting value. This idea is central to Sapphire Residences and the ITC Group, whose philosophy is that true luxury must exist in harmony with people and the planet.
From the very beginning, sustainability guided every decision in the project’s design and construction. The development has achieved LEED Platinum Certification, reflecting the highest standards in ecology and sustainability. This commitment is evident in the careful choice of materials, energy-efficient systems, and waste reduction measures, ensuring the building exceeds global benchmarks for sustainable design.
Alongside its green credentials, Sapphire Residences integrates smart living features that elevate comfort, security, and energy efficiency. Each home includes advanced automation that allows residents to manage lighting, temperature, and other functions effortlessly. Together, these innovations embody ITC’s vision of sustainable luxury: a balance of elegance, intelligence, and environmental responsibility that redefines modern living.
In what ways does Philippe Starck’s involvement reinforce the message that Sapphire Residences is not just a property, but a statement of art, culture, and investment?
Luxury, to me, is a statement. It represents exclusivity, status, and the ownership of something truly unique that not everyone can achieve or own. That belief lies at the heart of why Philippe Starck was chosen to collaborate on Sapphire Residences.
Starck is not just a designer but an icon whose work transforms spaces into experiences, and his involvement affirms that Sapphire Residences is far more than a property—it is a living work of art, a reflection of culture, and a long-term investment in excellence. His design philosophy of quality, individuality, and imagination aligns perfectly with Sapphire’s ethos. With only 132 exclusive residences, each crafted with artistic precision, Sapphire Residences represents true exclusivity and sets a new, enduring benchmark for luxury in Sri Lanka.
What policy reforms could make Sri Lanka more attractive for foreign direct investment in high-end real estate?
Let’s reflect on Sri Lanka’s emergence from civil conflict into a phase of peace and renewed optimism. The country began drawing global attention, with major international brands such as ITC, Shangri-La, Marriott, Sheraton, Ritz-Carlton, and Port City recognising its potential and investing in landmark developments. The property market started to flourish, but Sri Lanka has not yet fully capitalised on it.
To attract more foreign direct investment in high-end real estate, policy reforms are key. The government could follow models like Portugal, Greece, and Spain by implementing investor-friendly policies, residency programmes, tax incentives, and streamlined approvals to encourage confidence from international buyers. Political and economic stability, clear property regulations, easier financing, and simplified repatriation of funds are equally essential.
Real estate drives construction, employment, tourism, and retail, forming the backbone of economic growth in a country. Sri Lanka could replicate examples like Dubai by marketing its potential and supporting partnerships with global networks such as Sotheby’s International Realty. With the right reforms and collaboration, the country can become a premier destination for high-end real estate investment.
What are your goals for Sri Lanka’s luxury real estate market beyond Sapphire Residences?
Our vision for Sri Lanka’s luxury real estate market is to expand Sotheby’s International Realty’s presence and position the country as a premier investment destination. We are actively engaging with developers and partners to bring world-class projects to market.
A primary focus is the southern region, which is attracting strong interest from international buyers, especially from India, the United States, and Europe. Demand is growing for exclusive beachfront villas, boutique hotels, and private estates. Many foreign investors who already own properties here in Sri Lanka have reached out to us for our expertise and global reach to manage and market these assets.
Sotheby’s International Realty leverages a network of over 1,100 offices and 26,000 agents worldwide, connecting Sri Lankan properties with discerning buyers in London, New York, Dubai, Singapore, and emerging markets such as Portugal and the Maldives.
In the long term, our goal is to elevate Sri Lanka’s luxury real estate standards through sophistication, transparency, and global connectivity.