A landmark moment in South Asian real estate has arrived in Colombo, Sri Lanka. Bay One Residences Colombo, developed by ICC Port City (Pvt) Ltd, has officially launched as the first residential development within the Port City Colombo Special Economic Zone (SEZ)- a milestone that places Sri Lanka firmly on the map for international luxury property investment.
Port City Colombo is unlike anything South Asia has seen before. Spanning 269 hectares of reclaimed land adjacent to Colombo’s central business district, this purpose-built urban precinct is Sri Lanka’s flagship SEZ and one of the most ambitious urban development projects in Asia. With integrated infrastructure now complete including electricity, water supply, and wastewater networks, the city has transitioned from a construction vision to a fully functional, next-generation urban environment. Projected to host 273,000 residents and generate 143,000 new jobs, Port City Colombo is not a future promise, it is an unfolding reality.
Port City Colombo’s SEZ status makes it one of the most attractive real estate investment environments in Asia. The zone permits 100% foreign ownership of property and allows unrestricted foreign exchange transactions, a combination rarely available in the region. Buyers benefit from a secure, internationally governed framework, rising property values, and a strategic location at the crossroads of major Indian Ocean shipping routes, connecting Asia, the Middle East, and Europe.
Bay One Residences Colombo is developed by ICC Port City (Pvt) Ltd, a fully owned subsidiary of International Construction Consortium (Pvt) Ltd, one of Sri Lanka’s most respected civil engineering and construction companies. With over 45 years of industry experience and more than 220 completed projects spanning residential, hotel, and commercial sectors, ICC brings an unparalleled depth of technical capability to this development. Uniquely, ICC operates as both developer and contractor, maintaining direct oversight across design, construction, and delivery, a structural advantage that ensures quality control, timeline discipline, and accountability at every stage.
Situated on a prime 13,945 sq.m waterfront plot, the 17-storey marina-front tower comprises 231 luxury residences from one-bedroom apartments (from 69 sq.m) to expansive four-bedroom units and a 799 sq.m penthouse, each designed to capture uninterrupted views of the Indian Ocean. Architectural inspiration drawn from ocean waves and yacht hulls gives the building a timeless maritime character, while interiors are crafted to international luxury standards.
Residents have access to a curated suite of lifestyle amenities, an infinity-edge pool, gymnasium, squash court, yoga deck, kids’ club, restaurant, and direct promenade and marina access. Smart-living technologies including automated service robots, advanced security infrastructure, and a centralised building management system elevate the residential experience further. Sustainability is embedded throughout, with energy-efficient systems, rainwater harvesting, and environmentally certified construction materials incorporated into the build.
With units priced from USD 500,000, Bay One Residences Colombo offers international buyers a rare entry point into one of Asia’s most strategically positioned new urban addresses. The Bay One Residences Colombo team will be in Melbourne and Sydney from 27th June to 4th July 2026 to meet prospective investors and present the project. As the first residential development to break ground within Port City Colombo, with piling already underway and completion targeted for January 2029, early investors are securing a first-mover advantage in a precinct where property values are projected to rise significantly as the city activates. This is more than a home. It is a position in the city of the future.