Bay One Residences Colombo, Sri Lanka’s first SEZ luxury residential development, continues to make significant construction progress, with the superstructure now rising above ground within Port City Colombo. Developed by ICC Port City (Pvt) Ltd, the USD 112 million, 231-unit waterfront tower remains targeted for completion in January 2029, with over 65% residences already sold.
Following its landmark launch as the first residential development within the Port City Colombo Special Economic Zone (SEZ), Bay One Residences Colombo has continued to gather momentum, with construction progressing steadily towards its scheduled completion in January 2029. Developed by ICC Port City (Pvt) Ltd, the landmark waterfront development continues to take shape, with the superstructure now rising above ground and reinforcing its position as one of the region’s most prestigious luxury residential developments.
Further reinforcing investor confidence, ICC has been granted both Authorized Person (AP) status and Business of Strategic Importance (BSI) status within Port City Colombo. These recognitions demonstrate ICC’s strategic role in the development of Sri Lanka’s flagship Special Economic Zone and reflect the company’s capability to undertake and deliver landmark developments within one of the region’s most internationally governed investment destinations. For investors, this provides added assurance that Bay One Residences Colombo is being developed by a company with an established and recognized presence within Port City Colombo.
Since piling works commenced in February 2026, construction has progressed as scheduled, successfully completing the substructure – the project’s first major construction milestone. With the foundations firmly established and the superstructure now visibly rising above the Port City Colombo skyline, Bay One Residences Colombo continues to take shape as planned. Every milestone reflects the expertise of ICC’s highly skilled engineering and construction teams, whose meticulous planning, precision execution, and commitment to quality continue to drive the project forward.
Strategically located on a prestigious marina front site within the Port City Colombo Special Economic Zone, the 17-storey development will comprise 231 luxury residences, ranging from one-bedroom apartments to spacious four-bedroom residences and an exclusive penthouse. Designed to maximize breathtaking views of the Indian Ocean and the marina, the development combines sophisticated contemporary architecture with premium lifestyle amenities, offering residents an unparalleled waterfront living experience.
Commenting on the project’s progress, Mr. Namal Peiris, Managing Director and CEO of International Construction Consortium (Pvt) Ltd, said:
“With the superstructure now rising above the Port City Colombo skyline, Bay One Residences Colombo is no longer a promise on paper; it is a visible reality. Every construction milestone achieved reflects our commitment to engineering excellence, timely delivery, and creating a landmark waterfront address that will redefine luxury living in Sri Lanka.”
For discerning local and international investors, visible construction progress represents far more than simply the advancement of a development; it demonstrates commitment, capability, and the confidence that comes from investing with a trusted developer. As Port City Colombo continues to evolve into South Asia’s premier international business and lifestyle destination, Bay One Residences Colombo offers a rare opportunity to secure a residence in a landmark development that is already making significant progress on the ground.
With construction advancing steadily, over 65% of residences already sold, and completion targeted for January 2029, Bay One Residences Colombo continues to set new benchmarks for luxury waterfront living, further reinforcing its position as one of the most compelling residential investment opportunities within Port City Colombo.