Sri Lanka took a major step toward its tourism ambitions with the kickoff of the Marina development at Port City Colombo, a project set to transform the island into a luxury travel hotspot in South Asia.

With a target of three million visitors and US$ 5 billion in revenue by 2025, The Marina is expected to boost the economy by creating thousands of jobs, attracting foreign investment, and putting Sri Lanka firmly on the global tourism map, officials said.

On Friday (10), Colombo witnessed the groundbreaking of the US$ 120 million Marina development project at Port City Colombo, marking a significant milestone for marine tourism in Sri Lanka and South Asia. The project is slated for completion by 2027.

The luxury Marina development at Port City Colombo is being undertaken as a joint venture between Browns Investments PLC (BI), the strategic investment arm of the LOLC Group, and China Harbour Engineering Company (CHEC). BI was one of the first Sri Lankan companies to invest in Port City Colombo and is currently the largest investor. Browns Investment PLC has invested in six land plots, of which this development includes four plots in the Marina District. Spanning a total land area of 33,776 sqm, the Marina Development will feature state-of-the-art facilities, including sunset bars, seaside restaurants, retail outlets, and entertainment spaces, creating a vibrant and sophisticated environment for visitors

 Designed to cater to a global clientele, the Marina will offer berthing space for up to 200 mid-to-large-sized vessels, filling a critical infrastructure gap in the region.

“The Marina Development represents a unique opportunity to redefine the luxury tourism landscape in South Asia. Located at the crossroads of international maritime routes, Sri Lanka is ideally positioned to become a hub for luxury yachting. This development will not only elevate the country’s appeal as a premium travel destination but also symbolize the island’s resilience and ambition to rise as a global contender in the tourism and maritime industries,” said Brown and Company Chairman, and LOLC Holdings Deputy Chairman Ishara Nanayakkara at the groundbreaking ceremony held on Friday (10).

The event was graced by Minister of Foreign Affairs, Foreign Employment & Tourism Vijitha Herath as chief guest, and People’s Republic of China Ambassador for Sri Lanka Qi Zhenhong. Capitalising on Sri Lanka’s natural beauty, historical significance, and strategic location, the Marina Development will establish the island as a crucial stopover for yachts travelling between the Red Sea, the Maldives, and the Far East. Sri Lanka’s year-round favourable climate and proximity to key maritime routes makes it an attractive alternative to regional peers.

Furthermore, the development addresses an untapped market opportunity by catering to the growing number of high-net-worth individuals in neighboring India, who represent an expanding segment for luxury maritime services. According to Colombo Port City Economic Commission Chairman Harsha Amarasekera, the project positions Sri Lanka to become a leading destination for luxury yachting in South Asia, attracting high-net-worth individuals and making a substantial contribution to the nation’s economic growth. “We are eagerly looking forward to witnessing its (Marina Development) transformative impact on Sri Lanka’s tourism and maritime sectors. We are confident that this development will significantly contribute to establishing Colombo Port City as a regional business hub,” he said. The event was also attended by LOLC Holdings Group MD and CEO Kapila Jayawardena, Browns Investments Director Kamantha Amarasekera, China Harbour Engineering Company MD Wang Gang, and CHEC Port City Colombo MD Xiong Hongfeng.