The first residential zone project within the Colombo Port City Special Economic Zone, named "Colombo Bay One Residences," has officially commenced construction. This project marks a new phase of substantive private sector participation in the large-scale urban development project known as Colombo Port City.

"Colombo Bay One Residences" is being developed by a company under the Sri Lanka International Construction Consortium, with a total investment of approximately $112 million, planning to build 231 apartment units. The project is located on a waterfront plot within the Port City, aiming to provide residents with an integrated environment for living, working, and leisure. The launch of this residential zone is a key step in the development process of Colombo Port City. The Port City Special Economic Zone is situated on reclaimed land and is planned to evolve into a multifunctional service hub.

Representatives from Sri Lankan government departments and industry professionals attended the project's groundbreaking ceremony. Analysis suggests that this move reflects the private sector's confidence in investing in the Colombo Port City Special Economic Zone, indicating that the zone's construction is transitioning from preliminary planning to substantive development. The construction of this residential area will help activate the mixed-use ecosystem of the Port City, injecting new momentum into Colombo's urban development.