RIL Property sets benchmark for Grade-A office space

Sri Lanka, with the end of the civil conflict, has seen high growth in the real estate industry driven by strong private sector demand, in consumption and investment, with the public sector contributing through large infrastructure projects. Sustaining this level of growth will largely depend on fostering private sector development and investment. Sri Lanka has been eyeing a major economic revolution with numerous multinational companies continuing to further invest in the country. 

“A stable business environment generated by the government has helped restore investor confidence. Domestic companies are showing stable growth and on the other hand, a surge of foreign companies is entering the country. Government infrastructure developments have led to the construction industry expanding over the years and trends indicate that the demand for office spaces is on the rise,” said RIL Property Limited Chief Executive Officer and Executive Director Hiroshini Fernando.

Although Colombo is considered to be one of the most active, upcoming commercial hubs in South Asia, Jones Lang LaSalle (JLL), the largest property management service and facilities provider in Sri Lanka, claims that despite the growing demand, there is a shortage of office spaces. The demand for medium-sized office spaces (3,000-15,000 square feet) from domestic companies in Sri Lanka is sizeable, while the increase in the number of multinationals (MNCs) looking to set up outlets in the country has also meant a rise in demand for smaller spaces in the range of 2,000 square feet. However, the lack of premium institutional grade office spaces causes a hindrance in encouraging such top investments, JLL has noted.

RIL Property is a rapidly emerging specialist in commercial property development and management in Sri Lanka. It is in this backdrop that recently launched Parkland by RIL Property comes in, providing a state-of-the-art premium institutional grade office complex with its prestigious and prime location being heralded as the best answer for the acute lack of high-end facilities in the city of Colombo.
“Although there is no particular authority to ascertain the criteria of Grade A office buildings in Sri Lanka, RIL Property has set the benchmark for Grade A office buildings, keeping in line with the international standards. This is evidenced by its latest venture, Parkland, a new state-of-the-art premium institutional grade office complex. Grade A office realty are generally categorized as those which have high-quality finishes, state-of-the-art systems, exceptional accessibility and a definite market presence,” Fernando noted. 

The 22-floor eco-friendly premium office development complex accommodates the needs of rapidly developing Colombo. 
“Under the banner ‘Office spaces that inspire work’, it helps promote higher levels of well-being for employees and gives companies a sustainable environment to conduct their business with confidence, ease and efficiency,” she continued.

This venture by RIL Property has made a significant impact on the corporate sector of Sri Lanka in a short period of time with almost full occupancy of its premium institutional grade office complex situated in Park Street.
Parkland currently leases out the majority of its office spaces to both multinational and local companies such as Marks & Spencer, Mast Far East, Dole, Dialog, Mobitel, Ericsson, Regus, L T L Holdings and Maersk Lanka.
“We offer an exceptional business environment with an esteemed, convenient and an executive setting to support and enhance the tenant’s corporate identity. We saw a remarkable reception from both high-end local and foreign corporates within a few months of opening the complex for tenancy. The latest arrivals to Parkland are ACCA, BreadTalk, DFN Technology and Hemas Maritime. RIL Property aims to provide premium institutional grade office space in Colombo by offering the best quality modern services and superior infrastructure to satisfy the requirements of our clients at an optimal level,” Fernando added. 

Parkland focuses on professional green design concepts and innovative facilities. Among the facilities on offer are state-of-the-art training facilities, preinstalled voice, data and digital TV infrastructure facilities with 24 core fibre optic connectivity. Hundred percent backup power ensures companies are facilitated at all times, thus reducing cost and investment. 

Parkland further extends a 24-hour help line and tenant services manned by experienced and courteous staff, high-end security features including CCTV, centralized PA systems and a central operation command centre. Parkland also has an intelligent car park management and guidance system, which provides information on availability of vacant parking slots on each floor.
Commenting on the future of the industry, Fernando stated that Sri Lanka is aspiring to become an international hub in the South Asian region as a result of which it will attract more foreign investments to boost its economy. With Sri Lanka’s focus on engaging with the world, its strategic location will play a vital role as the world becomes Asia focused. 

“We are going to be a country that is essential in the region to facilitate the demand for premium institutional grade office spaces as well as high-end facilities that will prove necessary with mega investment projects all set to make their mark in Colombo within the next few years.

Fernando holds over 20 years of professional and commercial experience in the fields of auditing, finance and management. She is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka and a Member the Certified Management Accountants of Sri Lanka. Further to being Chief Executive Officer and Executive Director of RIL Property, Fernando retains positions on the boards of United Motors Lanka PLC, TVS Lanka (Pvt.) Ltd, Unimo Enterprises Ltd, Orient Motor Company Ltd, Readywear Industries (Pvt.) Ltd, RIL Trust Ltd and Foodbuzz (Pvt.) Ltd and also serves as Chairperson of the Audit Committee of United Motors Lanka PLC.