In his recent interview with Faraz Shauketaly, Hardy Jamaldeen, Executive Director and Co-Founder of Steradian Capital Investments, shared his candid insights on the current state of Sri Lanka's economy, focusing on the opportunities in the real estate and tourism sectors.

Jamaldeen did not shy away from acknowledging the challenges, particularly in the real estate sector, where slow-moving bureaucracy can delay projects and deter potential investors. However, he remains optimistic about the long-term potential for growth. “There are issues, no doubt, but it’s not all doom and gloom,” he said. “Our focus has been on refurbishing existing properties instead of new builds, which has allowed us to bypass some of the bureaucratic delays and deliver results more quickly.”

When it comes to Sri Lanka’s tourism recovery, Jamaldeen is hopeful. “Tourism is rebounding strong, we had 2.3 million tourists in 2023, and with the right infrastructure in place, there’s no reason we can’t reach 5 million tourists in the next couple of years,” he noted.

Jamaldeen also highlighted the importance of creating a more investor-friendly environment. He advocates for regulatory reforms that would streamline processes for both local and foreign investors, which would boost real estate development and overall economic growth.

Looking ahead, Jamaldeen is hopeful that Sri Lanka will prioritize policies that enable quicker development, improve tourism infrastructure, and create a regulatory framework that encourages investment. With the right support, he believes Sri Lanka can overcome its challenges and unlock its full potential.


“There’s Light at the End of the Tunnel” - Hardy Jamaldeen on Sri Lanka’s Economic Recovery

W15 Ambuluwawa, the latest property under the W15 Collection, is situated in the mountainous Ambuluwawa in Gampola, in the central hills of Sri Lanka. It brings a unique experience to the island's highlands. In an interview with HI Magazine, Executive Director and Co-Founder Hardy Jamaldeen shared the story behind this nature-focused retreat.

Jamaldeen named W15 Ambuluwawa as a “sensory explosion,” with the sights, sounds, and fresh mountain air leaving an immediate impact. The property, located within the Ambuluwawa biodiversity complex, aligns with W15 Collection’s approach—offering a high-end experience while preserving the environment.

Instead of constructing a new building, the team restored three existing structures in the Ambuluwawa Diversity Complex to blend seamlessly into the landscape. “We could have gone bigger, but we chose to keep it in tune with the mountain,” Jamaldeen said. The design makes full use of its setting, with floor-to-ceiling glass framing views of sunrises on one side and sunsets on the other. A cantilevered deck extends over the hillside, while an infinity pool offers a striking perspective of the surroundings.

W15 Ambuluwawa is more than just a place to stay—it is an experience. Guests can take guided hikes, climb the Ambuluwawa tower and enjoy mountain views up close, go birdwatching, or stargaze using high-tech telescopes. The property sources ingredients from local farmers, and in line with its eco-friendly focus, electric transport has been introduced to reduce noise and emissions. For a truly unforgettable experience, guests can also indulge in rooftop alfresco dining at the in-house Restaurant 360 by W15, offering views of the surrounding mountains while enjoying expertly crafted dishes.

Having opened last November,W15 Ambuluwawa has quickly become a destination for those seeking a quiet escape in nature. 

Bookings are available through ambuluwawa.w15.lk

W15 Ambuluwawa Brings Luxury to the Heart of the Mountains

![Hardy OnAlly copy](//images.ctfassets.net/gdw3chgtx8xp/29aF4LgQcRIF86rMV0F1m3/a0c61b5bfe3e6547b3ae7c22036ba4c9/Hardy_OnAlly_copy.jpg)

M.H. Jamaldeen, Managing Director of On’ally Holdings and Tharsini Sarveshwaran, Executive Director – Operations, share insights into the journey, growth and prospects of one of Colombo’s iconic landmarks, Unity Plaza.

__How has On’ally Holdings PLC’s journey evolved since its founding in 1982? And what key milestones have contributed to the company’s success in the real estate market in Sri Lanka?  __

In 1982, Mr On’ally Gulam Hussain founded On’ally Holdings, responding to the government’s initiative to redevelop key areas in Colombo. With an initial capital of Rs100 million, he embarked on a groundbreaking mixed-use project, which was truly transformative. At that time, the Sheraton area lacked shopping centres or mixed developments like Unity Plaza, Liberty Plaza, and later, Majestic City. These mixed-development projects later on would emerge as distinctive additions to Colombo’s urban landscape.

Unity Plaza was a pioneering effort in the realm of public-private partnerships with the Urban Development Authority (UDA). The UDA invested funds into the project, a collaboration that stands out given the rarity of such government investments today. The project was also closely linked to the Board of Investment (BOI), which provided tax incentives and other advantages to attract critical investments.

Without the invaluable support from these entities, Unity Plaza would never have become a reality. Over time, it evolved into a hub for various shops and offices, including government agencies, Janashakthi, and immigration offices. At one point, even the Western Province Governor’s office briefly operated from this location. Organically, IT retailers became the dominant presence in the retail segment over the years.

Recognizing Unity Plaza’s potential, Lanka Realty Investments leveraged our extensive property expertise as we set our sights on acquiring Unity Plaza. In 2020, we acquired a controlling stake of 51%, driven by our goal to replicate a successful strategy which we had implemented in the UK. This strategy involved strategically clustering retail tenants to create a mutually beneficial environment.

In Sri Lanka, there is a prevailing perception that neighbouring businesses are competitors. However, Lanka Realty aimed to break this mindset by creating an ecosystem where the presence of similar businesses attracted more customers, benefiting everyone involved. We planned to expand this model from the lower ground, ground, and first floor, which boasted the highest average rental income, to encompass five floors of retail.

To achieve this vision, we had to address a significant challenge: vertical movement within the building. The existing configuration featured only one escalator connecting the ground and first floor; forcing customers to navigate across the building and take elevators to access higher floors. This hindered the customer shopping experience journey within the retail centre.

Our solution was the installation of additional escalators to seamlessly connect all five retail floors. We had to reengineer the building design and overcome various structural challenges. The final result was successfully cutting through the building’s core to accommodate new escalators, significantly enhancing the overall shopping experience at Unity Plaza.

![Echelon-gray-Onally](//images.ctfassets.net/gdw3chgtx8xp/4EoHKLIy7vnQRAd6JrqC18/ebc21d3a3c40eecd4fb30d89ec57bc11/Echelon-gray-Onally.jpg)

*Tharsini Sarveshwaran, Executive Director – Operations*

__And going back to the point where you said that a predominant number of tenants are from the IT and computer industry. What do you think incentivized this majority of IT and computer retailers?__

In reality, tech and IT companies stumbled upon the fact that Unity Plaza had organically become the go-to destination for IT needs across the country, entirely by chance. People were naturally flocking here for IT services, and this realization led us to adopt a more structured approach through the implementation of scientific retail cluster design.

Through our market research, we discovered that approximately 60-65% of the country’s IT retail and distribution were centred at Unity Plaza. Our objective was to elevate this figure to 90%. To achieve this goal, we conducted in-depth research to identify the remaining 15-16 key players we needed to bring on board. Our approach was strategic, as we invited them to occupy vacant spaces in a targeted manner. Assessing each tenant’s potential rental capacity became a pivotal consideration, emphasizing the importance of unit sizing.

In line with our vision of Unity Plaza as a focal point for IT services, we made deliberate changes. We removed the outdated bookshop, which no longer aligned with our goals. We relocated Perera and Sons, placing a firm emphasis on establishing Unity Plaza as a dedicated destination for IT enthusiasts. For those seeking food options, we designated a separate food arcade on the second floor, catering to their needs without diluting the primary IT focus.

__What are your plans for this complex?__

Looking ahead, our vision for Unity Plaza expands to encompass the creation of a comprehensive ecosystem. Our plan involves repurposing upper floors by removing certain offices to make room for an auditorium. This auditorium will play a crucial role as a venue for tech launches and tech training, addressing the current shortage of suitable training spaces for both our home-grown start-ups as well as the international tech companies which operate in the market.

Additionally, we envision the introduction of an organized storage facility that will greatly benefit tenants with limited shop space. Our storage facilities will allow for efficient management of equipment and supplies through trackable software, ensuring that stocks are well-maintained and safe. This concept is designed to help reduce the costs associated with acquiring larger shop spaces solely for storage purposes.

In line with our ecosystem-building initiative, we have ambitious plans to establish IT training schools, providing further support for IT enthusiasts and professionals. We are also set to allocate an area within Unity Plaza for angel investors and startup businesses, offering affordable rents to promote the growth of new ventures. Our overall vision here is to provide the resources necessary to nurture, develop, and build the IT sector within the country. This sector is important for the future of Sri Lanka, and we want to do our part in nurturing a thriving ecosystem which pushes this.

Our ultimate objective is to attract young startups and entrepreneurs, fostering a dynamic and vibrant atmosphere within Unity Plaza. This approach benefits not only these startups but also draws in a diverse crowd of individuals who can contribute to and support the existing tenants.

Returning to the concept of retail clustering, we are meticulously organizing high-end gaming shops, computer and laptop retailers, repair shops, and accessory stores into specific designated areas. This strategic organization ensures that customers and visitors know precisely where to find what they need, greatly enhancing the overall shopping experience. The meticulous planning of retail clustering stands as a crucial and integral component of our overarching strategy. 

Unity Plaza: The OG Of The Tech Real Estate Market

Lanka Realty Investments Plc orchestrated an Rs.2.8 billion takeover move of  On’ally Holdings PLC, the owners of Unity Plaza and announced its arrival to the real estate industry while taking on a new look to elevate itself as a brand above the competition.

In stepping into a new era, Steradian Capital is excited to announce that Lanka Realty Investments PLC has evolved its brand and outlook to better communicate the trust and values inherent to the organization with a redefined and refined new logo along with the launch of the new website which was published in August 2022.

![Lanka Realty Investments PLC logo evolution rebranding](//images.ctfassets.net/gdw3chgtx8xp/6tXTEWL35vfRQwJhNI0nnd/cff97781c212eb824303b90bac187ec7/logo_evo.jpg)

*The new logo is two parts of the same circle where one sector represents the customer, and the other represents the company, and the union of these two sectors form a complete circle to illustrate the relationship between the two parties. The process of real estate is the result of an agreement with two parties coming together as one, which is represented by the two sections 'L' and 'R'.*

Each element was carefully designed to carry similar traits to the previous logo in order to illustrate the continuance of the success of the existing brand while encompassing a more modern take to illustrate what and how LRI PLC will provide its services and solutions in the future.

LRI PLC takes on a new look

Lanka Realty Investments PLC, subsequent to its acquisition of a 51% stake in On’ally Holdings PLC, is the the owner of Unity Plaza with the Urban Development Authority.

“We have now reinvested Rs. 400 million for this refurbishment adding several new features like a separate floor for storage, auditorium, and facilities for startups,” said Lanka Realty Investments PLC Chairman Hardy Jamaldeen. The facility has been expanded to include 5 storeys of retail space and 5 floors of modern offices, enhancing overall shopping and work experiences, whilst increasing the available floor space. Innovative additions like escalators and other modern amenities.

Presently, Unity Plaza is proud to serve 65% of the nation’s IT needs, with ambitious plans to expand that influence to command 90% of the market. “Our vision is in alignment with the government’s broader plans for modernization and repositioning Sri Lanka as a premier IT hub.” Unity Plaza represents something more than an IT mall; it is a landmark, an intrinsic part of Sri Lanka’s IT culture and the embodiment of a quest for trailblazing transformation. The roots of Unity Plaza date back to June 25, 1982, when On’ally Holdings Ltd was established. In 1991, the company made history by becoming one of the first public-private partnerships in Sri Lanka when it was listed on the Colombo Stock Exchange. It also demonstrates the true potential of public-private partnerships in driving success and innovation and during 1980. UDA also invested Rs. 25 million for the project.

Despite the challenges posed by the pandemic and the domestic economic environment, Unity Plaza has seen consistent revenue growth. From Rs. 201 million in 2020, revenues have climbed to Rs. 279 million in 2022, demonstrating the project’s success story, which continues to be written under a new chapter.

![11-7](//images.ctfassets.net/gdw3chgtx8xp/4Zvr1pCoaOYOQsSNSFfSXT/58250c02df85b0c6762c30afaa604ffb/11-7.jpg)

Unity Plaza to invest Rs. 400 Mn for refurbishment

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