Colombo, Sri Lanka — In what is now considered the highest price ever recorded for a land purchase per perch in Sri Lankan history, Home Lands Group has acquired a prime parcel of land in the heart of Tumulla Junction, Colombo, paying approximately Rs. 29 million per perch.
The landmark transaction, exceeding Rs. 4.5 billion, involves a land area close to one acre and is tied to the company’s latest luxury real estate venture — Pentara Residencies Tumulla.
“This is the highest value ever paid for a perch of land in a single transaction in Colombo’s real estate history,” Home Lands stated in an official release, underscoring the premium nature of the site and the strategic importance of the upcoming project.
According to the company, the land was secured specifically for the launch of Pentara Residencies, a dual-tower residential complex set to rise 40 storeys into Colombo’s skyline. The development, positioned at a highly sought-after intersection in the city, is expected to redefine urban luxury living in Sri Lanka’s capital.
The ambitious project is being developed with the backing of Hatton National Bank (HNB) and is classified as a Board of Investment (BOI) approved initiative, reflecting a significant level of investor confidence.
With demand for high-end vertical living on the rise in central Colombo, industry analysts say this transaction sets a new benchmark for land value, not only signalling investor confidence in Sri Lanka’s recovering real estate sector but also placing Tumulla on the map as one of the most coveted addresses in the capital.
Construction timelines and sales plans for Pentara Residencies are expected to be unveiled in the coming weeks.
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