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Jones Lang LaSalle Incorporated : Jones Lang LaSalle Launches Comprehensive Real Estate Services in Sri Lanka

04/24/2012 | 10:19pm US/Eastern

SINGAPORE,  25 APRIL 2012 - Jones Lang LaSalle, (NYSE:JLL), the global financial and professional services firm specializing in real estate, is underscoring the launch of fully-fledged operations in Sri Lanka with a new incisive thought leadership report on the country's real estate potential. 

Report Highlights:

Investment grade office stock in Colombo is expected to multiply 2.4 times in the next 4-5 years. The IT/ITES sector is expected to generate additional demand of 7 million square feet of office space between 2012-2015.
  • Colombo has limited options in 'experience retailing' with major shopping malls constructed nearly a decade ago. At least two to three large, fully facilitated shopping malls are to be constructed in Colombo in the next 4-5 years.
  • Villas and plotted developments to be pushed even further out of the city centre as land becomes more expensive and to be replaced by residential towers in various city locations.
  • Rising land prices in central Colombo will cause leapfrogging of real estate developments. Developers are advised to explore integrated IT parks with office, retail and residential developments in suburban locations.
  • The expected surge in tourism will require a near doubling of hospitality infrastructure in the coming years. 22,500-25,500 hotel rooms or 375-425 hotels need to be constructed during the next five years to meet the projected annual demand from tourists.

    "Our report confirms Sri Lanka as an attractive and emerging investment destination in the Asia-Pacific region; these are the factors that led to our decision to enter this booming real estate market", said Alastair Hughes, CEO - Jones Lang LaSalle Asia Pacific. "Sri Lanka is an extremely promising market for organized commercial, residential and retail real estate services. The country has been on a strong growth trajectory since the re-establishment of political stability."

    Jones Lang LaSalle has been working in close conjunction with key stakeholders in the Sri Lanka property market since 2005, through its operations in India. By establishing its presence in Colombo, the firm is now geared to serve Sri Lankan investors, developers, local corporates and multinational companies with a comprehensive range of services including research, analytics, valuations, transactions, project and development services, property and asset management, integrated facilities management and real estate capital markets across the office, hotel, land, industrial, retail and residential sectors.

    "Globally, our services are driven by research, uncompromising client-focus and proven business models," commented Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India. "We employ the best people in the business in the countries that we operate in and specifically train them to deliver the highest value to our clients. Sri Lanka is a major focus for us, and we are deploying our global expertise and resources to become a single source provider of real estate solutions in the country."

    Gagan Singh, Chairperson, Sri Lanka Operations said: "We already have half a million square feet of quality real estate under management in Sri Lanka, with clients ranging from leading residential developers to IT firms, as well as a mandate for leasing and related transactions with a key multinational banking and financial services client. Our aim is to combine local market knowledge with our access to a global network of multinationals and capital sources, to provide Sri Lankan corporates, government agencies and global clients with superior advice and execution to deliver efficiencies that will transform their real estate portfolios, and to raise capital for real estate assets."

    Jones Lang LaSalle has analysed past and present real estate growth trends, taking into account Sri Lanka's demographic and socio-economic characteristics. The report presents a compelling and convincing picture of a country whose real estate market has taken massive strides forward in a very short time. It outlines Sri Lanka's growth corridors in Colombo, the factors that drive its commercial, residential and retail real estate markets and the catalysts of the country's rapidly expanding hotel industry.

    - ends -

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