Overseas Realty
Overseas Realty (Ceylon) PLC is a Sri Lankan listed property company known for developing and owning Colombo's World Trade Center and the Havelock City mixed-use complex.
Last updated August 31, 2026
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Overview
Overseas Realty (Ceylon) PLC is a Sri Lankan real estate development and property-owning company headquartered in Colombo. Established in 1980 and listed on the Colombo Stock Exchange in 1982, it is regarded as one of Sri Lanka's significant publicly traded property businesses. Its portfolio is centered on large-scale commercial, residential, and mixed-use developments in Colombo, particularly the World Trade Center Colombo and Havelock City. The company came under the control of Singapore-based Shing Kwan Group in 1991. Shing Pee Tao, who led the group, became a central figure in Overseas Realty's development and corporate history. Under this ownership, the company pursued landmark urban projects intended to support Colombo's emergence as a regional business and residential center. Overseas Realty's most prominent early project was the World Trade Center Colombo, a twin-tower commercial complex in the Colombo Fort area. Construction began with a groundbreaking ceremony in 1992, and the towers were formally opened on 12 October 1997. The opening was attended by Sri Lankan President Chandrika Bandaranaike Kumaratunga and Shing Pee Tao. On 15 October 1997, the complex was affected by an LTTE bombing attack that killed 17 people, including 12 perpetrators, and injured approximately 100 others. The towers were subsequently restored and recommissioned in June 1998. The incident became part of the history of the property and of Colombo during Sri Lanka's civil conflict, rather than a corporate scandal involving Overseas Realty. The company's other defining development is Havelock City, a large mixed-use project in Colombo incorporating residential, commercial, and associated urban amenities. Groundbreaking began on 18 May 2004. The project was described as the largest mixed-use development undertaken in Sri Lanka at the time. Its fourth and final development phase was completed in August 2021. Mireka Tower, a 50-storey commercial building within the Havelock City site, reached structural completion in August 2020. Overseas Realty's business model combines development activity with ownership and operation of income-generating real estate. Its portfolio has included office and commercial space, apartments, and mixed-use property. In the third quarter of 2021, the company reported revenue of LKR 1.97 billion, of which LKR 1.3 billion came from apartment sales, according to the cited reference material. These figures are period-specific and should not be treated as current financial guidance. The company has also appeared in Sri Lankan capital-market and business rankings. It was included among the constituents of the S&P Sri Lanka 20 Index until the index rebalance at the end of 2020. It was ranked in the LMD 100 for fiscal year 2019/20, moving 17 places to number 76. Shing Kwan Group was reported to hold 61% of Overseas Realty's shares. Leadership changed after Shing Pee Tao died on 24 September 2021. Ajit Jayaratne was appointed chairman on 27 October 2021. Hussein Cassim, who had served on the board from 1991 until his death on 20 September 2020, was the company's former deputy chairman. The available reference material does not establish a current executive roster, a current website, or a current stock ticker, so those details are left unspecified.
History
Overseas Realty (Ceylon) PLC was incorporated in Sri Lanka in 1980 and entered the Colombo Stock Exchange in 1982. Its later identity was shaped by the acquisition of the company by Shing Kwan Group, a Singaporean investment company led by Shing Pee Tao, in 1991. The change in ownership supported the development of large Colombo property projects and established a long-term connection between Overseas Realty and landmark urban real estate. The company's first major signature development was World Trade Center Colombo. Groundbreaking took place in 1992, and the twin commercial towers were inaugurated on 12 October 1997 by Sri Lankan President Chandrika Bandaranaike Kumaratunga and Shing Pee Tao. Three days later, the complex was struck by an LTTE bombing during Sri Lanka's civil conflict. The attack killed 17 people, including 12 of the perpetrators, and wounded approximately 100 others. The towers were restored and recommissioned in June 1998. This event is a significant part of the property's historical context, but the available sources do not identify it as a corporate scandal or misconduct matter involving Overseas Realty. In 2004, Overseas Realty began Havelock City, a major mixed-use development in Colombo. Groundbreaking occurred on 18 May 2004. The project combined residential and commercial components and was described in the reference material as the largest mixed-use development undertaken in Sri Lanka. Its development continued through multiple phases. Mireka Tower, a 50-storey commercial tower on the Havelock City site, topped out in August 2020. The fourth and final phase of Havelock City was completed in August 2021. Overseas Realty's operations have therefore extended beyond one-off construction into the development, ownership, leasing, and commercialization of major property assets. Apartment sales were an important source of revenue during the period covered by the reference material: in the third quarter of 2021, the company recorded LKR 1.97 billion in revenue, including LKR 1.3 billion from apartment sales. The company was also included in the S&P Sri Lanka 20 Index until the end-of-2020 index rebalance and appeared in the LMD 100 ranking for fiscal year 2019/20 at number 76 after moving up 17 positions. Corporate continuity has included changes in senior leadership. Hussein Cassim served on the board from 1991 until his death in September 2020 and was the former deputy chairman. Shing Pee Tao, the company's chairman, died on 24 September 2021. Ajit Jayaratne became chairman on 27 October 2021. The cited material reports that Shing Kwan Group held 61% of the company's shares. Information about current management, recent financial performance, and the company's current website or ticker is not established by the supplied sources.
- 2021
Final Havelock City phase completed
[1]The fourth and final phase of Havelock City was completed in August.
- 2021
Chairmanship changes
[1]Following Shing Pee Tao's death in September, Ajit Jayaratne was appointed chairman in October.
- 2020
Mireka Tower tops out
[1]The 50-storey commercial tower at Havelock City reached structural completion in August.
- 2004
Havelock City begins
[1]Groundbreaking for the Havelock City mixed-use development commenced on 18 May.
- 1998
World Trade Center Colombo recommissioned
[1]The towers returned to operation in June 1998 after restoration.
- 1997
World Trade Center Colombo opens
[1]The twin towers were formally opened on 12 October 1997.
- 1992
World Trade Center Colombo construction begins
[1]Groundbreaking took place for the company's landmark twin-tower commercial project.
- 1991
Acquisition by Shing Kwan Group
[1]Shing Kwan Group acquired Overseas Realty and became its controlling shareholder.
- 1982
Colombo Stock Exchange listing
[1]The company was quoted on the Colombo Stock Exchange.
- 1980
Company incorporated
[1]Overseas Realty was established in Sri Lanka.
Products and positioning
A major Sri Lankan listed property developer and owner focused on landmark Colombo commercial, residential, and mixed-use real estate.
Commercial real estate · 1997
World Trade Center Colombo
A landmark twin-tower commercial complex in Colombo developed and owned by Overseas Realty. Construction began in 1992 and the property opened in October 1997. After being damaged in an LTTE bombing in October 1997, the towers were restored and recommissioned in June 1998. The project remains the company's best-known commercial property asset in the supplied reference material.
Mixed-use real estate · 2004
Havelock City
A large-scale Colombo mixed-use development combining residential and commercial components. Groundbreaking began in May 2004, with construction delivered through several phases. The fourth and final phase was completed in August 2021. The project is described in the reference material as the largest mixed-use development undertaken in Sri Lanka.
Commercial real estate · 2020
Mireka Tower
A 50-storey commercial tower located within the Havelock City development. The tower reached its top-out stage in August 2020 and forms part of Overseas Realty's expansion of Colombo's large-scale office and mixed-use property stock.
Brand decisions
2004
Expand into large-scale mixed-use developmentStrategyBackground
The company sought to develop a major urban project in Colombo combining residential and commercial uses.
Action taken
Overseas Realty commenced Havelock City, a multi-phase mixed-use development.
Aftermath
The project progressed through four phases, with the final phase completed in August 2021 and Mireka Tower topping out in 2020.
1992
Develop the World Trade Center ColomboProduct launchBackground
Overseas Realty pursued a landmark twin-tower commercial development in Colombo.
Action taken
Construction of the World Trade Center Colombo began with a groundbreaking ceremony.
Aftermath
The towers opened in 1997, were damaged in an LTTE attack shortly afterward, and were recommissioned in 1998 following restoration.
1991
Accept acquisition by Shing Kwan GroupM&ABackground
Overseas Realty was acquired by Singapore-based Shing Kwan Group, led by Shing Pee Tao.
Action taken
Control of the listed Sri Lankan property company passed to Shing Kwan Group.
Aftermath
The acquisition preceded the company's development of the World Trade Center Colombo and Havelock City.
Sources1 sources
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