“Blue Ocean Group stands the test of time”

As a key player, contributing to various labour, raw material and manufacturing supply chains and one of the largest job providers in Sri Lanka, the construction industry contributes 7.1% of GDP, employing over 600,000 workers.

Despite the global economic downturn the world is facing across all industries and the resulting shaken optimism in the real estate and construction sector, the Colombo District Land Valuation Indicator (LVI) has recorded an overall growth rate of 6.8% in the first half of 2021.

Challenges

The sky hasn’t always been rosy. In the face of the many hurdles the pandemic has thrown at the global economy, the construction and real estate sector has also experienced stifling challenges that have caused many smaller players to drop out of the game.

Many others have developed a high-risk “hit and run” approach with their projects due to resource scarcity posing a significant threat to the safety and well-being of their clients and the general public.

But a handful of established players in the market have managed to hold the fort during the most tumultuous years, understanding what less experienced players don’t understand – that quality and safety are not things you can do over. compromises, even in times of trouble.

The Blue Ocean Group, with its decade-long experience and expertise acquired with iconic projects over the years, is one of those entities that has stood the test of these difficult times, producing a successful project after the another during these difficult years.

Like a number of other sectors, the real estate industry was unprepared for the wrath of the pandemic. However, after the second wave, the sector was better armed and showed remarkable resilience. Although all new projects were stalled due to lack of resources and other limitations, the demand was higher.

Last year was definitely a game-changer not only for the real estate and construction industry, but for the whole world in general. As the world’s largest vaccination campaign gathered momentum, public confidence grew and the ensuing enthusiasm across most sectors set the stage for encouraging momentum. The 2022-23 financial year is now seen as the turnaround year for the construction industry.

Growth in the construction sector has mainly been represented in the construction of hotels and resorts, infrastructure, high-end residential and commercial spaces since 2010, slowing considerably during the pandemic, but gradually picking up in early 2021 .

The turnover of the construction sector is estimated at 4.3 billion dollars per year.

According to some estimates, it is expected to reach US$10.5 trillion by 2023. Large-scale infrastructure projects are already in the pipeline with the government’s determination to increase the construction sector’s contribution to GDP by about 8 to 10% and the major port city development project. paves the way for large-scale construction work for the country, also encouraging foreign investment.

The government, under the aegis of the Ministry of Urban Development, is currently working to implement its vision of radical modernization of urban infrastructure in and around Colombo using innovative technology to propel it to the status of a “developed nation in high income” by 2030.

About Jessica J. Bass

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