Finding a plot of land in Colombo 7 is no easy task. The area, long considered Sri Lanka’s most exclusive and sought-after neighbourhood, offers very little land for sale. When it does become available, the prices are so high that only a few can afford to come close. Yet, in the midst of scarcity and soaring costs, a recent transaction at Thummulla Junction has set a new record as the largest land deal ever recorded in the country.
A leading property development company has purchased an acre of land at Thummulla Junction for Rs. 450 crores, or Rs 4.5 billion, with each perch valued at nearly Rs. 30 million. The company intends to construct a luxury apartment complex on the site, reflecting the growing demand for high-end residential spaces in Colombo 7.
Thummulla Junction, a location already known for housing the Sri Lanka headquarters of the United Nations and several prestigious institutions, has now gained further recognition as the site of the most expensive land sale in the nation’s history.
The intermediary behind this remarkable deal is Malik Zaveer, the owner and Managing Director of Estate Lake Real Estate. Speaking about the transaction, Malik said it stood out even in a market accustomed to high-value exchanges. “This was a very special transaction,” he said. “The seller, the buyer, and I all knew each other personally, so there was a great deal of trust from the start. The buyer was Home Lands Company, owned by my friend Nalin Herath, and the seller was also a close acquaintance. Usually, when buying land in Colombo, especially bare land, there can be issues with title deeds or ownership disputes. But in this case, both parties were reliable, and the entire process went through smoothly. My company handled the coordination, and that’s how the biggest land deal in Sri Lanka was completed.”
Although the figures involved were extraordinary, Malik described the process as straightforward, built on mutual trust rather than lengthy negotiations.
What makes the story more striking is that Estate Lake Properties has been operating for only two years. Before entering the property market, Malik Zaveer spent more than two decades in Australia. “I lived in Melbourne from 1999 to 2023,” he said. “I had Australian citizenship, but I wanted to return to Sri Lanka and start something meaningful. I noticed that many Sri Lankans living abroad were keen on investing in property back home, especially apartments. That gave me the idea to launch a real estate business once I returned.”
Armed with dual citizenship and a strong network of contacts both locally and internationally, Sawir established Estate Lake Real Estate. Although the company is relatively young, its connection to real estate stretches back many years. His mother has been in the property business for almost five decades, and he believes growing up surrounded by discussions about land transactions naturally led him into the same field.
Malik’s business experience, however, began long before real estate. Born in Nawalapitiya and raised in Dehiwala, he studied in Colombo before attending St. Thomas’ College, Guruthalawa.
“I started my first car sale when I was 18,” he said. “My mother gave me the money to buy my first vehicle, and I grew the business from there, eventually setting up a car sales outlet in Borella. Later, I decided to move to Australia to explore new opportunities.”
In Melbourne, he expanded his ventures by running a car sales operation and a courier and delivery service for the Australian Postal Service. “We had about 150 employees and a fleet of vehicles,” he said. “The business ran successfully for many years before I decided to close it and return to Sri Lanka.” He also briefly ventured into politics, contesting the 2022 Victoria parliamentary election. Although he narrowly lost, he decided to step away from politics and return to full-time business.
Back in Colombo, he has immersed himself in the country’s real estate market, observing trends and handling major property transactions. From his office at a leading hotel in Colombo, he explained that despite economic challenges, demand for prime land and luxury apartments remains strong.
“Areas like Colombo 7, 3, and 5 still attract serious buyers,” he said. “Even with currency fluctuations and rising construction costs, people continue to see property as a secure investment. Many Sri Lankans living abroad want to own something back home; it gives them a sense of belonging and stability.”
Zaveer believes the record-breaking sale at Thummulla Junction is more than just a headline-grabbing transaction. To him, it reflects confidence in Colombo’s property market and signals future growth. “This deal shows where the market is heading,” he said.
“There’s still a lot of potential in Colombo real estate, and investors who act wisely will continue to benefit. The Thummulla sale is just the beginning of a new phase in Sri Lanka’s property story.”
With an acre of land at Thummulla Junction now valued at Rs. 450 crores, Colombo’s property market has reached unprecedented heights, a clear indication that, even amid economic uncertainty, the demand for prime real estate remains as strong as ever.
