FINANCIAL CHRONICLE – ICC, an engineering and construction group, has launched Bay One Residences Colombo, an apartment project located in Sri Lanka’s China-backed Port City special economic zone, according to a statement.
The project features apartments with prices starting at 500,000 US dollars. These units range in size from one bedroom (68 to 72 square meters) to four bedrooms (306 to 515 square meters).
Bay One Residences is the first residential development in the dollarized zone, an area reclaimed from the sea by China Harbour Engineering Group.
Recently, Sri Lanka’s parliament passed legislation outlining the tax rates for businesses operating within the Colombo Port City.
Currently, Sri Lanka has high-income tax rates set at 30 percent, which are higher than the rates in East Asian countries with monetary stability, where rates are around 20 percent or less. (Colombo/Jan22/2026)
