Shangri-La Asia’s Colombo real estate — the One Galle Face shopping mall and One Galle Face Tower luxury apartments and commercial space — posted a full-year profit of US$14.2 million in 2025, up 173 percent from $5.2 million the year before, the Hong Kong-listed group disclosed and the Sunday Times reported.
Revenue from the investment properties rose to $28.4 million from $24.5 million in 2024. The group’s Sri Lanka hotel portfolio separately generated $8 million profit on revenue of $41 million, reversing a $2 million loss in 2024 and a $1.9 million loss in 2023.
Luxury apartment sales in Colombo contributed to a broader turnaround in Shangri-La Asia’s real-estate business, which delivered profit of $15.1 million group-wide against $400,000 in 2024. Real-estate revenue jumped more than 304 percent to $9.3 million, driven by property sales in Colombo and Dalian, China. The company did not disclose how many apartments were sold in Sri Lanka.
The Residences at One Galle Face list units of 1,700 to 3,400 square feet and larger; a penthouse was once marketed above Rs. 1.5 billion. Commercial and office occupancy in Colombo continued to rise with rents stable, and the group’s Sri Lanka investment property assets are now valued at $206.8 million — more than the hotel assets.
Shangri-La Asia’s Sri Lanka hotels saw occupancy improve to 46 percent from 39 percent, although the average room rate fell to $143 from $162. The Sri Lanka turnaround helped lift the group’s global hotel income by 28 percent to $90 million.
Bermuda-incorporated Shangri-La Asia’s group attributable profit fell 30 percent to $112.3 million on consolidated revenue of $2.2 billion, with losses deepening in mainland China, Japan and Thailand.
