The reputation precedes the name of the construction and real estate giant
Being a key player, contributing in various supply chains from labour, raw material and manufacturing and one of the most significant employment providers in Sri Lanka, the construction industry contributes 7.1% to the GDP of the country, employing more than 600,000 workers. Despite the global economic slowdown faced by the world across all industries, and the resulting dented optimism within the real estate and construction sector, the Colombo District Land Valuation Indicator (LVI) reported an overall 6.8% growth rate in the first half of 2021.
The skies haven’t always been rosy. Dealing with the many hurdles that the pandemic has thrown at the global economy, the construction and real estate sector too has undergone 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 the scarcity of resources which poses a significant threat to the safety and the wellbeing of their customers and the public in general. But a handful of established players in the market have managed to hold down the fort during the most tumultuous years, understanding what less seasoned players do not – that quality and safety are not things that one can compromise, even at troubled times. The Blue Ocean Group with its decade old experience and expertise garnered with iconic projects over the years, is one such entity that has withstood the test of these trying times, churning out one successful project after another amidst these challenging years.
The future looks bright for the construction industry
Like a number of other sectors, the real estate industry was not prepared for the wrath of the pandemic. However, following the second wave, the sector was better geared and showcased remarkable resilience. While any new projects were stalled due to the lack of resources and other limitations, the demand was higher.
2021 was a definite game changer for not only the real estate and construction sector, but the entire world in general. As the world’s largest vaccination drive gained momentum, the confidence among the public grew and the enthusiasm that followed in most sectors paved way for an encouraging boost. The financial year 2022-23 is now seen as the turnaround year for the construction industry.
The growth in the construction sector has mostly been portrayed in hotel and resort construction, infrastructure, high-end residential and commercial spaces since 2010, slowing significantly during the pandemic, but picking up gradually by the beginning of 2021. The turnover of the construction sector is estimated at $4.3 billion annually. According to some estimates, it is expected to reach US$ 10.5 trillion by 2023. Large scale infrastructure projects are already in the pipeline with the government’s determination to increase the construction industry’s GDP contribution to roughly 8-10% and the momentous Port City development project paves the way for some large scale construction tasks for the country, also encouraging foreign investments. In addition, the government, under the Ministry of Urban Development, is currently employed in executing its vision of radically modernizing urban infrastructure in and around Colombo by utilizing innovative technology to propel it to ‘high income developed nation’ status by 2030. While there are many local and international players in the market today, taking advantage of the nation’s booming construction and real estate sector, the Blue Ocean Group with its illustrious decades-long portfolio, stands tall as one of the founding fathers of the industry, a trusted real estate partner to the public and a steadfast pillar of the community.
The Blue Ocean Group – over and beyond quality, integrity and safety
Guided by the strategic leadership of its chairman Mr. Sivarajah Thumilan, the Blue Ocean Group continues its commitment to Integrity, Quality, Discipline, Flexibility, Safety and Service throughout the troubling years. Sailing through the many years of hardship brought upon the industry by the global pandemic with the industry acumen and experience gathered throughout the years, the Group is well geared to provide to the needs and wants of the different social groups and in the long run, support the government in its quest for self-sufficiency even amidst the crippling hurdles thrown by the pandemic and the global economy.
The Group maintains its position by playing to its strengths and reshaping its strategies with utmost fluidity, including investing in markets where the government is committed to long-term infrastructure programmes and choosing to exclude regions and sectors which cannot provide profitable, low risk growth. It is due to the dexterity of its strategic leadership that the Blue Ocean Group has been able to continue its policy of offering quality apartments at reasonable prices to the general public and to foreign investors, with relative ease.
The Group’s priority is executing their already strong order book which is foreseen to drive attractive cash generation and returns in years to come, providing the group a strong foundation to stand on, despite the challenging times. Their sturdy foundation built on many years of trust, dedication, loyalty and steadfastness is what helps them stand strong even at the face of the storms that an unstable economy brings.
The Blue Ocean Group will be commencing work on a few state of the art high rise projects in De Seram Road, Piliyandala and in Havelock Place within the coming months, further establishing their place in the construction industry as real estate trailblazers. Keeping true to their vision “To be the most highly respected and ethical company in the industry”, the Group stands in stark contrast to unscrupulous builders with their lackdaisical approach to projects, affected by the lack of qualifications, competent staff, sufficient experience, finances or access to good quality building materials brought on by the pandemic which in turn results in higher cost and time over-runs, culminating with customer disappointment.
Link Engineering – a distinguished portfolio
Spanning over four decades, Link Engineering, a subsidiary of Blue Ocean Group of Companies, is a household name in Sri Lanka and is one of the first few construction companies in the country with a distinguished portfolio of remarkable projects under its belt. The company concluded a number of prominent projects within the past year, leaving a trail of stupendous construction landmarks in its wake.
One of such projects is the Faculty of Engineering Technology and Bio System Technology of University of Jaffna, Ariviyal Nayar Kilinochchi. This is the largest building of the university, distinguished by its excellent craftsmanship and elegant finishes that come with a number of state of the art amenities and facilities, carefully crafted at the apt hands of Link Engineering experts.
The company is now ready to hand over the Pellakelle Dancing School building in Kandy, a high Impact Community Development Project (HICDP) that entails construction of a training school building, multi-purpose hall and the supply of furniture, office equipment, musical instruments, and other equipment. This project is yet another manifestation of the continued commitment of the Government of India to enhance the strong religious and cultural links that bind the people of Sri Lanka and India.
While also completing work on the Ministry of Water Supply National Water Supply & Drainage Board building, Link Engineering will also be handing over the eight storied building for the Clinical Department, Faculty of Medicine of University of Jaffna. This is the tallest building in the Jaffna town and valued at LKR 644 million.
Striving for excellence
The Group’s dedication to build, maintain, protect and enhance their reputation as the most ethical, efficient, and trusted company among their employees, clients, customers, supply chain partners, investors, and the community at large has safeguarded their position in the market as pioneers and in the industry, while their robust approach to corporate responsibility, has ensured delivery of the highest quality within budget. Their foundation is a sturdy one built over many years of loyalty, trust and steadfastness which helps them stand tall despite the uncertainty of the recent times.
Implementing and using environment friendly material and constant market monitoring for the most cost effective solutions to meet and exceed customer expectations, the Group dedicates its resources to ensure high quality of product and service delivery through constant monitoring in order to deliver a high quality, consistent customer experience. Further, being attuned to the industry, the Group is committed towards developing insight into future trends, behaviors and expectations of customers to be better prepared, in order to always deliver best in class products despite challenges and shortages that these unprecedented times will bring. The promise that the Blue Ocean Group builds to last has over the years become a statement written in stone, owing to the Group’s reputation as the country’s trusted real estate and construction partner for many a decade.