Sri Lanka, Jan. 24 -- Sri Lanka's most ambitious urban development project reached a critical execution milestone, as construction officially commenced on the first residential development within Port City Colombo. The milestone marks the transition of the country's flagship Special Economic Zone (SEZ) from regulatory readiness to active private-sector delivery.

The project, Bay One Residences Colombo, is being developed by ICC Port City (Private) Limited, an entity established by International Construction Consortium (Private) Ltd. (ICC), one of Sri Lanka's most established and experienced construction companies with a long track record of delivering complex, large-scale developments to international standards. The development represent...