Elephant Vast Resort invests Rs. 2 Bn in luxury villa project in Pinnawala

Marking a major milestone for both the hospitality industry and the regional economy, construction has commenced on Elephant Vast Resort — the first luxury boutique apartment-cum-hotel complex in the Pinnawala area.

Representing an investment of over Rs. 2 billion, the project stands as the largest private-sector leisure and real estate venture in the region.

The main investor, Dr. H. Ratnayake, has allocated a 14.5-acre site for the development and has already invested approximately Rs. 300 million to initiate construction.

Project Consultant and Chairman of Ariel Assets Real Estate Development Strategies, Architect Ranga Soysa, said the first set of apartments is expected to be completed by the end 2026.

“Although many tourists visit Pinnawala, only a few stay overnight. Our goal is to extend average guest stays to around seven nights through the introduction of traditional wellness and rejuvenation packages,” Soysa explained.

The development will feature three categories of single-block luxury villas that can be purchased outright or leased to guests seeking wellness-focused experiences. The project will also include 60 villas and a 30-room boutique hotel, combining contemporary luxury with sustainable, eco-friendly architecture.

Marketing have already commenced in collaboration with Dr. Prem Jagyasi, a Chartered Consultant in Medical Tourism and Global Healthcare based in India, along with a UAE-based real estate firm.

“We have already sold about 30 apartments, including 12 to foreign investors,” Soysa noted.

Beyond tourism and to promote Sri Lankan culture, the team also plans to host a series of cultural events, reviving traditional arts and folk performances. The first such event was held at the Fort Railway Station on Sunday.