Ocean View Development Company (PVT) LTD (OVDC) is a leading real estate and property development company in Sri Lanka, operating under the Ministry of Housing, Construction and Water Supply. As a 100% government-owned entity, OVDC is dedicated to shaping modern urban living through innovative, high-quality, and sustainable developments. Established in 1994 under the Companies Act No. 17 of 1982, OVDC was formed with the National Housing Development Authority (NHDA) and the Urban Development Authority (UDA) as its principal shareholders. The company re-registered in 2010 in compliance with the updated Companies Act No. 07 of 2007.
Headquartered at Tower Building, No. 25 ½, Station Road, Bambalapitiya, Colombo 04, OVDC continues to uphold its legacy as a trusted name in the Sri Lankan real estate sector. The company’s projects focus on enhancing the quality of life through well-planned housing, condominiums, and mixed-use developments that blend functionality, comfort, and modern design.
To enhance the quality of urban living by developing individual homes and condominiums with superior service standards, innovative design, and modern facilities — ensuring customer satisfaction, sustainability, and affordability.
We focus on delivering high-quality property development solutions, from modern residential and commercial projects to renovations, infrastructure, and urban planning. Our work is built on innovation, precision, and long-term value.
Our leadership remains committed to innovation, excellence, and lasting value. Together, we move forward with confidence, embracing continued progress, growth, and shared success across all our stakeholders.
MBA (UK) BCom (sp) (Kel)
Chairman / Managing Director
MBA (UK) BCom (sp) (Kel)
Chairman / Managing Director
General Manager
It is with great pride that I reflect on a year characterized by both challenges and remarkable achievements. I am pleased to report that our company achieved a 9% increase in revenue compared to 2023, a clear testament to our resilience, strategic direction, and the unwavering commitment of our dedicated team.
Recognizing the importance of delivering consistent value to our shareholders, the Board has proposed a dividend of 45% of the distributable profit for the year. This decision underscores our strong financial foundation and confidence in the company’s sustained growth trajectory.
Looking ahead to 2025, our focus remains on driving stronger revenue growth, enhancing profitability, and expanding our market presence. By leveraging digital marketing and technology-driven strategies, we aim to broaden project reach, deepen customer engagement, and position the company for long-term, sustainable success in an increasingly digital landscape.
I extend my heartfelt gratitude to my fellow and former Board members for their valuable insights and leadership, and to our employees for their dedication, professionalism, and hard work. I also wish to express my sincere appreciation to the Hon. Minister, the Secretary, and the Hon. Deputy Minister of the Ministry of Urban Development, Construction and Housing for their continued guidance and support. My special thanks also go to the Chairmen of the National Housing Development Authority and the Urban Development Authority for their trust and collaboration.
As we move forward, we remain steadfast in our commitment to innovation, excellence, and delivering lasting value to all our stakeholders. Together, we look ahead with confidence to another year of progress, growth, and shared success.
Thank you.
Rashmitha Liyanage MBA (UK) BCom (sp) (Kel)
Chairman / Managing Director
Dear Shareholders, Board of Directors, and Stakeholders,
It is with great pleasure that I present this message on behalf of Ocean View Development Company (Pvt) Ltd.
The year 2024 has been another remarkable chapter in our journey of growth and success. OVDC has continued to demonstrate strong financial performance, achieving a 9% increase in revenue compared to 2023, along with an impressive 39% growth in cash collections. As a result, we are pleased to announce a 45% dividend distribution from the distributable profit for the year.
Looking ahead, our goals for 2025 are both ambitious and attainable. We aim to achieve a 40% increase in revenue and an 85% increase in profit over the previous year. With the continued dedication of our team and the unwavering support of our shareholders and stakeholders, I am confident that these targets will be successfully realized.
I extend my sincere appreciation to our Board of Directors, the Ministry of Urban Development, Construction and Housing, our valued staff, and all stakeholders for their steadfast commitment and trust. Your contributions remain the cornerstone of our success.
Together, we look forward to another year of growth, innovation, and excellence at Ocean View Development Company (Pvt) Ltd.
Thank you.
Sincerely,
Eng.D.M.N.Vijitha Disawe
General Manager
Our team combines advanced knowledge of modern home design with cutting-edge construction innovation to deliver exceptional results.
MBA (UK) BCom (sp) (Kel)
CHAIRMAN / MANAGING DIRECTOR
(MBA , BMgt, CA. Intermediate Level)
DIRECTOR OVDC, CHAIRMAN NHDA
B.Sc.(B.E) M.Sc(Arch) F.I.A(S.L) Dep. Ur. Tr. (Sweden)
DIRECTOR OVDC ,
D.D.G DESIGN MANAGEMENT UDA
BSc(Eng.) Hons., C. Eng., MIE(SL) CIMA (UK), Green Accredited Professional - GBCSL, MSc.(Special Planning, Management & Design), AMITP (SL)
DIRECTOR OVDC
DIRECTOER (CITY PLANING) COLOMBO MUNICIPAL COUNCIL
MSc (UP), OBU (UK) | PGD (UP& Mgt) ITC, Twente (Netherlands)| B.Sc. EMV
(Sp), USJ (LK) | MITPSL
DDG (Planning), UDA
DIRECTOR OVDC
B.Sc Pysical Science,
HND in Power Engineering
D.D.G (Design) UDA
B.com.(special/Hons), CA finalist
Attonrny-at-Law, Notary Public, Registered Company Secretary Commissioner for Oaths
General Manager
We maintain globally recognized certifications that validate our commitment to quality, safety, and industry best practices. These accreditations reflect our dedication to delivering reliable, compliant, and high-standard solutions in every project.
Our Annual Report provides a clear overview of our progress, financial performance, and strategic direction.
Our Annual Report provides a clear overview of our progress, financial performance, and strategic direction.
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