Minoli Wickramasinghe, the CEO and Managing Director of Capital Trust Properties (Pvt) Ltd, and Executive Director of Capital Trust Holdings, stands at the forefront of Sri Lanka’s dynamic real estate landscape. Under her leadership, Capital Trust Properties has consistently distinguished itself as a leader in the industry, despite the numerous challenges that have shaped the sector in recent years.
A Journey of Resilience and Innovation
Founded in 2010 by Minoli Wickramasinghe with a modest team of two, Capital Trust Properties has grown exponentially, becoming the largest real estate transactional and advisory company in Sri Lanka. The company’s growth trajectory has been remarkable, marked by its steadfast commitment to professional excellence and innovative service delivery.
Capital Trust Properties operates as the local transactional arm for global real estate giants like Knight Frank, CBRE, and Colliers in Sri Lanka. This collaboration underscores the company’s expertise and its ability to navigate the complexities of the local real estate market.
Overcoming Challenges with Strategic Foresight
The journey of Capital Trust Properties has not been without obstacles. The economic setbacks following the Easter attacks, the impact of COVID-19, and fluctuating tax policies and interest rates posed significant challenges. However, the company’s lean and efficient structure enabled it to guide clients through these tumultuous times with timely investment decisions.
Minoli’s leadership was instrumental in achieving the highest turnover in residential and commercial sales during these challenging periods. The company’s employees, often multitasking in roles similar to international firms, have been crucial to this success, demonstrating resilience and adaptability.
Embracing Technology and Expanding Services
Capital Trust Properties has embraced technology, digitalizing a majority of its services to enhance stakeholder experiences. The company has also expanded into property valuations, employing the industry’s most qualified experts to provide comprehensive and accurate assessments.
The onset of COVID-19 tested the company’s agility, but it swiftly transitioned to remote work, a flexibility that has since become integral to its operations. This adaptability has allowed Capital Trust Properties to expand into new ventures, such as short-term stays, further solidifying its position in the market.
Recognitions and Milestones
Minoli Wickramasinghe’s leadership has been recognized with several prestigious awards, including the “Leadership in Real Estate and Construction” award at the 2023 Women in Management (WIM) awards. Her entrepreneurial journey as a woman has been celebrated internationally, highlighting her significant contributions to the industry.
Capital Trust Residencies, the company’s property development arm co-founded by Minoli and her husband Tushan Wickramasinghe, has also garnered international recognition. The company has received multiple awards, including Best Boutique Developer and Best Condominium for its three apartment complexes: Capital Trust Residencies Thimbirigasyaya, Capital Trust Residencies Vajira Road, and Capital Trust Residencies Fortress.
The Future of Real Estate in Sri Lanka
Minoli Wickramasinghe is optimistic about the future of real estate in Sri Lanka, despite the significant challenges the sector faces. The industry has been affected by import restrictions, increased project financing costs, and stalled bank lending, exacerbated by inflation, which alone boosted construction costs by 150%.
The real estate sector also suffers from a lack of refinancing options and previously sky-high interest rates. While rates are now declining, the repercussions of the earlier rates continue to impact the industry. The stark construction shortfall, especially in residential housing, highlights the urgent need for more development to meet the growing population’s demands.
Addressing Policy Challenges
To address these challenges, Capital Trust Properties has been proactive in advocating for policy changes. The company has urged the government to re-evaluate the hefty taxes imposed on the property sector, which have significantly hampered economic growth. This advocacy is crucial to stimulating demand and encouraging multinational development collaborations.
A Vision for Sustainable Growth
Capital Trust Properties continues to flourish, partnering with global real estate giants and assisting commercial landlords in leasing endeavors. The company’s end-to-end services, from initial property due diligence to evaluating the perfect fit, have made it a trusted name in the industry.
Minoli Wickramasinghe envisions Capital Trust Properties as a regional beacon in real estate transactions and advisory. The company’s professionalism, impartiality, and ethical standards have fostered a vast network of collaborations, making it a preferred partner for reputed commercial and residential developers.
