The Page family-controlled CT Land Development PLC is eyeing a major comeback for its flagship property Majestic City, targeting a 90 percent occupancy rate by the middle of the next financial year, following a sweeping modernisation project.
Despite taking a severe short-term hit to its top-line revenue, the strategic revamp has already driven a staggering 251.2 percent surge in net profit to Rs.684.4 million for the financial year ended March 31, 2026.
For over three decades, Majestic City stood as a defining pillar of Colombo’s retail and entertainment sector. However, the city’s mall landscape has transformed dramatically over the past decade.
The entry of colossal, mixed-use developments such as Colombo City Centre and Shangri-La’s One Galle Face injected fierce international competition into the market. These sprawling modern giants introduced curated global brand mixes, high-end food courts and premium entertainment tiers, fundamentally altering consumer expectations and forcing legacy establishments to evolve aggressively to retain their market share.
In a direct response to this shifting competitive environment, CT Land Development undertook an extensive refurbishment to reimagine the iconic mall.
“This year marks a significant milestone in the company’s journey with the successful completion of the comprehensive refurbishment and modernisation of the Majestic City Shopping Complex,” CT Land Chairman Louis Page stated in his annual review.
The extensive transformation required temporary sacrifices, impacting the company’s core operations.
Operating revenue plunged 45.9 percent to Rs.283.2 million during the year. This decline was primarily attributed to the temporary closure of substantial sections of the mall, including the shutdown of all retail outlets on Levels 1 to 3 from November 02 to December 12, 2025.
To support the affected tenants during the construction phase, the company granted significant rental concessions ranging from 20 percent to 100 percent.
Yet, the project’s completion seems to have unlocked substantial capital appreciation, shielding the company’s bottom line.
The investment property’s fair value surged to Rs.9 billion, generating a massive gain of Rs.1.44 billion. This revaluation effectively offset the operational revenue dip, underscoring how timely capital investments can anchor a firm’s balance sheet during transitional phases.
The revitalised Majestic City now boasts a modernised infrastructure and a refreshed tenant mix designed to rival newer market entrants. Key additions include a large-format department store, an expanded children’s play area and the highly anticipated reopening of the Platinum cinema, which now features South Asia’s first Tricorne Premium 4K LED screen and a Dolby Atmos sound system.
“These improvements have significantly enhanced the customer experience while strengthening the commercial appeal of the complex,” Page noted.
With the physical renovations complete, the management’s focus has shifted strictly to driving foot traffic and maximising occupancy.
While the current occupancy stands at 72 percent—with a quarter of that space occupied by the CT Holdings PLC subsidiaries—the company remains highly optimistic.
The management expects overall occupancy to rebound to 90 percent by the middle of the next financial year as new tenants conclude their store fit-outs and commence operations.
Majestic City plots major comeback, eyeing 90% occupancy post-refurbishment
