Blue Mountain Apartments that became a lifestyle haven for Sri Lankans in 2014 to realising a growingg need in the Sri Lankan real estate market for affordable and luxurious apartments, tripping up in a court wrangle recently marks a blue chapter in Sri Lanka’s real estate realms.
The literally mountainous lifestyle luxurious boom receding in such a legal wrangle where three apartment purchasers of the luxury “Achilleion” project—originally launched by Blue Mountain Properties whose petition has been allowed by the Commercial High Court setting aside the sale of this gigantic haven to man in this land based on their allegation that the property was sold by Sampath Bank PLC to Prime Lands at a value far below its true market price, leaving more than 70 other purchasers defrauded, thus praying for the annulment of the impugned sale and for a court order for a fresh auction on the grounds that a settlement on a Supreme Courtg directive was flouted alleging that the buyers concerned were duped in so much as being excluded by the said bank flouting the Supreme Court settlement, and that therefore it was altogether fraudulent.
Therein, Blue Mountains has snowballed into a major stock market shake up that has caught the attention of the general public in a big way in the face of the plaintiffs allegation that has set the stage for an interesting court battle as an eager general public follows it as to the final outcome.
At the heart of this brewing legal wrangle is the plaintiffs allegation that the terms of a Supreme Court settlement (SC/Appeal/85/2025) were fraudulently executed excluding a majority of buyers, many of whom had already paid millions to the developer. Their core allegation is that the bank failed to honor its obligations under the settlement and that the transaction amounts to a collusive arrangement between the developer, the bank, and Prime Lands.
The purchasers have on the basis of their patition called for the impugned sale to be annulled and a fresh auction to be held, claiming the original process was improper, unfair, and marred by fraud.
buyers have challenged the legality of its sale alleging that Sampath Bank has flouted the Supreme Court order in respect of settlement to certain parties.
In that current backdrop, it is rife going into the inaugural Blue Mountain project ‘Sovrano 39’ in Kohuwela which created history as all available apartment slots were sold out within five hours, raising a staggering Rs.2016.
Its history prior to changing hands from the now defunct Blue Mountains Group was born from an articulate group’s companies handling of diverse aspects of real estate that offered customers a comprehensive range of services.
Thus, by February 4, 2016: In just five years, the Blue Mountain Group had reached the pinnacle of success become a dynamic leader in Sri Lanka’s real estate industry. The group comprises four large-scale companies with turnover in excess of Rs. 14 billion and seven other large companies that handled the diverse aspects of real estate and enabled the group to offer a comprehensive range of services. Blue Mountain provided employment to nearly 2,100 individuals in various capacities.