Buying in Colombo 5: A Guide to Havelock Town & Narahenpita
Buying in Colombo 5: A Guide to Havelock Town & Narahenpita
Last updated: 4 November 2026
Colombo 5 is one of the city's more versatile addresses — close enough to the commercial core to feel central, but built around genuine residential neighbourhoods rather than a single commercial strip. The postal district covers Havelock Town, Narahenpita, Kirulapone North, Thimbirigasyaya and Jawatta, and sits a short, direct drive from Colombo Fort, with road connections into Colombo 3, 4, 6 and 7. This guide covers pricing, property types, who the area suits, and the practical steps specific to buying here.
Why buyers are drawn to Colombo 5
Connectivity. The district borders Cinnamon Gardens and Colpetty, giving buyers access to both without paying the premium those addresses command.
Schools and healthcare. Isipathana College, Royal Institute International School, Elizabeth Moir School and Hindu College are all nearby, along with Lanka Hospitals, Kings Hospital and Asiri Hospital — a genuine draw for families.
Havelock City. Developed by Overseas Realty on roughly 18 acres, Havelock City is a large mixed-use residential development with towers including Davidson, Peterson, Stratford, Elibank, Edmonton, Melford, Layards and Park, alongside a mall, a 30-metre pool, a gym, squash courts, a golf putting green and landscaped gardens. It's one of the larger developments of its kind in Colombo, and its scale and amenities are a significant part of why Colombo 5 attracts the buyer profile it does.
Mixed-use character, with genuine green space. The area combines residential and commercial uses without feeling purely commercial, helped by green space at Thalakotuwa Gardens and the Havelock Grounds.
What you'll pay: apartments
The figures below are asking prices drawn from active listings as of this update (4 November 2026) — treat them as budgeting estimates rather than fixed benchmarks, since asking prices are usually negotiable and shift with every listing cycle. For current figures, check live Colombo 5 listings directly rather than relying on a number printed here.
Sale prices:
- Two-bedroom units: roughly Rs. 48M–110M, with two-bedroom units in Havelock City itself often listed toward the Rs. 85M–115M end of that range.
- Three-bedroom units: roughly Rs. 93M–195M, varying by tower and view.
- Four-bedroom and penthouse units: from around Rs. 135M, with larger penthouses priced above Rs. 170M.
Rental prices:
- One- to two-bedroom apartments: roughly Rs. 250,000–400,000 per month.
- Three-bedroom apartments: roughly Rs. 350,000–620,000 per month.
- Four-bedroom or luxury units: roughly Rs. 550,000–850,000 per month.
What you'll pay: houses & land
- Smaller, renovated houses on modest land: roughly Rs. 90M–160M.
- Larger four- to five-bedroom family homes on 15–20 perches: roughly Rs. 160M–300M.
- Premium architect-designed homes or plots of 25+ perches: from around Rs. 330M, with some sold essentially at land value where the existing structure will be demolished.
Land scarcity, more than the building itself, is what drives pricing in the low-rise pockets of Colombo 5 — two structurally similar houses a street apart can price very differently depending on plot size alone.
Who Colombo 5 actually suits
Four groups tend to buy here: families prioritising schools and hospital access; young professionals and expatriates drawn to Havelock City's amenities; investors targeting rental yield; and diaspora buyers looking for a lower entry point than Colombo 3 or Colombo 7 without leaving the city's established neighbourhoods.
The buying process: what's specific to Colombo 5
Most purchases here are condominium units, which means Condominium Management Authority checks alongside the standard land title checks — confirm the condominium plan is properly registered before you sign anything.
A Taxpayer Identification Number (TIN) certificate has been mandatory for property registration since 1 April 2026; apply early through ird.gov.lk rather than leaving it until settlement is imminent.
Capital Gains Tax rose to 15% effective 3 June 2026, under the Inland Revenue (Amendment) Act, No. 11 of 2026 — this matters more for investors reselling than for owner-occupiers, and our capital gains tax guide covers the exemptions and deadlines in full.
Title and deed history should be verified through the Registrar General's Department before any funds change hands.
For the complete process, cost breakdown and document checklist, see our Property Buying Guide.
Next steps
If you'd like to see what's currently available in Havelock Town, Narahenpita or the wider Colombo 5 area, or want help navigating condominium registration, get in touch with our team — we work across Colombo 5 regularly and can point you toward listings and buildings that suit your specific priorities.
Properties in Colombo 05
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Frequently Asked Questions
We've answered some of the most common questions related to this article.
Havelock City is the largest and best-known development, but it isn't the only option. Smaller, independently managed apartment blocks exist throughout Havelock Town, Narahenpita and Thimbirigasyaya at a range of price points, so it's worth comparing a few buildings rather than anchoring on Havelock City alone.
You need a TIN certificate to register the transfer regardless of whether you're buying or selling — it's been mandatory for land and title registration since 1 April 2026. Apply for yours before you're close to settlement.
CGT is a seller's tax, not a buyer's — it won't affect you directly as an owner-occupier at the point of purchase. It becomes relevant only if and when you eventually sell, at which point the principal residence exemption may apply if you've owned and lived in the property long enough.
The figures above reflect asking prices from active listings as of this update. Property pricing shifts with every listing cycle, so treat these as a starting point for budgeting and confirm against current Colombo 5 listings before making any decisions.
Beyond the standard land title checks, confirm the condominium plan is registered with the Condominium Management Authority, request the management corporation's recent financial statements, and ask about generator and water-backup arrangements and the building's maintenance history.