In the late 1970’s as business opportunities for the Bank of Ceylon rapidly increased, the need for a centralized head-office was perceived. The Bank therefore, decided to construct a Headquarters Building, at a site at Echelon Square, offered on a 99-year lease by the Urban Development Authority.

Property Development Limited (PDL) was incorporated for this purpose on 15 October 1980, with an objective “to execute or engage in any construction or property development projects which are deemed expedient and in the interests of the Company”.

The first public share issue was in May 1981, when 55,000,000 shares were taken up and fully subscribed. In October 1984, a Rights Issue of 11,000,000 shares at par, in the proportion of one new share for every five shares held, was fully subscribed. The Stated Capital of the Company is Rs. 660 Million.

Design and construction work on the Building commenced in early 1981, and the Building was partly completed by 25 January 1985, substantially occupied by October 1987. The total built-up area of the Building is about 600,000 sq.ft. in 1996 and 1997, the Building was damaged as a result of bomb explosions in its environs and restoration work was completed by December 2001, without disruption to continued occupation. The Building, a landmark in the city of Colombo, presently houses over 2,000 persons.

The Company made a strategic investment in December 2010 in Koladeniya Hydropower (Pvt) Ltd. Construction of the Koladeniya Mini Hydropower Plant of 1200 kW commenced in January 2011 and commenced its commercial operation, i.e. generating hydro electricity and delivering to the Ceylon Electricity Board National Grid on 25 April 2012. The Koladeniya Hydropower (Pvt) Ltd was sold out on 30^th March 2021 on the direction of the Central Bank & the Ministry of Finance.