diff --git a/gradle.properties b/gradle.properties
index 192bd7a5..42e39403 100644
--- a/gradle.properties
+++ b/gradle.properties
@@ -1,13 +1,13 @@
 group=org.ballerinalang
-version=1.3.16-SNAPSHOT
+version=1.4.0-SNAPSHOT
 ballerinaJreVersion=1.1.0
 jreVersion=17.0.7+7
 
 # For test purpose
 swan-lake-version=2201.2.0
 swan-lake-spec-version=2022R3
-swan-lake-latest-version=2201.7.0
+swan-lake-latest-version=2201.7.2
 swan-lake-latest-spec-version=2023R1
 1-x-channel-version=1.2.0
 1-x-channel-spec-version=2020R1
-1-x-channel-latest-version=1.2.40
+1-x-channel-latest-version=1.2.44