Prime Lands Residencies expected to make IPO bid soon

Prime-Group

Prime Lands Residencies (Pvt) Ltd, the condominium property arm of Prime Group, recently celebrated a milestone achievement upon the completion of its 35th property project.

Issuing a statement to mark this occasion the firm says it will be making it’s Initial Public Offering (IPO) in the near future.

This development, the company says will certainly ensure that the firm continues to grow from strength to strength, with a commitment to bring the best value to all their stakeholders, ensuring their satisfaction is parallel to the growth of Prime Lands Residencies and the Prime Group.

“Prime Lands Residencies’ commitment to constructing best-in-class residential units plays a key role in filling the 100,000 units per annum housing gap, while also significantly contributing to the country’s economy.”

These large scale developments have been a driving force for economic growth as investments on condominiums have generated historical returns of 17% ROI and 5% – 9% rental yield, according to KPMG International.

The affordability of developments from Prime Lands Residencies enables many Sri Lankans to capitalize on the favorable property market conditions. 

As the developer looks towards the future, Prime Lands Residencies has understood that their success over the years has been guided by a far sighted, strategic vision and single minded commitment towards professionalism, the firm added.