Prime Land Residencies Ltd, the condominium property arm of the maestro of real estate artistry in Sri Lanka, Prime Group, recently celebrated a milestone achievement upon the completion of its 35th property project. With 5 more projects nearing completion and yet another 5 more awaiting launch, the completion and handing over of 35 properties to anticipating residents has established Prime Residencies as the benchmark condominium developer in the country.
These 35 state-of-the-art properties infused with touches of elegant luxury and smart living are spread across the island. The reach of Prime Residencies’ properties extend to areas such as Colombo, Gampaha, Wattala, Rajagiriya, Uswetakeiyawa, Kiribathgoda, Thalawathugoda, Nugegoda, Pallakele, Panadura, Athurugiriya, Kottawa, Battaramulla, Nawala and Malabe, among many more key locations.
As Prime Land Residencies Ltd has established a strategy to tap into all segments of the property market, their property developments appeal to the tastes of a wide variety of customers. One of the developer's most notable developments catering to the high-end market is The Grand Ward Place, Colombo 07. A masterpiece of architecture, it offers sheer comfort and exclusivity to residents and has the distinction of being the tallest residential development in the heart of Colombo 7.
The developer has also ventured into resort style properties, with developments in Uswetakeiyawa. The Beach Front by Prime Residencies is situated in close proximity to the star-class hotels and features open spaces which are ideal for kids to enjoy outdoor games or a picnic while the adults get some rest and relaxation. Leaving no stone unturned, Prime Land Residencies also has an ongoing project in Gampaha and early bird bookings are now open for 2 and 3 bedroom apartments.
Prime Residencies’ commitment to constructing best in class residential units has certainly played a key role in filling up 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 Residencies has allowed for many Sri Lankans to capitalize on the favourable property market conditions.
As the developer looks towards the future, Prime Land Residencies has understood that their success over the years has been guided by a far sighted, strategic vision and a single minded commitment towards professionalism. While 35 completed units is a milestone to be beaten, the firm will continue 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 Land Residencies.
Prime Land Residencies is planning to shift from a private family-owned enterprise to a public owned organization – broad basing its shareholders while earning the status of an iconic international player in the region by going in to an IPO in the near future.