Prime Lands Residencies Limited the condominium property arm of the maestro of real estate artistry in Sri Lanka, Prime Group, recently debuted its Initial Public Offering (IPO) Proposition. Through the past 25 years of the Prime Group journey, this feat is certainly a remarkable milestone for both the company and the real estate industry of
Sri Lanka as a whole.
The company has extended an invitation to subscribe for 100,000,000 Ordinary Shares at an Issue Price of LKR 10.40 per Share which is payable in full on application. In the event of an oversubscription of the initial 100,000,000 shares, the company will exercise the option and extend the invitation to subscribe for a further 87,500,000 Shares.
The opening date is set for the 11th of May and interested parties are encouraged to forward their applications prior to this. Through this IPO, Prime Lands Residencies Limited seeks to allow the public to have a maximum of 20% percent stake in the company and raise 1.04 to 1.95 billion rupees in funds.
This IPO is expected to 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. When considering that regulatory policies have been relaxed along with the removal of VAT & NBT, it is an ideal time for the real estate market to flourish. Historically low-interest rates also translate to real estate becoming more affordable than ever before.
Over 40 apartment projects have been initiated by the company so far in Colombo, other main cities, and suburbs. Out of which, 35 projects have been fully completed and handed over to residents. Apart from this, five more projects are in the pipeline to be launched in 2021. For the financial year 2021, the company is expected to record an after-tax profit of Rs.975 million on revenue of Rs.7.9 billion.
Prime is a well-respected brand name in Sri Lanka and Prime Group is the first and only Sri Lankan real estate group to secure an issuer rating of (SL)A- from ICRA Lanka. Prime Lands Residencies was created in 2016 by amalgamating Prime Homes (Pvt) Ltd, Living Homes (Pvt) Ltd, and Prime Homes International (Pvt) Ltd to focus on envisioning, creating, and selling affordable luxury housing projects in the main cities around the country, under the brand name ‘Prime Residencies’.
RELATED NEWS
Prime Lands Awarded As The Best Real Estate Company in Sri Lanka At Asia Pacific Property Awards
2014-05-09
Prime Lands was awarded as the Best Real Estate Company in Sri Lanka at Asia Pacific Property Awards.
Sri Lankan companies shine at 10th Edition of Maldives Living Expo
2022-12-22
The 10th Edition of the Maldives Living Expo was held in Dharubaaruge, Male City., Maldives from 15 to 17 December.The E...
Prime Group unveils revolutionary 1% payment plan with ‘The Colombo Border’
2023-11-03
03rd November 2023 : Prime Group, the real estate giant, is proud to introduce an exceptional investment opportunit...
Prime Wins Gold in Land and Property Sector at TAGS Awards 2022
2022-12-12
Wednesday, December 10, 2022, Colombo; Prime Lands Residencies PLC was placed 1st in the Land and Property Companies S...
Prime Group Unveils its Latest Masterpiece: The Grand Ward Place, a Triumph of 100 % Sri Lankan Excellence
2023-05-15
Colombo, Sri Lanka – May 15, 2023: With its respected clientele and project partners present, The Grand Ward Plac...
Prime Group completes flagship project ‘The Grand Ward Place
2023-05-19
19th May 2023 - The Grand Ward Place, the ultra-luxurious flagship project of Prime Group declared open with its esteeme...
Prime Group launches 43 By The Sea on Marine Drive
2023-06-16
16th June 2023 : Colombo’s newest most sought-after address is here, with the opening of 43 By The Sea, Marine Dr...
Prime Land Residencies shines once again as one of Sri Lanka’s ‘Most Valuable Consumer Brands’
2023-08-09
09th August 2023: Prime Land Residencies, the trailblazing leading real estate developer, has once again proven its exce...
HNB renews partnership with Prime Group for exclusive home loans
2023-09-25
25th September 2023 : Paving the path for aspiring homeowners, Sri Lanka’s leading private sector bank, HNB PLC, renew...
Dream Home
2016-07-05
The Founder / Chairman of Prime Lands Group Mr. B. Premalal explained what are the factors we need to consider when buyi...
LMD APRIL ISSUE 2016
2016-07-05
Asia Pacific Property Awards
2016-07-09
ASIA PACIFIC PROPERTY AWARDS 2015-2016.
Great Place To Work In Sri Lanka 2016
2016-07-13
Great Place To Work® Institute presents the Best Companies to Work for in Sri Lanka each and every year, in partnership...
Prime Grand Ward Place Groundbreaking Ceremony
2016-12-15
PRIME GRAND OFFERS A PRESTIGIOUS WARD PLACE ADDRESSConstruction on Prime Grand, an upmarket, 36 floor, 316 unit apartmen...
Channel Eye - Business News
2017-04-19
Mr. Brahmanage Premalal, Chairman of Prime Group was interviewed by Channel Eye for Business Today Program
Prime Group Power Toastmasters Ovation As Strategic Partner
2017-05-16
Prime Group Power Toastmasters Ovation As Strategic Partner!
Prime Group Charters Toastmasters Club
2017-05-24
The Prime Group Toastmasters club held its charter ceremony on 24th May with the prestigious presence of the Toastmaster...
Great Place To Work In Sri Lanka For 2017
2017-07-06
We are delighted to announce Prime Group has been rated as one of the 25 Great Work Places in Sri Lanka – 2017 for the...
Two Giants Join Hands
2017-10-20
Maga to construct The GrandPrime Group, the leading Sri Lankan property giant, announced the awarding of the contract fo...
Great Place To Work 2018
2018-07-19
We are delighted to announce that Prime Group has been rated as one of the 25 Great Work Places in Sri Lanka – 2018 fo...
Best Developer of Sri Lanka
2018-07-19
Distinguished
property developer Prime Group bolstered its reputation as an industry
leader by securing four top awa...
The Grand, Ward Place Promises Utmost Privacy Amidst Uninterrupted Views
2019-11-06
Best Developer In Sri Lanka Yet Again
2019-11-22
Distinguished property developer Prime Group bolstered its reputation as an industry leader by securing four top awards
Prime Group Sets Benchmark For Real Estate Industry With Credit Rating Of A- Stable
2020-05-16
Property magnet Prime Group makes history as the first institution in the Sri Lankan real estate industry to receive a p...
Prime Group hosts gala to welcome the New Year
2021-04-21
In celebration of this year’s Sinhala & Tamil New Year, the flagship property of Sri Lanka’s leading property develo...
CSE approves landmark Rs. 1.9B IPO of Prime Lands Residencies
2021-04-27
The Colombo Stock Exchange (CSE) has approved an application submitted by Prime Lands Residencies Ltd. for the listing o...
Prime Lands Residencies Limited debuts IPO
2021-05-05
Prime Lands Residencies Limited the condominium property arm of the maestro of real estate artistry in Sri Lanka, Prime ...
Prime Lands Residencies IPO oversubscribed on Opening day
2021-05-12
Following the debut of Prime Lands Residencies’ Initial Public Offering (IPO) yesterday, the company’s oversubscript...
Prime Group extends a helping hand to thousands with the ‘Ek Dawasak Sith Dahasak’ initiative
2021-06-30
Affirming its deep commitment to empowering communities in the country, Sri Lanka's leading real estate developer Prime ...
President Of Condominium Developer's Association
2021-07-31
Sri Lanka's leading property development conglomerate Prime Group's dynamic Chairman Premalal Brahmanage has been appoin...
Prime Lands Residencies Ends FY21 On Exceptionally High Note
2021-08-02
Prime Lands Residencies PLC has ended FY21 on an exceptionally high note with impressive gains on the top line and botto...
LMD's Most Respected Entities
2021-08-09
Affirming its indelible reputation as the country's premier and largest diversified property development conglomerate Pr...
Appointment of Mr. Noel Joseph
2021-11-04
Leading real estate company Prime Lands Residencies PLC announced the appointment of Noel Joseph to the Company's Board ...
Prime Lands Residencies Records Milestone Achievement in 1H
2021-11-09
Continuing its rapid growth trajectory amidst challenging economic conditions, Prime Lands Residencies PLC (PLR), a subs...
PLR Records an Impressive Profit After Tax
2022-02-08
Prime Lands Residencies PLC (PLR) has made a profit after tax of LKR 1,158 million for the 9-month period ended FY 2021/...
Prime Group Shapes the Neighborhood in Kurunegala
2022-02-10
Prime Rajadhaniya, the newest property development spread over 8 acres of land with both condominium and villa residenti...
“Most Awarded Real Estate Group” BY LMD
2022-03-11
At Prime Group, we always put forward our dedicated, loyal, and talented employees who are the real champions in our jou...
ONE VOICE. ONE NATION.
2022-04-05
A Message From Prime Group
2022-04-26
Prime Group Strengthen The Financial Stability to [SL] A (Stable)
2022-04-26
Prime Lands Ltd. and Prime Lands Residencies PLC have received a further strengthen issuer rating of [SL] A (Stable) mak...
Prime Group Crowned ‘Most Valuable Real Estate Consumer Brand’ in Sri Lanka
2022-05-05
Prime Lands Residencies PLC has been ranked the most valuable real estate brand in Sri Lanka for the year 2021 by Brand ...
Prime Group successfully hands over two more Condominium Projects at Colombo 05
2022-07-01
Prime Lands Residencies PLC have completed the
construction of two more successful apartmen...
Prime group listed among Asia’s 100 best workplaces in the SME category for 2022 by great place to work
2022-09-22
Prime Group was recently listed among the 100 Best Workplaces in Asia for 2022 by Great Place to Work® in Small and Med...
Prime group wins two gold awards for customer engagement
2022-11-01
Prime Group, the leading real estate company in Sri Lanka won two Gold Awards at the 11th Global Customer Engagemen...
2021-05-05 
.jpg)
.jpeg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)