Prime Group Sets Benchmark For Real Estate Industry With Credit Rating Of A- Stable
Property magnet Prime Group makes history as the first institution in the Sri Lankan real estate industry to receive a prestigious issuer rating of [A-] Stable from ICRA Lanka, a group company of Moody's Investors Service. The rating was awarded based on a consolidated view of the exceptional financial and operational linkages of Prime Lands (Pvt) Ltd. and Prime Lands Residencies (Pvt.) Ltd. The market leader marks its 25th year in the industry by being the first and only real estate company to obtain a credit rating, shedding much-needed transparency into the sector to enable buyers to make an informed decision before investing their hard-earned money.
Expressing his gratitude, Prime Group Chairman Brahmanage Premalal said, "We are truly honored to receive an [A-] Stable credit rating by ICRA Lanka for the first time in the history of Sri Lanka's real estate industry, and we are deeply indebted to all our clients who have chosen to place their invaluable trust in us. This recognition comes on the heels of our 25th anniversary, a time period during which we have successfully launched over 4000 land and modern housing projects in 16 districts across the island, and completed 36 out of the 43 launched apartment projects.”
"In the volatile real estate market of today, when Sri Lanka is dueling against this unprecedented global health risk, it has become absolutely vital that customers give equal importance to choosing a trusted developer as much as they would to a good location, design and price. This choice would greatly mitigate the financial risk they are undertaking. The [A-] Stable credit rating is the hallmark of a credible developer, and as such it will continue to inspire us in setting benchmarks and raising the standards of our home industry."
In awarding the [A-] Stable rating, ICRA Lanka also noted the healthy pre-sale and cash collection efficiency of Prime Lands and Prime Lands Residencies, while recognizing their consistent ability to deliver completed apartment projects within scheduled time-lines at highly competitive pricing. The recent Initial Public Offering helped raise the company’s market value considerably, offering increased financial stability for its future operations and auguring well for future reviews.
The Group also announced the commencement of its operations including the ultra-luxury project The Grand, Ward Place with the easing of the island-wide curfew regulations imposed by the government as a result of the COVID-19 pandemic in the country. The Group’s operations at its head office, branches, and construction sites have resumed with numerous additional precautionary measures in place in accordance with government health regulations. This concerted effort is in a bid to ensure the utmost safety of all the group's stakeholders inclusive of employees, clients, and partners.
Commenting on the Group's commencement of operations, Prime Group Co-chairperson, Sandamini Perera said, “As our country fights against this unprecedented global health risk, it has become each of our duty to assist our front-line healthcare initiatives by taking all recommended precautionary measures. While we are happy to be back in operation with the easing of curfew, we want to assure all our stakeholders that Prime Group as always is taking the utmost caution to ensure the safety of those who walk through the doors at all of our sites. Our team is working hard to overcome the many challenges posed during this period, to keep the promises we made to our clients with quality in time and in full.”
While Sri Lanka’s economy is shown to have taken a hit, Prime Group bears a positive outlook for the future, supported by its position as a strong & stable leader in the country’s construction and real estate sector. In fact, they are in the process of launching a new apartment project in Dalugama, Kelaniya as well as housing & lands projects in the Chandrika Kumaratunga Mawatha, Malabe, and Piliyandala in June.
“Although the pandemic has impacted both the construction industry and the country’s economy at large, we still have identified positive buying interests among current and potential customers, especially among Sri Lankan expatriates. To this end, we are in the process of helping these customer segments lock in on their real estate requirements from among our wide portfolio. Their decisions are supplemented by the favorable interest rates offered by banks during this time. We like to believe that with the new land, housing, and apartment projects that are in the process of launching, we will be contributing to boosting Sri Lanka’s economy at a time when it’s needed the most,” she continued to state.
Backed by over 25 years of operational and financial excellence, Prime Group has long been known as a credible and trusted developer among its many customers. Although the country’s current economic outlook at present may seem glum, the Group assures that renewed bank interest rates it is a promising time for new investments.
About Prime Group
The Prime Group is a truly Sri Lankan company and was named one of the most respected entities in Sri Lanka in 2019 by popular Sri Lankan business magazine LMD. Furthermore, the Prime Group’s Chairman Mr. Brahmanage Premalal, and Co-chairperson Mrs. Sandamini Perera were recognized as a ‘Realty Visionary’ and ‘Power Woman’ respectively by the magazine in its 100 Club’s A-List of Sri Lankan business people in 2019. The Prime Group’s other accolades include being recognized as a Great Place to Work for the past five years and being bestowed with the coveted ‘Best Developer’ in Sri Lanka title for the past two consecutive years at the PropertyGuru Asia Property Awards. The Group also secured the exclusive ‘Best Housing Development’, ‘Best Luxury Condo Development’ and ‘Special Recognition in CSR’ titles at the Asia Property Awards 2019. The company was accredited among Asia’s best brands and named the Best Entrepreneur in 2018 by AsiaOne magazine
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