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
Prime Lands Awarded As The Best Real Estate Company in Sri Lanka At Asia Pacific Property Awards
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
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’
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
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
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
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
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’
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
25th September 2023 : Paving the path for aspiring homeowners, Sri Lanka’s leading private sector bank, HNB PLC, renew...
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
Asia Pacific Property Awards
ASIA PACIFIC PROPERTY AWARDS 2015-2016.
Great Place To Work In Sri Lanka 2016
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
PRIME GRAND OFFERS A PRESTIGIOUS WARD PLACE ADDRESSConstruction on Prime Grand, an upmarket, 36 floor, 316 unit apartmen...
Channel Eye - Business News
Mr. Brahmanage Premalal, Chairman of Prime Group was interviewed by Channel Eye for Business Today Program
Prime Group Power Toastmasters Ovation As Strategic Partner
Prime Group Power Toastmasters Ovation As Strategic Partner!
Prime Group Charters Toastmasters Club
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
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
Maga to construct The GrandPrime Group, the leading Sri Lankan property giant, announced the awarding of the contract fo...
Great Place To Work 2018
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
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
Best Developer In Sri Lanka Yet Again
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
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
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
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
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
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
Affirming its deep commitment to empowering communities in the country, Sri Lanka's leading real estate developer Prime ...
President Of Condominium Developer's Association
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
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
Affirming its indelible reputation as the country's premier and largest diversified property development conglomerate Pr...
Appointment of Mr. Noel Joseph
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
Continuing its rapid growth trajectory amidst challenging economic conditions, Prime Lands Residencies PLC (PLR), a subs...
PLR Records an Impressive Profit After Tax
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
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
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.
A Message From Prime Group
Prime Group Strengthen The Financial Stability to [SL] A (Stable)
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
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
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
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
Prime Group, the leading real estate company in Sri Lanka won two Gold Awards at the 11th Global Customer Engagemen...