2020-05-26
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 timelines at highly competitive pricing. The recent Initial Public Offering of Prime Group's HNB Finance Ltd. 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 ultra-luxury project Prime 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 & land 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 the popular Sri Lankan business magazine LMD. Furthermore, the Prime Group's Chairman Mr. Brahmanage Premalal, and Co-chairperson Mrs. Sandamini Perera were recognized as 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 (Pvt) Ltd, Sri Lanka’s trailblazer in real estate industry, has ma
READ MORE
Prime Group, the nation’s leading real estate conglomerate, has clinched the
READ MORE
Prime Group’s ‘YOLO’ Sri Lanka’s First-ever Modern Home Apartment City C
READ MORE
Prime Group’s YOLO Promises a Lifestyle of “Playful Luxury” with Sri Lanka
READ MORE
Prime Group Relocates Galle Branch to Elevate Customer Experience and Reinforce
READ MORE
Prime Group’s ‘88 Residence Kahathuduwa’ Open Day unlocks dream homes off
READ MORE
Prime Lands Commences the Construction of ‘The Residence' Samagi Mawatha, Thal
READ MORE
Prime Group's stunning new project - Waterfall Residencies Malabe welcomes disc
READ MORE
.jpg)
Prime Group Delivers Prime Villas, Dalugama with a Grand Handover Ceremony
READ MORE
Prime Lands Residencies PLC announces Sandamini Perera as New Executive Chairper
READ MORE
Prime Lands clinches coveted Gold Award for elevated online presence at 13th Be
READ MORE
Prime Group to soon complete the only Lifestyle Apartment Complex in Gampaha
READ MORE
Prime Group Completes its Latest Masterpiece: The Grand Ward Place a Triumph of
READ MORE
Mrs. Sandamini Perera shared her thoughts on "How female leadership is most rewa
READ MORE
.png)
Prime Group Ended 2022 with Landmark Project Handover – ‘Evoke’ Kadawatha�
READ MORE
.jpg)
Accomplished Strategic Management Professional Ruminda Randeniya has been appoi
READ MORE
.jpg)
Prime Lands Residencies PLC was placed 1st in the Land and Property Companies S
READ MORE
.jpg)
The Leader in real estate industry in Sri Lanka, Prime Group, ceremoniously hand
READ MORE
.jpg)
Prime Group, the leading real estate company in Sri Lanka won two Gold Awards a
READ MORE
Prime Group was recently listed among the 100 Best Workplaces in Asia for 2022 b
READ MORE
We are delighted to announce that Prime Group has been awarded as one of the 50
READ MORE
Further strengthening the Prime Group branch network, The Kurunegala Branch was
READ MORE
Prime Lands Residencies PLC has been ranked the most valuable real estate brand
READ MORE
Prime Lands Ltd. and Prime Lands Residencies PLC have received a further strengt
READ MORE
At Prime Group, we always put forward our dedicated, loyal, and talented employ
READ MORE
The development of new highways in the country and their fast-growing popularity
READ MORE
.jpg)
Prime Group, the undisputed leader in real estate has launched the latest in it
READ MORE
Completion of yet another exceptional, nature-inspired luxury living experience,
READ MORE
Affirming its indelible reputation as the country's premier and largest diversif
READ MORE
Sri Lanka's leading property development conglomerate Prime Group's dynamic Chai
READ MORE
Affirming its deep commitment to empowering communities in the country, Sri Lank
READ MORE
In a concerted attempt to reinforce the national COVID-19 response this Vesak Se
READ MORE
Sri Lanka's largest real estate company Prime Group recently secured three top a
READ MORE
Prime Group introduces Digana - Scottish Island , an exceptional collection of 2
READ MORE
Prime Group emerged a winner in two categories, winning the Gold award for Best
READ MORE
Leading Sri Lankan property developer Prime Group is adding to its award-winning
READ MORE
Records further win in Best Luxury Condo Development, Best Housing Project categ
READ MORE
Prime Group has been rated as one of the 25 Great Work Places in Sri Lanka - 201
READ MORE
Woman Super Achiever of the year under Real Estate Sector" at Business Leader Of
READ MORE
Prime Group, the leading Sri Lankan property giant, announced the awarding of th
READ MORE
We are delighted to announce Prime Group has been rated as one of the 25 Great W
READ MORE
The Prime Group Toastmasters club held its charter ceremony on 24th May with the
READ MORE
Mr. Brahmanage Premalal, Chairman of Prime Group was interviewed by Channel Eye
READ MORE
Great Place To Work? Institute presenting the Best Companies to Work for in Sri
READ MORE
What are the aspects for an apartment buyer have to think of eliminating the ris
READ MORE
LMD pays tribute to the 2014 "Business people of the year"... Congratulations to
READ MORE
That is the newest land project from Prime Lands, ?Paradise City? in Athurugiriy
READ MORE
Prime Lands Group awarded as the Best Real Estate Company in Sri Lanka at Asia P
READ MORE
Owning a beautiful land is everyone's dream. At Prime Lands we have made it our mission to make this dream a reality.
