Affirming its indelible reputation as the country’s premier and largest diversified property development conglomerate Prime Group was lauded among LMDs Most Respected Entities in 2021.
The Group was also recognised as the winner in the real estate sector, further ascertaining its strength in the local market. This marks the fourth consecutive time the Group won the highly coveted title, coming in at the 66th spot, among the 134 selected entities.
“It is certainly an honour to be listed in this ‘hall of fame’ continuously for four years. The outstanding efforts and unwavering focus of our employees to produce excellent results every day continues to distinguish Prime Group as a leader in the country’s real estate market, said Prime Group Chairman, Premalal Brahmanage.
“At Prime, we are always opening doors. Whether it is the doors to a new home, the keys to the lifestyle you’ve always wanted to lead, or access to prime communities and neighbourhoods that you and your family can truly feel a part of, because we know that progress only comes from access. Access to the things that matter, as a complete real-estate solutions provider, we have given Sri Lankans access to their aspirations for over 25 years as a company built by Sri Lankans for Sri Lankans,” he also said.
“Through our lasting foundations of honesty, commitment and care, we want to open doors to progress, so people don’t just live but flourish. This is our ultimate vision. We aim to create the neighbourhoods of Sri Lanka, to create greater opportunities for Sri Lankans, and, ultimately, to create a better place on Earth,” he also noted.
Prime Lands Residencies PLC, the Group’s residential real estate arm, recently concluded the FY 2020/21 with a commanding financial performance, with a revenue of Rs. 7.7 billion, up by a commendable 35% from last year. In June 2021, the Company was listed on the Colombo Stock Exchange following a successful IPO of Rs. 1.95 billion, which drew a significant 2,323 applications requesting for shares worth Rs. 2.25 billion. Further, the Company drew significant public attention by successfully hosting Sri Lanka’s first ever virtual property launch, inspiring impressive sales of over 30% on opening day.
To date, the Company claims a portfolio of 30 individual housing projects, land projects spread across 18 districts in the country and 42 apartment projects located in Colombo and the suburbs.
Although, in the past, the apartment market in Sri Lanka was largely confined to the Colombo City, the Company has been instrumental in expanding this concept into the suburban towns of Sri Lanka.
Over 25 years of excellence, Prime Group has proved its mettle as a pioneering force in Sri Lanka’s real estate landscape. It is a market leader in the affordable luxury apartment segment in Sri Lanka and operates in 18 districts of the island, and an active customer base of over 300,000. The Company also prides itself on an active Corporate Social Responsibility strategy that has continued to support and fortify communities and individuals across Sri Lanka during challenging periods.
The past year, the Group etched its name in history by becoming the first institution in the Sri Lankan real estate industry to receive a prestigious issuer rating of ‘[SL]A- (Stable)’ from ICRA Lanka, a group company of ICRA Ltd – a subsidiary of Moody’s Investors Service. So far, the Group has launched over 4000 land and modern housing projects.
The Most Respected Entities rankings are based on a survey commissioned and conceptualised by Lanka Monthly Digest (LMD) and conducted by leading research firm Nielsen. This year’s survey covered a sample of 800 respondents, managers and above, from listed companies across a set of 12 different attributes; financial performance, quality consciousness, management profile, honesty, innovation, dynamism, corporate culture, CSR, vision and nation-mindedness.
Prime Group is Sri Lanka’s largest and diverse real estate developer with a flourishing history of 26 years of excellence. Being Sri Lanka’s only ICRA [A-] Stable rated real estate company proving its financial stability, the Group was also crowned Sri Lanka’s best developer for the past two years by the largest and most respected real estate awards programme in Asia, PropertyGuru Asia Property Awards.
The Group boasts a portfolio of 43 apartments of which 37 has been completed and ready for occupation Prime Group was also accredited among Asia’s Best Brands and The Best entrepreneur in the year 2018 by Asia One magazine.