PRIME LANDS RESIDENCIES

Q: What are the main concerns for the industry at this time?

A: The real estate, construction and housing industry has been one of the main contributors to Sri Lanka’s economy. It has been robust over the last decade and rebounded significantly after the pandemic.

However, the industry has been impacted due to the country’s economic situation, foreign exchange and import restrictions, increased taxation, and monopolistic behaviour of building material manufacturers and suppliers, resulting in massive cost increases. This has caused the industry to contract substantially.

Q: And what is the role of corporates in Sri Lanka’s economic revival?

A: It is corporates that have been at the forefront of economic revival, and are now bearing the brunt due to increases in taxes and other challenges. It is the country’s revenue and expenditure management that have failed so far.

The private sector is and has been the economy’s engine of growth, and the government should create a very conducive environment for businesses to perform whilst looking at their revenue – and importantly, expenditure – management.

Q: How is your group faring under such macroeconomic conditions?
A: Prime Group has been in business for the last 26 years, being built on a solid foundation with organic growth and very good financial discipline. As a result, we are a financially strong organisation with very low gearing. We only undertake projects we can deliver and ensure the trust our customers placed in us with their hard-earned money is upheld.

Our luxury flagship project The Grand, Ward Place is nearing completion with over 90 percent of its units having been sold. In our other projects such as The Beach Front II Uswetakeiyawa and The Palace Gampaha, our absorption rates are over 70 percent. With over 800 acres of land across Sri Lanka, we are fully geared for any adverse impacts.

In the present scenario, we have shelved some projects that would have given the country many more houses and apartments, thereby contributing to the economy. By shelving those projects however, we have become solider, thinner, robuster and more effective.

Q: How are labour market dynamics impacting you?

A: When the country had a robust construction and real estate market, we saw a shortage of labour; but now, it is the other way around. With many not taking in new projects or halting those under construction, and government constructions at a standstill, there is a danger of over a million people (direct and indirect labour) losing their livelihoods. At the moment, there is enough supply of labour; but sadly, many are without jobs.

Q: Any new residential projects that will see completion in 2023…?

A: Our luxury flagship project The Grand, Ward Place in Colombo 07 – consisting of 333 apartments with stunning, meticulously appointed interiors, world-class architecture, and unparalleled levels of privacy and unmatched quality which are being handed over starting in January. The Beach Front II Uswetakeiyawa is also scheduled for completion in 2023 with 116 one to three bedroom oceanfront apartments with expansive balconies.

Apart from the condominiums, eight gated housing and villa projects will also be completed in 2023: namely, Waterfall Resid­encies (Malabe); Prime Villas (Dalugama); Water Estate (Bolgoda); Aurora and Magna (Mattegoda); Urban Art (Kottawa); Prime Villas (Melder Place); and Evoke (Kadawatha).

Shehana Brahmanage
Director

Q: What are your latest projects outside Colombo?

A: We will be putting our Dehiwela condominium project on the market very soon. Offering spacious apartments of over 1,500 square feet, this is in Marine Drive overlooking the sea and centrally located with a five minute commute to Colombo and one to Dehiwela.

We also have The Sand (Tangalle), which is an extraordinary beachfront land project where the crystal blue sea meets the lagoon.

Then there’s the beautiful collection of land plots in Nuwara Eliya located in Ramboda, Blackpool, Sandathenna and Meepilimana, as well as The Lagoon (Katunayake), which borders the endless blues of the Negombo Lagoon, ideal for both residential and investment purposes.

We have a unique project in Gampaha with easy access and connectivity, and some fantastic projects by our sister company Bhoomi Realty in key locations such as Ragama, Matara and Ambewela.

Prime Group has been in business for the last 26 years, being built on a solid foundation with organic growth and very good financial discipline

Telephone 2699822 | Email info@primelands.lk | Website www.primelands.lk