LMD 100 Q&A

Q: What are the burning issues facing Sri Lanka?

A: Several issues must be mitigated, starting with talent migration, which will lead to a shortage of talented workers in most industries. Sri Lanka must also address concerns about the depreciation of the rupee, inflation and hikes in energy prices.

Ensuring macroeconomic stability is vital; therefore, debt sustainability is paramount. Sri Lanka must also work towards governmental fiscal stability. With 2025 being an election year, the country must elect a government that is conducive to the market environment.

Q: How is your group faring under existing macroeconomic conditions?

A: Prime Lands recorded stellar performance in financial year 2022/23 by recording a profit after tax of Rs. 3,350,364,117.

We faced tremendous challenges stemming from the hyperinflation that impacted construction material costs, exorbitant interest rates that hit our cost of funds and the overall increase in taxes. The depreciation of the rupee impacted our construction costs while import restrictions impacted project completion and even resulted in some projects being abandoned.

The property market is projected to take flight in 2024 and the real estate landscape is poised for substantial growth. We will see more people shifting to urban living with rising demand for residential and mixed use properties in Colombo, Kandy and the suburbs. Prime Lands is geared with our experience, expertise and excellence to cater to these emerging trends and rising demand.

Q: What are some of the group’s latest projects?

A: We are proud to introduce an exceptional investment opportunity that promises luxury living, modern amenities and an unbelievable payment plan with our latest project The Colombo Border.

What sets this development apart is its revolutionary one percent payment plan – a first for Sri Lanka. Home buyers are only required to pay a 10 percent reservation fee without a down payment, then pay instalments worth only one percent of the total price monthly spread over 40 months with the balance 50 percent payable upon handover. Buyers are assured of a minimum capital gain of over 100 percent.

The Colombo Border is located on 6.5 acres of prime land, and its first phase includes 27 storeys of spacious two and three bedroom residences priced at 39 million rupees and upwards. Situated along the Colombo-Kandy Road, it provides quick access to the airport, Port City and other key locations. Due to its high attractiveness, the project has already sold over 100 units.

Q: What are the group’s medium term priorities?

A: We will remain resilient by making the most of emerging opportunities, conducting a thorough market analysis to understand evolving customer requirements. The remarkable one percent monthly payment plan in The Colombo Border is an example of opportunity driven innovation.

We will also prioritise resource allocation based on project importance. We will develop efficient marketing campaigns using social media and online platforms instead of traditional channels.

Q: How does your new project in Thalawathugoda add value to potential buyers? 

A: The Residence, Thalawathugoda consists of 64 unique two and three bedroom homes ranging from 986 sq ft to 1,632 sq ft, in addition to a swimming pool and fully equipped gym. Located in Samagi Mawatha, Thalawathugoda, the development is an ideal investment with lush comforts in a highly residential area neighbouring leading hospitals, schools, banks and supermarkets.

Potential buyers can make use of attractive pre-launch prices – with the two bedroom homes priced at Rs. 37.5 million and the three bedroom homes at 49.5 million rupees. Here too, buyers can make use of our revolutionary one percent payment plan. The attractiveness of this invesment has resulted in 50 percent of the units being sold already. 

Q: What about the new land project in Kandy?

A: We are offering 313 lots of land spread across 71 acres in Nillamba, Kandy. Buyers can buy plots of 20 and 60 perches, priced at between Rs. 70,000-135,000 a perch, offering views ranging from mountain ranges, forests and pine trees to tea estates.

Landowners will be required to pay a 25 percent down payment within 14 days of reserving their slots while the balance can be paid in one percent instalments across 25 months with the balance 50 percent to be paid at the end of 25 months or by a bank loan.

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