Prime Lands Residencies IPO opens today

Tuesday, 11 May 2021 01:30 -     - {{hitsCtrl.values.hits}}

Prime Lands Residencies, the condominium property arm of Prime Group, opens its Initial Public Offering today, 11 May.

The highly-awaited IPO will enable investors to indulge in a plethora of benefits by investing in the real estate sector, a market considered to be a secure and highly lucrative investment even during these testing times.

By investing in the IPO, investors stand to doubly benefit from the growth of both the real estate market and the share market, which has also seen highly positive growth forecasts over the turn of the year – having secured returns after investing in a reputed, reliable company such as Prime Lands Residencies Ltd.

The IPO is being offered at a 40% discount, allowing investors to reap a significant capital gain. The company has also indicated that investors are eligible to avail a significant dividend pay-out of 40% from the profits of the financial year, ending 31 March.

The company further believes that this IPO is expected to ensure that Prime Lands Residencies Ltd. and the Prime Group continue to expand boundaries, with a determination to provide the highest value to all of their stakeholders, ensuring that their satisfaction grows in lockstep with Prime Lands Residencies Ltd. and Prime Group’s growth. Because of historically low-interest rates, real estate is now more affordable than it has ever been, hence this is an excellent opportunity for the real estate industry to thrive once again.

Celebrated over 25 years with unparalleled trust and excellence, Prime Group is driven by its Evergreen vision ‘Committed to Creating a Better Place on Earth’, the inspiration behind the excellence, and the passion to enliven customer anticipations. The condominium property arm of the group, Prime Lands Residencies, boasts of over 40 apartment projects located in Colombo and the suburbs, with 35 projects fully completed and handed over to its residents.

In addition, Prime Lands Residencies’ contribution to building best-in-class residential units helps to fill the 100,000-unit-per-year housing deficit while also adding significantly to the country’s economy. 

These large-scale developments have been a driving force for economic growth as investment condominiums have generated historical returns of 17% including rental yields surpassing 5%-9%, according to KPMG International. The affordability of developments from Prime Lands Residencies enables many Sri Lankans to capitalise on the favourable property market conditions.

Thereby, alongside these substantial achievements, the commencement of the Prime Lands Residencies IPO is set to certainly ensure that the firm continues to grow from strength to strength, with a commitment to bring the best value to all their stakeholders, ensuring their satisfaction is parallel to the growth of Prime Lands Residencies and the Prime Group.

Since its inception, Prime has earned its place as a well-respected brand name in Sri Lanka in terms of real estate and has also been accredited as the first and only Sri Lankan real estate group to secure credit rating of (SL)A- from ICRA Lanka.

Prime Lands Residencies was created in 2016 by amalgamating Prime Homes Ltd., Prime Homes International Ltd., and Living Homes Ltd. to focus on envisioning, creating, and selling affordable housing projects in the main cities around the country, under the brand name ‘Prime Residencies’. 

Prime Lands Residencies’ Initial Public Offering is thereby expected to continue to expand in the future, bringing real prominence to the company and giving hand in lifting the country’s economy as a whole.