Prime makes its biggest land acquisition worth Rs. 3.5 b

Monday, 15 September 2025 04:21 - - {{hitsCtrl.values.hits}}

Snaps up over 1 acre plot at Station Road, Bambalapitiya, previously earmarked for Achilleion by troubled Blue Mountain Group from public auction by Sampath Bank

Prime Lands Residencies PLC on Friday acquired over 1 acre of land on Station Road, Bambalapitiya, Colombo 4, for Rs. 3.5 billion.

In a disclosure to the Colombo Stock Exchange, Prime said the acquisition was via a public auction by Sampath Bank on the Lot Nos. 2, 3, and 4 in Survey Plan No. 4196 dated 8 January 2014 prepared by Licenced Surveyor T.D.K.R.P. Pathegama, bearing Assessment No. 25/3, (Part), containing in extent of 1A-0R-20.1P (180.IP).

Prime paid Rs. 350 million as advance (10% of the selling price) and the balance will be settled within 30 days from the date of communication from the bank.

Sources said that the investment in the acquisition of the land was the highest by Prime Group.

Previously on the land, Blue Mountain Group of Dr. Hiran Hettiarachchi planned Achilleion – a 7-star luxurious residential complex of two twin skyscrapers of 50 floors each, connected by two skybridges; one at the centre of the towers and the other at the top, functioning as a helipad. The venture was to be in partnership with global real estate titan Palmer & Turner Group of Singapore.