Prime Land Residencies Ltd, the condominium property arm of the Prime Group, recently celebrated a milestone with the completion of its 35th property project.
With five more projects nearing completion and another five awaiting launch, the completion and handing over of 35 properties to owners has established Prime Residencies as one of the benchmark condominium developers in the country, a spokesman for the company said.
The 35 properties infused with touches of elegant luxury and smart living are spread across the island. The reach of Prime Residencies’ properties extends to areas such as Colombo, Gampaha, Wattala, Rajagiriya, Uswetakeiyawa, Kiribathgoda, Thalawathugoda, Nugegoda, Pallakele, Panadura, Athurugiriya, Kottawa, Battaramulla, Nawala and Malabe.
One of the developer’s most notable developments catering to the high-end market is The Grand at Ward Place, Colombo 7.
The developer has also ventured into resort style properties, with developments in Uswetakeiyawa.
These large scale developments have generated historical returns of 17% ROI and 5% - 9% rental yield, according to KPMG International, he said.
Prime Land Residencies plan to move from a private family-owned enterprise to a public owned organisation – broadbasing its shareholding by going for an IPO in the near future.