Formed in 2016 with the amalgamation of the Prime Homes Ltd, Prime Homes International Ltd and Living Homes Ltd. The condominium property arm of Prime Groups, Prime Land Residencies is to open its long awaited Initial Public Offering to investors today.
The IPO will provide the perfect opportunity for investors to invest in the real estate sector which has defied all odds and has gone on to become one of the most lucrative and secure sectors in the market. Despite the challenging climate brought on by the global pandemic the sector has become one of the major driving forces of economic growth in the nation with the sector generating historical returns of over 17%, dwarfing the KPMG estimates of 5-9%. The IPO would allow for investors to reap the benefits of both the growth in real estate as well as the share market.
The IPO is offered at a 40% discount rate and many believe that the success of the IPO would allow for Prime Land Residencies to expand its horizons.
Prime Group celebrated 25 years of excellent service and its condominium arm has gained a similar reputation within a short period of time. The company has pioneered a evergreen vision in all its projects with the slogan being ‘Committed to Creating a Better Place on Earth’. The company has undertaken over 40 apartment construction projects and has managed to complete and handover to residents 35 of them. As a testament to the quality of service it is also the only company to receive the credit rating (SL)A- from ICRA Lanka.
No.820, Mount Cresent,Malabe,Sri Lanka