Prime Group is a leading real estate development company in Sri Lanka, known for its trust and high-quality residential apartment and housing projects across the island. As a subsidiary of Prime Group, Prime Lands Residencies PLC specialises in crafting innovative, secure, and modern living spaces that cater to a range of lifestyles and budgets.
According to Shehana Brahmanage, Executive Director of Prime Group, the brand focuses on innovation, timely delivery, and customer satisfaction and making real estate more accessible through revolutionary payment plans. These guiding principles have led the company to earn a positive reputation in urban housing, offering both luxury and convenience in prime city locations.
What key moments have shaped Prime Residencies’ growth into a well-known real estate brand in Sri Lanka? How does the company define a “Prime” property?
We believe every project has two aspects. On one hand, you have development—where you see the project details, the 3D models, where it is located, what kind of a project it is, the amenities, and so on. The other aspect is the developer, which is often overlooked yet remains important because it involves the people building your property, the quality controls being used, the guarantee you receive with regard to financial discipline and integrity, as well as the after-sales service.
In short, a Prime property is the perfect combination of both of these aspects.
Over the past 30 years, customers have come to trust in our ability to choose the perfect location and pair it with a project that reflects its strengths. To date, we have completed more than 45 condominium properties and 25 housing developments. This is a portfolio of over 70 projects that have already been completed and handed over to homeowners, with all relevant approvals in place.
With the large number of completed apartments and land projects, how does Prime Residencies ensure each development meets expectations and builds long-term trust?
Trust is the cornerstone of what we do, and we understand land is a sacred entity. We handle numerous acres of land across our projects, and we give close attention to them all where required. Over the course of 30 years, our customers have come to trust that we keep all our promises no matter what challenges may arise. Prime Group is their partner and advocate, and our assistance is always at their disposal.
The Prime Lands Residencies Board of Directors guides us carefully, enforcing a stringent approval process and policy making process to ensure that every decision is given the focus it needs. Due diligence is exercised from conceptualization to execution. For the same reason, our in-house engineering team’s vast experience is paired with the responsibility to keep projects in accordance with all compliance and regulatory standards.
How does Prime Residencies tailor its experience for its broad customer base, consisting of first-time buyers and professionals, as well as international customers, including expats and overseas investors?
We are involved with a wide range of projects, be it via price, location, concept, or accommodations, including residential and serviced apartments. If you take The Colombo Border Project in Peliyagoda, you’ll quickly see it’s in a strategic location that puts it within convenient reach of a great deal of the city’s best features, including 20 minutes to Port City Colombo, 15 minutes to Bandaranaike International Airport, and 4 minutes to connecting expressways, and more.
However, it is also an example of our innovation in financing, because we realised that we had an opportunity to bring in first-time buyers and young professionals into the growing real estate market. With their needs in mind, we developed the Prime 1% payment plan, revolutionising how real estate is bought in Sri Lanka. Where you once had to begin by making a large 40% down payment, along with a lump sum every quarter, you now start out paying only 1% of the purchase price each month, along with a much smaller deposit and completely interest-free terms. We also launched an unparalleled payment solution, Prime Max, Sri Lanka’s first-ever Live Large, Pay Less homeownership plan. With Prime Max, you can own your dream property with a monthly payment as low as 0.5% of the purchase price.
This broadened the pool of young professionals and investors who were able to start their journey on the property ladder by making real estate more accessible. When you get an apartment off-plan, as opposed to a completed property, you benefit from far more attractive price points. On top of this, your ROI at the time of completion would be at least 80%. It can go over 120% as well.
Likewise, we pay attention to the needs of the tourism industry. We’ve seen that current hotel room capacity is not able to accommodate the growing influx of tourists, so we developed the serviced apartment concept for key tourist destinations, such as Negombo and Tangalle. J’Adore Negombo, Venezia by Prime Group, and so on, are serviced apartments. The same is true of One Tangalle. These properties have attracted a lot of interest from international buyers and expats who are drawn to the high rental yields of over 11-20% in key locations.
Naturally, we pay close attention to the youngest generation of buyers as well, as can be seen in our Kiribathgoda YOLO project, Sri Lanka’s first modern home apartment city. You Only Live Once, as the saying goes, and the YOLO complex is designed to meet this lifestyle, featuring Sri Lanka’s first residential bowling alley and more. At the moment, we’re working on MON VIE, our latest project at Thalakotuwa Gardens, Colombo 5. It’s a residential area within walking distance to several schools and hospitals, so many young families want to invest here due to its strategic location. Collectively, these projects represent our interest in a broad spectrum of growing market segments.
Highlights of Prime Group’s Iconic Developments: The Colombo Border, MON VIE, and The Grand.
How have tools like CRM systems, AI, and 3D walkthroughs changed the way Prime Residencies sells property and makes business decisions?
We monitor our relationship with potential homeowners from the moment they first get in touch with us to the time we hand over the property, and beyond. This gives us insight into every stage of their journey, so we understand the context of an interaction. This CRM process enables us to tailor each client’s journey as we proceed.
Our preview options, such as our 3D walkthroughs and virtual experiences, help clients explore their properties and make informed decisions well in advance, from virtually anywhere in the world, even for off-plan projects.
What role does sustainability play in how Prime Residencies plans and builds its developments today?
The Colombo Border Project is a 6.5-acre property, yet the building’s footprint takes up just over 20% of that figure. The remaining five acres are green spaces, jogging paths, kids’ play areas, and so on. Our sustainability practices include rainwater harvesting, the use of manufactured sand as opposed to river sand, natural ventilation in all bathrooms where applicable, the use of solar lighting for street lights and car parking spaces, and greater use of building management systems.
Prime Residencies won the Gold award at the most recent TAGS, which stands for Transparency, Accountability, Governance, and Sustainability. Sustainability is one of our core principles, and this award was recognition of our commitment to it. It is reflected in our layouts, project designs, and landscapes.
How does Prime Residencies support a strong workplace culture, and how do training and recognition programmes contribute to its performance?
We have always been proud of the fact that we’ve won the Great Place to Work Award consecutively for the past five years. We place great value in our team because they are our biggest ambassadors, and this is a very family-orientated workplace. We foster close working relationships wherever possible, allowing a free exchange of ideas and expertise, and our open-door policy means that anyone on the team can approach the higher management. We also conduct regular training and development sessions. Our customers deserve the best, and this is only possible when our team is at their best. Our mutual value and support structure ensures that everyone has what they need to succeed, regardless of project complexity or scope.
How does Prime Residencies view the future of Sri Lanka’s real estate market, and what role does it aim to play locally and internationally?
We are optimistic about the Sri Lankan real estate market, especially considering the long-term. The lower interest rates have really opened up the market, enabling a lot of first-time homeowners to also invest with us, and the demand for serviced apartments is growing, which helps us develop more projects in that area. Alongside this, we see Sri Lankan expats who want to move back home or shift location for seasonal reasons.
As for outreach, Prime Group has marketing offices in Dubai and Australia. To accompany this, we do a lot of roadshows, making Sri Lanka the headline of our programmes and showing the world why this destination should be on their radar. As proud as we are of our projects, it is important to highlight the island’s strengths. Wherever we go, and whomever we meet abroad, this is always a priority.
We believe in exporting Sri Lankan real estate. Foreign buyers and investors, including Sri Lankan expatriates, have much to contribute to the local property market, and attracting their interest will benefit the national economy. Their involvement will channel foreign exchange into the country via inward remittances, supporting the nation’s efforts to stabilize the balance of payments.
Real estate exports can bring in significant foreign revenue, similar to traditional exports. Additionally, it can lead to job creation in several fields, such as construction, legal, and financial services, leading to a positive ripple effect across the economy.
Further information about the 100 Most Valuable Brands in Sri Lanka:
Sri Lanka’s Top 100 Most Valuable Brands
Introducing Brand Finance and Sri Lanka’s Most Valuable Brands
Brand Valuation Methodology: Identifying Sri Lanka’s Top 100 Brands