Sri Lanka’s Prime Lands makes its biggest land acquisition worth Rs. 3.5 billion
Daily FT: Prime Lands Residencies PLC has 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 Licensed 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.OSL take:
Sri Lanka’s real estate industry has shown immense business potential due to the country’s increasing business activities and overall economic expansion. The growth of local businesses in the industry is indicative of increasing business potential. As Sri Lanka grows as an emerging business destination in the South Asian region supported by the country’s geographical positioning in the Indian Ocean, strong trade ties and improving ease of doing business environment, Sri Lanka’s land value, especially in the country’s commercially active Western Province has presented potential business/investment opportunities for the discerning business/investor. Also, the country’s ongoing development programme has given a further boost to land value. The expansion in the real estate industry has resulted in business/investment opportunities in the house and property sector. With Sri Lanka poised to become a regional hub in South Asia, the country’s real estate industry, especially the house and property sector would present lucrative business ventures. Foreign businesses/investors on the lookout for business/investment opportunities in the region could confidently explore the opportunities in Sri Lanka’s real estate industry.
| Article Code : | VBS/AT/20250916/Z_4 |