Prime Group sets benchmark for real estate industry with credit rating of A- Stable

• Commences operations at Head Office, flagship project Prime Grand – Ward Place and all other construction sites  

Property magnate Prime Group has made history as the first institution in the Sri Lankan real estate industry to receive a prestigious issuer rating of [A-] Stable from ICRA Lanka, a group company of Moody's Investors Service. The rating was awarded based on a consolidated view of the exceptional financial and operational linkages of Prime Lands Ltd. and Prime Lands Residencies Ltd.

The market leader marks its 25th year in the industry by being the first and only real estate company to obtain a credit rating, shedding much needed transparency into the sector to enable buyers to make an informed decision before investing their hard-earned money.

Expressing his gratitude, Prime Group Chairman Brahmanage Premalal said: “We are truly honoured to receive an [A-] Stable credit rating by ICRA Lanka for the first time in the history of Sri Lanka's real estate industry, and we are deeply indebted to all our clients who have chosen to place their invaluable trust in us. This recognition comes on the heels of our 25th anniversary, a time period during which we have successfully launched over 4,000 land and modern housing projects in 16 districts across the island, and completed 36 out of the 43 launched apartment projects.”

"In the volatile real estate market of today, when Sri Lanka is duelling against this unprecedented global health risk, it has become absolutely vital that customers give equal importance to choosing a trusted developer as much as they would to a good location, design and price. This choice would greatly mitigate the financial risk they are undertaking. The [A-] Stable credit rating is the hallmark of a credible developer, and as such it will continue to inspire us in setting benchmarks and raising the standards of our home industry."

In awarding the [A-] Stable rating, ICRA Lanka also noted the healthy pre-sale and cash collection efficiency of Prime Lands and Prime Lands Residencies, while recognising their consistent ability to deliver completed apartment projects within scheduled time-lines at highly competitive pricing. The recent Initial Public Offering of Prime Group’s HNB Finance Ltd. helped raise the company’s market value considerably, offering increased financial stability for its future operations and auguring well for future reviews.  

The Group also announced the commencement of its operations including ultra-luxury project Prime Grand, Ward Place with the easing of the island-wide curfew regulations imposed by the government as a result of the COVID-19 pandemic in the country. 

The Group’s operations at its Head Office, branches and construction sites have resumed with numerous additional precautionary measures in place in accordance with Government health regulations. This concerted effort is in a bid to ensure the utmost safety of all the group's stakeholders inclusive of employees, clients and partners.

Commenting on the Group's commencement of operations, Prime Group Co-Chairperson, Sandamini Perera said: “As our country fights against this unprecedented global health risk, it has become each of our duty to assist our front-line healthcare initiatives by taking all recommended precautionary measures. While we are happy to be back in operation with the easing of curfew, we want to assure all our stakeholders that Prime Group as always is taking the utmost caution to ensure the safety of those who walk through the doors at all of our sites. Our team is working hard to overcome the many challenges posed during this period, to keep the promises we made to our clients with quality in time and in full.”

While Sri Lanka’s economy is shown to have taken a hit, Prime Group bears a positive outlook for the future, supported by its position as a strong and stable leader in the country’s construction and real estate sector. In fact, they are in the process of launching a new apartment project in Dalugama, Kelaniya as well as housing and lands projects in the Chandrika Kumarathunga Mawatha, Malabe and Piliyandala in June.

“Although the pandemic has impacted both the construction industry and the country’s economy at large, we still have identified positive buying interests among current and potential customers, especially among Sri Lankan expatriates. To this end, we are in the process of helping these customer segments lock in on their real estate requirements from among our wide portfolio. Their decisions are supplemented by the favourable interest rates offered by banks during this time. We like to believe that with the new land, housing and apartment projects that are in the process of launching, we will be contributing to boosting Sri Lanka’s economy at a time when it’s needed the most,” she continued.

Backed by over 25 years of operational and financial excellence, Prime Group has long been known as a credible and trusted developer among its many customers. Although the country’s current economic outlook at present may seem glum, the Group assures that with renewed bank interest rates it is a promising time for new investments.