Prime Group will invest over Rs. 20 billion in 2024 to commence two real estate projects in Dubai and in Kiribathgoda.
“For the first time we are venturing out to UAE, Dubai and are building a 45 key apartment complex for which we have obtained clearance,” said Co-Chairperson of Prime Group Sandamini Perera. (PICTURED) She said the construction would commence this year and would be completed in 18 months. “We will be investing around UAE dirham 50 million for this project.”
Speaking on the latest venture YOLO, Sri Lanka’s First Ever Modern Home Apartment City she said that they are pumping in over Rs. 15 billion for this project in Kiribathgoda in an area of 13 acres making it the biggest real estate development project in Sri Lanka after the economic crisis.
“YOLO will also generate 2,000 new employment opportunities.” She also disclosed that 100 units have already been sold out of the 476 exquisite residences which is starting at a price tag from Rs. 21 million upwards. She said that the project has some of Sri Lanka’s real estate industry ‘firsts’ which include, bowling alley, coin operated laundry, karaoke bar and many such features such as infinity swimming pool, keyless entry, lush gardens, Gym and CrossFit centre, single bounce peddle court, mini mart among countless amenities.
“We also offer nightlife experience at an elevated lounge featuring a cozy fire pit, endless moonlit chit chats and cinema under the stars with an innovative outdoor theater concept.
YOLO revolutionizes home ownership with redefined interest free Prime 1% monthly installment payment plan, making it accessible for first-time buyers and investors while minimizing risk. Investors can expect significant returns, potentially doubling their investment.
“YOLO represents a significant milestone in many aspects. Not only is it a progressive leap for Prime Group, but it’s also a major achievement for the entire Sri Lankan real estate industry,” she said.
Meanwhile, Group Chairman Brahmanage Premalal (PICTURED) said that the demand for real estate has picked up as all the built apartments have been sold out. “We will also be looking at opportunities in the Colombo port city. However, it is too early to make a commitment as we want regulations to be more clear.”
Due to the economic crisis some of the new apartment complexes builders folded up creating a major negative impact for buyers. “Due to this, buyers now prefer to invest in companies like us who have a proven track record for over 29 years and fully completed 42 projects to date. “we are also into the real estate business in Australia.”
He also said that the construction cost has finally come while the lowering of electricity tariffs along with low interests offered to fixed deposits make investing in real estate more productive.
He said their concept where people could own apartments and rent it while they are working overseas is also fast catching up and due to this their beach properties in Tangalle and Negombo are in high demand.
He also said that due to high land prices people now prefer to move out of Colombo and invest in areas just outside Colombo. Prime Group is Sri Lanka’s most-awarded real estate provider and has ongoing and completed projects with a portfolio of thirty individual housing projects and land projects spread across the country, and more than forty apartment projects located in Colombo and the suburbs.
