Prime Group, first Real Estate institution to get Credit Rating | Daily News


 

Prime Group, first Real Estate institution to get Credit Rating

Prime Grand Ward Place
Prime Grand Ward Place

Property magnet Prime Group makes 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 (Pvt) Ltd. and Prime Lands Residencies (Pvt.) 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.

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. This recognition comes on the heels of our 25th anniversary, a time period during which we have successfully launched over 4000 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.”

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 recognizing 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 to government health regulations. 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.”

 


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