Prime Group is set to invest over Rs. 20 billion in 2024 for two significant real estate projects in Dubai and Kiribathgoda.
Co-Chairperson Sandamini Perera announced that the company is embarking on its first venture in the UAE, constructing a 45-key apartment complex in Dubai with an investment of approximately AED 50 million. Construction is scheduled to start this year and is expected to be completed within 18 months.
In Sri Lanka, Prime Group will invest over Rs. 15 billion in its latest project, YOLO, a modern home apartment city located in Kiribathgoda. Spanning 13 acres, YOLO is poised to be the largest real estate development in Sri Lanka post-economic crisis, generating 2,000 new jobs. The project features 476 high-end residences, with 100 units already sold. Prices start at Rs. 21 million.
YOLO offers unique amenities including a bowling alley, coin-operated laundry, karaoke bar, infinity swimming pool, keyless entry, lush gardens, a gym and CrossFit center, a single bounce pedal court, and a mini mart. Residents can also enjoy an elevated lounge with a cozy fire pit, moonlit gatherings, and an outdoor cinema.
The development includes a Prime 1% monthly installment payment plan, making it more accessible to first-time buyers and investors. The innovative financing option aims to minimize risk and potentially double investment returns.
Group Chairman Brahmanage Premalal noted the growing demand for real estate, with all built apartments sold out. He mentioned potential future investments in Colombo Port City but emphasized waiting for clearer regulations. The economic crisis has led buyers to prefer reputable firms like Prime Group, which has a proven track record of 42 completed projects and a presence in Australia.
Premalal highlighted that the decline in construction costs and favorable financial conditions, such as lower electricity tariffs and high fixed deposit interest rates, have made real estate investment more appealing. The trend of investing in properties outside Colombo is also rising due to high land prices in the city.