Prime Lands secures prime real estate in Bambalapitiya

Prime Lands Residencies PLC has made a significant addition to its portfolio with the acquisition of a prime plot of land in the coveted Bambalapitiya area for a staggering Rs. 3.5 billion.

The deal, finalised on September 12, 2025, sees the real estate giant secure a property of over one acre on Bambalapitiya Station Road, a move that is set to make waves in the Colombo property market.

According to a corporate disclosure filed with the Colombo Stock Exchange, Prime Lands Residencies PLC successfully acquired Lot Nos. 2, 3, and 4 as depicted in Survey Plan No. 4196. 

The company made an advance payment of Rs. 350 million, which accounts for 10 percent of the total consideration, on the date of the auction. The remaining balance is to be settled within 30 days from the date of communication from the bank.

This major acquisition comes at a time of strong financial performance for Prime Lands Residencies. The company’s unaudited interim financial statements for the three months ended June 30, 2025, show a 7 percent increase in revenue to Rs. 2.32 billion compared to the same period in the previous year. The company’s profit for the period also saw a 15 percent rise, reaching Rs. 400.48 million. 

Speculation is rife that the acquired property may be the site of the once-proposed, and later abandoned, “Achilleion” seven-star luxury apartment project by the Blue Mountain Group.

The acquisition of this prime Bambalapitiya property positions Prime Lands Residencies for a landmark development in a highly sought-after residential and commercial hub.