Prime Lands Residencies secures Otters Club car park property to develop ‘The Elizabeth’

Prime Lands Residencies Group Chairman and Executive Director Premalal Brahmanage with Urban Development Authority Chairman M.G. Hemachandra at the signing of the agreement for the acquisition of Otters Club car park property in Colombo 7

Prime Lands Residencies PLC has secured the historic Otters Club car park property in Colombo 7, through a recently concluded agreement with the Urban Development Authority (UDA), marking one of the most significant residential land acquisitions in the district in recent years.

The property will be developed into ‘The Elizabeth’, a landmark residential tower envisioned to redefine contemporary living in Colombo 7.

The announcement comes as welcome news to clients and investors who have been awaiting Prime’s next signature development within Colombo 7, following the strong market performance of Grand Ward Place. Demand for a comparable address within the district has remained consistently strong, with limited new supply entering the market.

Set on approximately one acre in one of Colombo’s most established residential enclaves, the Otters Club property represents one of the last remaining Prime development-ready land parcels within a tightly held district.

Under the agreement with the UDA, the proposed development will comprise a ground plus 23-storey residential tower. The historic Otters Club will be thoughtfully integrated within the fourth and fifth floors of the building while remaining fully independent and operational, preserving its members-only heritage while reinforcing the stature and cultural significance of the address.

The convergence of colonial architecture and contemporary residential design positions The Elizabeth as a future architectural landmark within Colombo 7.

Following the delivery success and strong market reception of Grand Ward Place, The Elizabeth represents the Company’s next landmark development within Colombo 7.

Where Grand Ward Place established confidence in execution and long-term value creation, The Elizabeth advances that trajectory through greater exclusivity, refined design and a highly strategic location within the district.