Prime Lands Residencies PLC has acquired over one acre of prime real estate on Station Road, Bambalapitiya for Rs. 3.5 billion, marking one of the company’s largest single investments to date.
The purchase, confirmed in a stock exchange filing on Friday, was made via a public auction conducted by Sampath Bank.
The land — identified as Lots 2, 3, and 4 on Survey Plan No. 4196 — spans approximately 1 acre, 20.1 perches and is located at 25/3 (Part), Station Road.
Prime Lands paid Rs. 350 million as an advance, with the remaining balance due within 30 days, pending formal communication from the bank.
Sources close to the deal described the acquisition as a milestone for the Prime Group, signalling its continued expansion into high-value urban development.
The site was previously earmarked for Achilleion, an ambitious luxury residential project by Blue Mountain Group, which envisioned twin 50-storey skyscrapers linked by skybridges, including one serving as a helipad. However the venture, in partnership with global architectural firm Palmer & Turner Group of Singapore, never materialised.
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