The PLR Board acknowledges its responsibility to ensure the integrity of this Annual Integrated Report. Having thoroughly reviewed its contents, the Board is of the opinion that the report provides a fair and accurate representation of all Material Topics that have a bearing on the Company’s capacity to create value over the short, medium and long term.
This is Prime Lands Residencies PLC’s (PLR) first ever Integrated Annual Report. Being the first Annual Report published since achieving listed status in June 2021, the intent of this report is to provide appropriate information to all our key stakeholders. In this context, the Report seeks to show how PLR’s strategy takes into account all material, financial and non-financial aspects relevant to the Company and how from thereon resources are allocated through the six capitals in order to create sustainable value for all our stakeholders.
Annual reports prepared in previous years, prior listing, including the most recent report for the FY 2019/20 have been reserved only for private circulation among shareholders, and hence not made available publicly. There are no restatements pertaining to these previous reports.
The principle of Materiality has been applied as the basis for determining the content of this report. What we consider Material Topics are those issues that could substantially affect PLR’s ability to create value in the short, medium and long term. Page 27 of this report outlines the Material Topics relevant to PLR.
The PLR Board acknowledges its responsibility to ensure the integrity of this Annual Integrated report. Having thoroughly reviewed its contents, the Board is of the opinion that the report provides a fair and accurate representation of all Material Topics that have a bearing on the Company’s capacity to create value over the short, medium and long term.
The report was unanimously approved by the Board on 06th September 2021 and is signed on its behalf by:
We use a combined assurance model to ensure the accuracy of our reporting. Internal assurance is achieved through the risk management process and internal control procedures as well as the governance structures established by the Board.
Moreover all relevant business units and department heads have approved the content of this Annual Integrated Report. Thereafter all content has been reviewed by the Board Audit Committee prior to being recommended to PLR’s Board of Directors for approval.
PLR’s annual financial statements are audited by our external auditors – M/S BDO Partners (Chartered Accountants). Their report is available on page
86. From time to time, we also hire independent experts to assess and assure various other aspects of the business operations as well.
The leader of real estate artistry in Sri Lanka, Prime Group, is constructed by its subsidiaries; associating lands, houses, finance and condominiums. Having celebrated over 25 years of unparalleled trust and excellence, Prime Group is driven by its evergreen vision – ‘Committed to Creating a Better Place on Earth’ – which forms the inspiration behind the company’s drive to excel and passion to bring life to its customers’ dreams.Prime Group has made history as the first institution in the Sri Lankan real estate industry to receive the prestigious issuer rating of [SL] A- (Stable) from ICRA Lanka, a subsidiary of Moody’s Investors Service. The condominium property arm of the group, Prime Lands Residencies PLC, comprises over 40 apartment projects located in Colombo and the suburbs, with 34 projects fully completed and handed over to its residents, to date.
“Best Developer in Sri Lanka” awarded by the PropertyGuru Asia Property Awards (2018, 2019).
Best Luxury Condominium Development in Sri Lanka – “The Grand” – Ward Place (Colombo 07) by PropertyGuru Asia Property Awards at their latest awards ceremony.
Most Respected Entities in Sri Lanka for four years (2017,2019,2020,2021)- by LMD.
Credit rating [SL] A- (Stable) by ICRA Lanka Limited, a subsidiary of Moody’s Investors Service in 2020.
Prime Wrendale – Rajagiriya was awarded the best mid end condo development in Sri Lanka by PropertyGuru Asia Property Awards 2018.
Prime Group Chairman,
Mr. Premalal, has served Sri Lanka’s real estate sector for over three decades. He is a prominent figure in the Sri Lankan business landscape, is the Co-Founder and Co-Chairman of Prime Lands (Pvt) Ltd, the parent company of PLR, with investments in real estate, property development and financial services through its subsidiaries, Director of Bhoomi Realty Holdings (Pvt) Ltd and a Director of Prime Lands Australia Pty Ltd. He was recently appointed as the President of Condominium Developers Association – Sri Lanka (CDASL) for the year 2021/22.
He is an alumnus of Thurstan College, Colombo and a Fellow Member of the Chartered Institute of Management Accountants (United Kingdom), Sri Lanka Institute of Marketing, Chartered Business Administrator (Canada) and holds a Master of Business Administration from the Open University of Malaysia and a Postgraduate Diploma in Marketing from the University of Sri Jayawardenapura, Sri Lanka. He was conferred with the prestigious UCD Entrepreneur of the year in 2011 considering his vast experience in the real estate industry and exposure to many other industries as an entrepreneur. Mr. Premalal was honored as being one of the 2018 A-List of Sri Lankan Business people by LMD, listing among the top 50 businessmen in Sri Lanka who have driven the nation’s engine of growth and are the country’s true assets. Given his experience and leadership in various industries and his contribution towards the advancement of entrepreneurship in Sri Lanka, he was awarded at the ‘Most Outstanding Entrepreneur in Sri Lanka’ for the year 2018 by the International Association of Lions Club. He was also recognized as one of Asia’s Greatest Brand Leaders in 2017. Under his leadership, Prime Group has won the most prestigious award in the industry for Best Developer awarded by PropertyGuru at the Asia Property Awards in 2018 & 2019, and also earned the reputation of being placed among the Great Workplaces in Sri Lanka for 5 consecutive years.
Ms. Perera is a Co-Founder and Co- Chairperson of Prime Lands (Pvt) Ltd with over 25 years’ experience in the real estate sector. She is also a Director of Bhoomi Realty Holdings (Pvt) Ltd, Executive Director of Prime Finance PLC and Director of Prime Lands Australia Pty Ltd. Being an entrepreneur, she has achieved remarkable results for her own organizations as well as in her professional career.She is the holder of a MSc in Strategic Marketing from the Asia e-University, Malaysia, and is a member of Sri Lanka Institute of Marketing and is a Practicing Marketer. She was recognized as the 3rd most Powerful Business Woman in Sri Lanka by the Echelon Magazine in 2013. She is also a winner of the prestigious International Award for Excellence in Women Empowerment in 2014 by World Consulting and Research Corporation in New-Delhi India. She is also a winner of the Best Women Entrepreneur – Large category for 2014/2015 at the Professional & Career Women Awards from Women in Management in Sri Lanka.
Mr. Manjula Weerakkody is an experienced professional engineer with a wealth of experience spanning over 2 decades. He holds a BSc Engineering degree from the University of Moratuwa, a Master of Business Administration in Management of Technology from the University of Moratuwa and a Postgraduate Diploma in Structural Engineering Design from the University of Moratuwa. In addition to this he holds a Diploma in Commercial Arbitration from the Institute of the Development of Commercial Law and Practice. Mr. Weerakkody is also a Chartered Engineer of the Institute of Engineers, Sri Lanka.
Prior to joining Prime Group, he was employed at ATSL International (Pvt) Ltd (Member of Access Group) as General Manager – Civil Infrastructure Development from April 2011 to June 2016, preceding which he was the Chief Operating Officer of Sierra Civil Engineering (Pvt) Ltd from June 2009 to March 2011. He now serves as the Managing Director of Prime Lands Residencies (Pvt) Ltd since 2016 to date. He has gained prior experience during his tenures at Dialog Telecom PLC and Sierra Construction (Pvt) Ltd.
Mr. Nalinda Heenatigala is a Director of Prime Lands (Pvt) Ltd, and tallies over 24 years of experience in the real estate sector. He is also a Director of Bhoomi Realty Holdings (Pvt) Ltd.
Mr. Nalinda Heenatigala holds a Bachelor of Management Studies degree awarded by the Open University of Sri Lanka, a Commonwealth Executive Master of Business Administration from the Open University of Sri Lanka. He is currently reading for his PhD at the University of Colombo and is a Certified Member of the Sri Lanka Institute of Marketing (SLIM). He has been appointed as a member to the Steering Committee of the Skill Council of the Faculty of Arts, University of Colombo as part of an initiative of the World Bank- Accelerating Higher Education Expansion and Development (AHEEAD) grant of the Faculty of Arts (Program ID:P159995).
Mr Nalinda is a business idol in Sri Lanka having been featured in many business media interviews related to real estate growth/condominium trends in the country. He was also captured in top business magazines for topics related to the success story of the Prime Group and its awards.
Ms. Shehana Brahmanage serves as a Director at Prime Lands (Pvt) Ltd. She holds a Bachelor of Arts Honours degree in Accounting and Finance from the University of Greenwich, UK and is currently reading for her MBA at the University of Sri Jayawardenapura. Prior to joining Prime Group, she was employed at the Management Consulting arm of KPMG, Sri Lanka.
Ms. Shehana has represented the Group in numerous real estate conventions locally and internationally. She has also recently been recognized as one of the A List Millennial Torchbearers in 2020 by LMD, listing among the top 25 Sri Lankans from the millennial generation who are poised to feature among the Captains of business in the future.
Mr. Sooriyaarachchi counts over four decades of wide industry experience, and out of that more than 15 years at board level. He is a Fellow member of the Chartered Institute of Marketing UK, Fellow Member of the Sri Lanka Institute of Marketing and holds a Masters of Business Administration from the University of Sri Jayawardenapura. He is also an Alumni of National University of Singapore, Asian Institute of Management and the Stanford Business School USA.
He is also a well-known Management Consultant and an Accredited Master Coach and a Mentor. He is a consulting partner of RBL USA as well.A former Managing Director of Aviva NDB Insurance PLC (Now AIA Insurance Lanka Limited and unlisted), former Commissioner – Sri Lanka Inventors’ Commission, a Past President of Sri Lanka Institute of Marketing, he has served several National bodies as well. He currently serves on a number of leading business organizations as a Non- Executive Independent Director.
Mr. Kalapuge has over twenty years of experience in services marketing. He is a Non-Executive Director of Prime Finance PLC and is also the Director at SIPCOM – 1 (Pvt) Ltd, a company involved in total people development.
He is a member of the Chartered Institute of Marketing, UK, and Post Graduate Diploma holder of CIM, UK. He holds a Diploma of Marketing from Marketing Council, Australia and is a Fellow member of the Australian Marketing Institute. In addition, he also holds an Advanced Diploma in Business Administration from Association of Business Executives, UK and is a Fellow Member.
Mr. Kalapuge was the Former Vice President–Marketing at DFCC Bank. Has also had held senior marketing positions at Sampath Bank, Eagle Insurance and Eagle NDB Fund Management. He also participated in many professional development programmes locally as well as abroad. At present he works as the principal management consultant and an inspirational trainer focusing towards service quality enhancement, system study and employee motivation to achieve higher productivity.
Over the last two and half decades, he has conducted nearly three thousand inspirational workshops in management, entrepreneurial development, customer care, service excellence, relationship marketing and motivation with over 800 leading public and private sector institutions in Sri Lanka and abroad with nearly 400,000 participants in the year 2000 he was presented with the Sri Lanka Institute of Marketing first ever ‘Recognition Award’ for the contribution he made to enhance the professional competence of the customer interface community in Sri Lanka.The programmes designed and conducted for the benefit of the Cabinet of Ministers in year 2004, Presidential Secretariat and Government Institutions were commended by Her Excellency the former President of Sri Lanka. He has several publications on ‘Service Marketing’ both in local and foreign journals.
Mr. Perera counts over 30 years of professional experience in the commercial sector in Finance, Management and Legal disciplines. He is a Fellow of the Chartered Institute of Management Accountants (FCMA, UK) and a CGMA and has obtained a Master’s Degree in Business Management (MBA) from the Postgraduate Institute of Management of the University of Sri Jayawardenapura. Pursing a diversified career, Mr. Perera successfully read for a Bachelor of laws Degree (LLB) from the Open University of Sri Lanka and entered the legal field as an Attorney-at-Law.
He has wide experience in manufacturing and export industries having held senior positions in companies in multiples sectors such as food and beverage, packaging and ceramic industries. In addition to many years of experience in Accounting and Finance, he has gained extensive experience in senior corporate management and in the legal profession. He has held Board positions in several listed and unlisted entities.
At present, Mr. Perera serves on the Boards of HNB Finance PLC and Prime Finance PLC as well as on several other unlisted companies. In addition, he provides professional consultancy services and legal advice on Commercial, Corporate, Employment and Investment Law to local and foreign clientele.
Mr. Bandara holds a Bachelor of Science Degree in Accountancy & Financial Management from the University of Sri Jayawardenapura and a Masters Degree in Business Administration from the University of Colombo. He is a fellow member of the Institute of Chartered Accountants of Sri Lanka and the Association of Accounting Technicians, Sri Lanka. He is also the Vice President of the Institute of Chartered Accountants of Sri Lanka and a Board Member of the Confederation of Asian Pacific Accountants (CAPA) and Sri Lanka Accounting and Auditing Standards Monitoring Board. Further he is a member of the governing council of the University of Kelaniya and the Association of Accounting Technicians of Sri Lanka. He is a technical advisor to the South Asian Federation of Accountants (SAFA) as well. He is a partner of B. R De Silva & Co, Chartered Accountants (Member firm of Nexia International) and counts over 23 years of experience in practice.Mr. Bandara was the Chairman of Mercantile Investments and Finance PLC and is a visiting faculty member at leading state and private sector universities.
Refer profile under Board of Directors Profiles.
Mr. Randeniya is an accomplished strategic management professional counting over 20 years’ experience in the real estate sector. He is presently a Executive Director of Prime Lands (Pvt) Ltd having being recognized for his exceptional performance in the real estate business during his career at Prime Group, is a Director of Bhoomi Realty Holdings (Pvt) Ltd which is an affiliated company of Prime Lands (Pvt) Ltd and is on the Board of Directors of Prime Finance PLC as an Executive Director.Mr. Randeniya holds a Bachelor’s Degree in Business Management from the Open University of Sri Lanka and a Diploma in Marketing from Sri Lanka Institute of Marketing (SLIM). His strength lies in his unique ability to recognize potential properties for development in many parts of the country and executing winning strategies to profitably market them.
Ms. Fernando joined the Prime Group in 2001 and is currently an Executive Director Legal of Prime Lands (Pvt) Ltd and an Executive Director of Prime Finance PLC who provide professional legal advice and guidance on conveyance and land matters to group companies.
Ms. Fernando holds a Master’s Degree in Law (LLM) from the University of Colombo and is an Attorney-at-Law having entered the Bar in 1998. During her 20 years of association with the real estate industry she has gained extensive experience and expertise in drafting and review of legal documents, negotiation of terms and conditions and facilitation of title transfers relating to real estate.
Mr. Hewapathirana has 25 years hands on experience in construction of high-rise, commercial, residential construction, road and bridges and marine construction with many local and multinational companies. He joined the Company as the Chief Engineer and currently functions as General Manager – Engineering in PLR. He started his career at Sanken Lanka/ Mitsui Construction. He has also gained experience at Ceylinco group, Jetwing Hotels and China Harbour Engineering Company.Mr Hewapathirana have completed his secondary education at University of Moratuwa ( NDT ) & Engineering Council (UK). He holds a Diploma in Project Planning and Management at CAD center India. Presently reading for Master in University of Uva Wellasaa Sri Lanka. Mr. Hewapathirana holds the membership at the Institute of Incorporated Engineers, Sri Lanka (IIESL).
Mr. Pathirage is a professional in the finance field counting over 20 years’ experience in the private sector. He is an Executive Director Finance of Prime Lands (Pvt) Ltd, the parent company of Prime Group as well as Non-Executive Director of Prime Finance PLC which is listed subsidiary of Prime Group.
He holds a BSc Management (Special) Degree with Second Class honours from University of Sri Jayawardenapura, is a Chartered Tax Advisor of the Chartered Accountants of Sri Lanka, is a Fellow Member of the Sri Lanka Institute of Taxation and is a member of the Association of Accounting Technicians Sri Lanka.Prior to the aforesaid appointments he was providing management consultancy services and tax advisory at a senior level at Baker Tilly-Sri Lanka, Chartered Accountants, he was a Director of Corporate Secretaries Practice (Pvt) Ltd, the secretarial unit of the accountancy firm. He also gained over six year’s financial management experience overseas in the areas of international trade, airlines and tourism as the Chief Accountant of Cyprea Group of Companies in Maldives. In addition, he has gained financial management experience in the fields of apparel and insurance in Sri Lanka.
Mr. Perera has over 8 years of accumulated experience in the real estate and equity fields in England and wider markets. After relocating to Sri Lanka, he joined Prime Group, as the Head of Strategy and Business Development. At which current position, Mr. Perera is involved in analyzing investment strategy, financial projections, forecasts and market trends. He also holds a Directorship at HNB Finance PLC, where he brings forth the perspective of foreign markets and trend analytics.Mr. Perera began his academic journey as a physicist at the prestigious Imperial College London. Towards the latter part of his academia, he focused more on how to analyze, evaluate and predict the market trends with gained exposure. This passage was apparent from his research into market modelling and speculator simulations. His interest in market trends led him to the fields of real estate and then onto bespoke investment advisory.
Mr. Himesh holds a BSc (Hons) degree in Quantity Surveying from the University of Moratuwa, Sri Lanka and MSc Real Estate and Property Management from the University of Salford, Manchester, United Kingdom. He received the Professional Membership (MAIQS) from the Australian Institute of Quantity Surveying, and became a Chartered Quantity Surveyor (AIQSSL) with the receipt of Associate Membership from Institute of Quantity Surveyors Sri Lanka.He has more than 10 years of experience in UAE, Azerbaijan and Sri Lanka. Prior to joining PLR, Mr. Himesh served for 7 years as Commercial Manager in Pasha Construction LLC in Baku, Azerbaijan. His areas of expertise include all aspects of procurement and commercial management from design and construction phases until to projects handover.
Mr. Sisira Kumara has experience in the field of finance and accounting for over 3 decades holding various positions in finance and administration in leading organizations including multinational corporations overseas. He holds a Master of Business Administration from the University of Derby (UK) and is a Member of the Chartered Institute of Management Accountants (CIMA-UK).He started his career at Associated Newspapers of Ceylon Limited (Lake House), and other reputed institutions including the Urban Development Authority, State Trading General Corporation, Ceylon Leather Products Ltd and Lankem Ceylon PLC. He has gained experience in various business sectors including manufacturing, trading, constructions and leisure during this time.
Mr. Rasika is an all-rounder in information communication technology with over 10 years’ experience with a proven track record in network infrastructure, system administration, software development, VOIP technologies and business management. He is currently working at Prime Lands (Pvt) Ltd as the Head of IT. The whole IT operation, including the SAP Business One, which has been implemented across the group entities, of Prime Lands, Prime Lands Residencies and Bhoomi Realty Holdings is under his purview.
He is a professional member of the British Computer Society and a Post Graduate of the University of Colombo.Prior to joining Prime Group, he has proven his performance not only in ICT, but also in business operations where he was involved in managing the business operation to deliver committed performance to the clientele of Bellvantage (Pvt) Ltd. He also managed MIS, training and quality assurance departments during his tenure at Bellvantage as a senior manager. He became employee of the year in 2016 and won the unmatched performance award for three years in 2018.
Mr. Fernando is currently the Group Director Marketing at Prime Lands (Pvt) Ltd. He is a Strategic, Fiscal and operations Leader who’s illustrious and vastly experienced career spans 20 years across a variety of multinational companies.
Prior to joining the Prime Group, Mr. Fernando started his career at Unilever Sri Lanka Ltd and led brand marketing for household cleaning, face care, oral and social mission categories as well as sales for modern trade, general trade and B2B sales from 2000 to 2012. Mr. Fernando was then appointed as Country Marketing Manager for Coca-Cola Sri Lanka (Pvt) Ltd and led marketing and commercial operations for Sri Lanka and Maldives from 2012 to 2018. His career was then propelled even further as he was appointed as the General Manager – Head of Mobile Business (Sri Lanka & The Maldives) of Samsung India Electronics (Pvt) Ltd from 2018 to 2020.Mr. Fernando is a member of the Chartered Institute of Marketing UK (MCIM) and he is currently reading for the thesis of Master of Business Administration from the University of Wales. Mr. Fernando is an active member in the marketing fraternity and was part of the jury panel for Effie Awards 2019 and SLIM Digis 2.0 2020.