Prime and Melwa, two leading business entities in Sri Lanka, have collaborated to achieve a significant milestone in the country’s most ambitious urban development project. This partnership has successfully acquired one of the prime marina front land parcels in Port City Colombo, covering over four acres with a breathtaking view of the Indian Ocean.
The site is earmarked for the development of a mega ultra-luxury apartment complex, scheduled for completion within four years. The development promises all apartments will feature direct marina waterfront views, with an estimated project turnover of approximately USD 250 million. In addition to redefining upscale urban living, the initiative is anticipated to generate substantial economic value and attract international investments, further enhancing Colombo’s position as a competitive hub in South Asia.
The venture between Prime and Melwa Groups signifies more than a mere transaction; it marks a transformation, as a piece of Sri Lanka’s global future is secured. This move aligns with the Port City’s vision of positioning the nation as a global business and lifestyle destination. The project will be executed as a joint venture under Prime Melwa Port City (Pvt) Ltd, a subsidiary of Prime Group’s parent company, Prime Lands (Pvt) Ltd.
Premalal Brahmanage, Chairman of Prime Group, expressed, “We are venturing into new horizons to elevate Sri Lanka’s real estate capabilities to an international level, embodying the Prime Group motto, ‘Taking Sri Lanka’s real estate to the world.’ The Port City Colombo project offers a strategic opportunity to position the country as a leading luxury property destination and bolster our international presence. We are confident that the proposed mega ultra-luxury apartment project will attract international business travelers, expatriates, and discerning investors, offering strong foreign buyer appeal and significant passive income potential, while reinforcing our vision of exporting Sri Lanka’s real estate.”
A notable feature of Port City Colombo is its transactions being carried out in USD and other foreign currencies instead of Sri Lankan Rupees (LKR). This provision offers investors a reliable safeguard against currency depreciation and reduces long-term financial risk.
Melwa Conglomerate, as Prime Group’s strategic partner in this landmark venture, contributes its industrial expertise and legacy of nation-building to the collaboration. P. P. Anandaraja, Director of Melwa Conglomerate, remarked, “From our origins in steel manufacturing to evolving into one of Sri Lanka’s most diversified industrial groups, Melwa has consistently built with the country’s future in mind. Partnering with Prime Group for the Port City Colombo development reflects that same vision. Together, we are delivering a project that sets a new standard for luxury living while firmly establishing Sri Lanka on the international property map.”
The site, being the last land parcel directly facing the Marina of Port City Colombo, represents a prime development opportunity within Sri Lanka’s first foreign currency-designated multi-services Special Economic Zone. With this acquisition, seven of the eight land parcels in the Marina District have now been leased to developers, demonstrating nearly 90% land uptake within the precinct and underscoring strong investor confidence in its long-term potential.
“When leading local companies such as Prime Group and Melwa invest at this level, it reflects confidence in the country’s future and in what we are building at Port City Colombo,” stated Mr. Xiong Hongfeng, Managing Director of CHEC Port City Colombo (Pvt) Ltd. “Port City Colombo is prepared to welcome visionary investors, both local and international, who are ready to shape the next chapter of this regional business and lifestyle destination. Our foundation is in place, our regulatory framework is established, and we are committed to enabling long-term, sustainable growth.”
With this landmark venture, Prime and Melwa are not only shaping a destination but also contributing to Sri Lanka’s global future.
