Prime Lands pays Rs3.5 billion for land in Bambalapitiya, Sri Lanka

• Purchased at auction on 12th.
• Acquired 10% of the selling price, 350,000,010 rupees.
• Balance settled within 30 days of bank communication.
• Stock trading up 2.10 rupees at 34.20.

Prime Lands Residencies PLC, a property developer in Sri Lanka, which has acquired land located on Bambalapitiya Station Road for a total of 3.5 billion rupees. The purchase was made through an auction held recently. An initial payment of 10 percent, amounting to 350 million rupees, has been made, with the remaining balance to be settled within 30 days of receiving communication from the bank. The company’s stock has seen a slight increase following the announcement.