logo
logo

BESTWEB.LK AWARDS 2015

Contact

Frequently Asked Questions

PROJECT

1. Has the master plan been approved by CMA?

Yes. All necessary approvals have been obtained

2. Is the developer addressing the social and environmental impacts of the development?

To address the environmental impacts of the development, Altair will be equipped with centralized air conditioning, centralized water heating and gas banks. These will help reduce the consumption of electricity and water. Due to the design of Altair, all the apartments will receive sufficient natural light and cross ventilation leading to less dependency on artificial light. Rainwater and STP.

3. Who is the intended target market?

High Net worth Individuals (HNI’s), expats and Non-Resident Sri Lankans (Diaspora) and Investors are the intended target groups for this project.

4. What is the overall concept of this project?

To create an enduring Landmark in Colombo.

5. Are there floor restrictions applicable to foreigners below which they cannot purchase apartments? If not, are there some additional costs incurred by them to do so?

Any condominium unit of a condominium property situated on or above the fourth floor of such condominium property, the ownership of which is transferred to a person who is not a citizen of Sri Lanka will be exempt from the 100% tax imposed under the Finance Act No.11 of 1963, provided that the value of such unit is met by inward remittances of foreign currency.

6. How many apartments can a single buyer own?

A buyer is not limited to owning any particular number of apartments.

7. What will happen to James Peiris Mawatha road?

The UDA has proposed a plan to covert James Peiris Mawatha road into a pedestrian walkway, creating an amiable and cheerful ambiance in front of the building.

8. How do you highlight the advantage of the location?

Apart from being one of the most elite residential areas of Colombo, Altair is located in close proximity to schools, hospitals, entertainment centers and hotels. Please refer to the location map for more details.

9. What are the proposed developments on the adjoining lands?

The UDA with its progressive thoughts has planned landmark developments consisting of hotels, residences and retail opportunities along the entire stretch.

10. What views can one expect from the apartments?

All apartments have views of Beira Lake and the Indian Ocean.

11. What is the present value of the project?

The present value of the project is estimated to be USD 250 Million.

12. What are the special features or the USP’s?

The USP’s are:

  • Unique construction – Designed by celebrity architect Moshe Safdie.
  • Two towers, consisting of 68 and 63 floors
  • Unique design - The design of this building is unique as one of its towers’ slants inward from ground up at an angle of 13 degrees.
  • Unique location – This unique location in Colombo 02, the high-end residential hub of Colombo, is minutes away from Colombo’s landmark attractions.
  • Unique amenities and facilities – Sky deck/garden (on the 63rd floor) providing residents with uninterrupted views of Beira Lake and the Laccadive Sea.
  • The development will also aid residents in cost savings by providing a centralized air conditioning plant and centralized gas geysers. This system not only has lower maintenance and operating costs, but also has a longer life.

13. Is the building designed to withstand earthquakes?

Yes, the building has been designed based on international standards. It can withstand earthquakes ranging between 6-7 on the Richter scale.

14. How has the architect addressed SriLanka’s geographic, social and cultural elements when creating the building?

The Diagrid architecture facilitates large, floor-to-ceiling, glass-clad windows enhancing natural light and spaciousness. The extra-tall floor-to ceiling height at 3.3 metres magnifies apartment grandeur. All Altair apartments will enjoy breathtaking views as they overlook either the lake or the ocean.

DEVELOPER

15. What is the guarantee that the development will be completed?

The developers are highly renowned and trusted in the industry.
The proposed project is on land allotted by the UDA with clean title deeds.
Indocean Pvt. Ltd. is a BOI registered company.

TYPES OF APARTMENTS/PRICE

16. What is the minimum down payment at the time of reservation?

At the time of reservation 5% of the purchase price needs to be paid

17.How many apartments would there be in total?

There will be approximately 400 apartments.

18.What is the range of apartment sizes?

The sizes of the apartments offered vary between 1413 and 4800 Sq. Ft.

19.How many apartments does each floor consist of?

The Sloping tower consists of 4 apartment per floor till level 38, 39th and 40th floors consist of 3 apartments and there onwards it becomes 2 apartments per floor due to the structure.
The straight tower consists of 4 apartments per floor till the 62nd floor and there after 2 apartments per floor.

20.Are you giving any rental Guarantee?

Yes,7 % per annum given based on purchase price. Provided the apartment is purchased in foreign currency, the rental returns are repatriable to any nominated account overseas.

21.What level do your apartments start from?

Apartments start from level 5.

22.What is my security on money paid?

  • The payment plan for this project is construction linked unlike other projects that are time linked, i.e., payments are to be made at specific project completion stages.
  • Additionally, an escrow account has been set up between the purchaser, developer and the bank. Thus assuring the buyer that the money is being consumed solely for the construction of Altair.

23. If I transfer money into Sri Lanka can I take it out if I decide to sell and what is the procedure?

Capital + Capital gains freely repatriable. No Capital gain tax on sale of property for foreign residents.

24.At what exchange rate will the payments be made? Will it be fixed or a day-to-day conversion rate?

Payment will be calculated on the prevailing rate of exchange on the date of payment. In the case of payment of stamp duty, stamp duty will be calculated on the prevailing rate of exchange on the date of execution of the Deed of Transfer.

25.What are my other costs apart from the purchase price?

Legal and stamp duty costs.

26.What stamp duty, registration fees, vat, etc. do I have to pay as a foreigner?

There is no difference in the sum/ method of payment of any of the above.

FITTING / FINISHES & FACILITIES

27.How does the Air conditioning system work at ALTAIR?

Altair apartments will be centrally air-conditioned but individually controlled through an energy efficient centralized chilled water plant.

28.What’s the use of MEP rooms in the building?

To monitor and bill the use of LPG, chilled water, power and water services by the Building Management System (MEP) will facilitate an accurate and timely billing procedure.

29.How many elevators are being provided? What would be the sizes and speeds of these elevators?

There will be a total of 11 elevators; 9 of which would be passenger elevators and the remaining 2 would be service elevators. These elevators provide a minimum occupancy of 13 passengers and have high speeds of above 3.5 m/sec.

30.What are the facilities provided?

Being a truly unique development, standard recreational amenities such as a lap pool, a leisure pool, a gymnasium, a games room, a sauna & steam room, sun decks, BBQ areas and playgrounds will be accompanied by a unique sky garden which will be located on the 63rd floor overlooking Beira Lake and the Sea. The sky deck will be home to a 4th swimming pool, a lounge, a party area and some other recreational facilities exclusively for Altair residents.

31. What kind of finishes would you provide for flooring, bathroom fittings, electrical fitting, pantry cupboards, light fittings, doors and windows etc.?

Please refer to the specifications section.

32. How many levels of parking are you providing?

We are providing 6 levels of parking.

33. Is there a provision for visitor parking?

Yes. An adequate number of parking spots are being provided for visitor cars.

34.How many car parks do you provide with each apartment?

There is a provision for 1 car park per apartment for 3 bedroom apartments and 2 car parks for 4 & 5 bedroom apartments. These spots will be allotted to residents. Additional car parks are available at an extra cost subject to availability.

35.How many entrances will the building have?

The building will have 3 entrances – the main entrance, a service entrance and a retail entrance.

36.What is the warranty period for the products and finishes?

We will provide fittings and fixtures of well-reputed companies whose products will cover extensive warranties offered by the manufacturers

37.Who is going to provide post construction services?

Post construction will be run by a FMC and will be monitored by the association of owners.

38.What retail outlets will you provide?

Retail outlets such as high-end boutique stores, restaurants and a spa will be provided.

39.What security systems will the building have in place?

Altair will be equipped with a state-of-art multi-tier security system in line with industry best practices. The comprehensive people management plan will facilitate an accurate identification of each entrant while providing a secure and unhindered passage for residents.
Each apartment will have a video door-phone connected to the control room and main entrance to monitor visitors and guests. The Building Management System will provide a 24x7 surveillance coverage at strategic locations.

40.What fire detection systems will the building have in place?

Altair will be equipped with a modern fire fighting system consisting of a network of sprinklers & smoke detectors, pressurized staircases, wet risers and fire extinguishers.

41. In case of a fire how will people get out of the building from the higher floors?

There will be pressurized fire escape staircases and a fire lift that will have fire resistant doors so that the smoke cannot enter these areas. There will be fire escape and fire rescue platforms on so that people can be evacuated.

TIME FRAME

42. When do you expect the model apartments to be ready by?

The model apartments should be ready for viewing early 2014.

43.What is the estimated completion date?

The expected completion year for this development is 2017 end September

CONTRACTORS

44.Who is the contractor for this project?

A reputed and capable contractor with prior experience in high-rise constructions will be appointed for a project of this magnitude. A shortlisting process is ongoing.

45.Who is the architect and the local Architect for this project?

A world-renowned celebrity architect, Mr. Moshe Safdie. He has a reputable portfolio including the world famous Marina Bay Sands in Singapore. And the local architect who’s involved in the project is Athula Amarasekare from Design Team 3.

46.Which structural engineering firm has been appointed for this project?

Derby Design is the structural engineering firm for this project. They are experts in designing structures of high rises and have accomplished many challenging structures worldwide.

LEGAL FACTS

47.Who is your Lawyer?

Paul Rathnayake.- Paul Ratnayake Associates

48.What is the possibility of viewing a copy of the Title deed?

The title deed is available on request.

49.At what stage will you execute the transfer of Deeds?

Once the Condominium Plan has been registered and on the complete purchase price being paid the Deed of Transfer can be executed.

50.Is the property a freehold or leasehold to the end user?

As per our agreement with the UDA, they will transfer the freehold title to the end user on completion of the project.

51.What are all the possible charges and taxes for an apartment (stamp duty, registration, vat, etc.)?

Stamp duty, registration fee at the Land Registry (this will be a very nominal sum), and assessment rates to be paid to the local authority.

52. Is the property a freehold or leasehold to the end user?

As per our agreement with the UDA, they will transfer the freehold title to the end user on completion of the project.

53.How can I obtain the legal documents required for the purchase (title, licenses, planning, etc.)?

Legal documents will be provided on receipt of application and payment of token money. Copies of the title deed and sale agreement can be handed over to a purchaser for purposes of examining the documents.

54.How to realize and reimburse the deposit of common services (electricity, gas bank, etc.)?

Provision for payment of common services will be made to the Management Corporation upon the purchaser becoming a member of the Management Corporation. There is provision in the Sale Agreement.