Get your share of the booming residential property market in Sri Lanka

September 28, 2015

The premium real estate market in Sri Lanka has been experiencing positive growth rates over the past decade. As a result the demand for condominia in and around Colombo has remained buoyant and is deemed by many as a lucrative investment opportunity. Altair Sri Lanka is one of the most talked about residential properties in Sri Lanka and is poised to transform the Colombo skyline with its bold and stunning design cues.

Altair will be among the tallest residential properties in Sri Lanka accommodating a total of 400 luxury apartments in the heart of the city. The building was designed by world renowned architect Moshe Safdie who is responsible for architectural masterpieces such as The Marina Bay Sands (Singapore), Kauffman Centre for Performing Arts (United States) and Habitat 67 (Canada). His work has been recognised by numerous international awards and accolades including the 2015 Gold Medal from the American Institute of Architects (AIA). The project is carried out by South City Projects, a firm that is synonymous with architectural excellence and has been in the industry for over 150 years.

Altair provides you with several options if you intend to invest in properties in Sri Lanka. These options include the Rental Guarantee Scheme which has become extremely popular among locals, Sri Lankan expats and foreign who seek to invest in properties in Sri Lanka.  This option provides peace of mind and the ability to receive a fixed income over an agreed period of time. The management of the property will also prove to be hassle-free under this scheme as it will be carried out by the property management company.

The premise of the Rental Guarantee Scheme offered by Altair Sri Lanka is to make the purchase of an apartment easier. Apartments are sold on the basis of a rental of 7% per annum based on a guaranteed sales price. Exchange control regulations allow for rental returns to be repatriated to any nominated overseas account provided that it is purchased in a foreign currency.  There are no restrictions on the number of apartments that can be bought by investors be it foreign or local and the legal framework of Sri Lanka allows the owners to sell the apartments without any hassle. Foreign investors who wish to sell will be able to cover their capital and capital gains whilst there is no capital gain tax on the sale of property for foreign residents.

The Rental Guarantee Programme from Altair covers a total of 30 type “F” apartments that come with two bedrooms, two bathrooms, a study, living/dining room, kitchen, maid’s bath, yard and a balcony that extends 131 square feet. Type “F” apartments at Altair Sri Lanka take up 1468 Square feet in total. Investors have the opportunity to choose any type “F” apartment from the 6th to the 37th floor.

Whilst there are many plans available for those who wish to invest in properties in Sri Lanka due to the booming residential property market in Sri Lanka, the rental guarantee scheme provided by Altair Sri Lanka ranks high as it provides an unmatchable value proposition which focuses heavily on the investors peace of mind, security, convenience and returns.