Monthly Archive:

June2016

Otis to Supply Sri Lanka’s Fastest Elevators to Country’s Tallest Residential Project

June 20, 2016

Otis has been selected to provide high-speed elevators to the prestigious Altair project in Colombo, Sri Lanka, which when complete will be the tallest residential building in Sri Lanka and will have the country’s fastest elevators. Otis, the world’s largest manufacturer and maintainer of people-moving products, is a unit of United Technologies Corp. (NYSE: UTX). Elevators Private Limited, a JV entity between Otis and Aitken Spence, will install the elevators.

Altair will reach 240 meters — 68 floors — consisting of two towers with one tower leaning against the other. Indocean Developers (P) Limited, a venture of South City projects (Kolkata) Limited, chose Otis to supply a total of 19 elevators, including Sri Lanka’s fastest elevators with a travel speed of 5 meters per second.

“Altair is a unique project with requirements that stretch beyond the ordinary – it is exclusive. Otis’ technical know-how and credentials gave us the confidence that would be the right fit” said Pradeep Sureka, Director, Indocean Developers (P) Limited.

“Otis’ worldwide experience in delivering vertical transport solutions in tall buildings, coupled with their strong local presence, made them the right choice to provide us with elevators for Altair,” said K. M. Sathian, Director (Projects), Indocean Developers (P) Limited.

Flow of investments from Oman to Sri Lanka on the upswing

June 15, 2016

Extracted from Times of Oman

A large number of Omanis are turning to Sri Lanka to invest in property, infrastructure development and the farming sector, officials said.

Speaking to Times of Oman, Anselm Perera, CEO of Business Process Outsourcing Services LLC (BPOS) Oman, who coordinated one such delegation, claimed Sri Lanka became a good place for investors after the civil war ended on May 18, 2009.

“Since then, we have seen a surge in investors from around the globe,” he noted.

The team coordinated by Perera was led by Saeed Saleh Saeed Al Kiyumi, chairman of Oman Chamber of Commerce & Industry.

Besides investing in farming, Omanis are also buying residential properties in Sri Lanka. “The Omani delegation which visited Sri Lanka also held discussions with reputed high-rise residential development agency Altair about buying some apartments,” he added.

“People are investing as they can expect rental yields of 8 to 10 per cent and capital gains of more than 10-12 per cent in the luxury apartment sector in Sri Lanka,” Perera said. Further, investors receive capital gains on the resale of apartments, which in some cases are tax free for foreign nationals.

Designed by architect Moshe Safdie, Altair is offering 400 apartments with 1.5 million square feet of living space supported by 40,000 square feet of retail space. The building is scheduled for completion in 2017.

Interestingly, tourist arrivals in Sri Lanka from Oman have also been increasing in recent years. “Besides business travel, we are expecting around 20,000 tourist arrivals from Oman in 2016,” said Deepal Pallegangoda, Country Manager Oman, Mihin Lanka, said.

In 2015, 14,216 tourists from Oman visited Sri Lanka. “Because of the economic crisis, many people are shunning holidays in Europe and looking for cheaper options, like Sri Lanka, where they can get greater value for their money,” travel agents stated.

Altair breaks new ground with live stream from construction site

June 9, 2016

Extracted from The Daily Mirror

Sri Lanka’s showpiece high-rise project Altair has broken new ground in the local property development market by installing a 24-hour live stream from construction site, enabling anyone to monitor progress.

A new dimension in transparency, the live feed can be accessed via the Altair website www.altair.lk from anywhere in the world. It provides a real-time view of construction work from five different angles, with the views switching every 12 seconds.

“Approximately 45 percent of our customers are overseas buyers,” Altair Director Pradeep Moraes said. “This first-of-its-kind facility enables them to watch the building rise and take shape whenever they want to. It’s a simple and convenient way to track its progress.”

“Because of the iconic stature of the project and its unique architecture, there is also a great deal of public interest in the building, which is why we have made the live feed accessible to anyone who visits our website,” Moraes added.

By end-May, the twin towers of Altair had risen to the 16th level. On completion in 2017, the building will comprise of a 63-storey ‘leaning’ tower and a taller 68-storey vertical tower, with 400 luxury apartments that offer spectacular views of the Beira Lake, the Indian Ocean and the city of Colombo. The building is designed by the legendary global architect Moshe Safdie.

Visitors to the Altair website can go also follow the rise of the building over the past one year through a series of still images that depict monthly progress by clicking on the ‘News’ tab and selecting ‘Development Progress.’

Designed to be a game changer in contemporary living in Sri Lanka, Altair will bring a new dimension in aesthetics to Colombo’s skyline. It is intended to be a one-of-its-kind development in South Asia in terms of architectural design, structural engineering and living experience. The development’s 1.5 million square feet of high-end eco-friendly living space will be supported by 40,000 square feet of supportive up-market retail space.

Development Progress – May

June 7, 2016

The latest images of Altair, soon to grace Colombo’s skyline. Offering unique living experience filled  luxury apartments in Colombo. Scheduled to open in 2018.