Author Archives: altairtest

Altair at Luxury Property Showcase Shanghai-China 2019

 

Altair team at LPS (Luxury Property Showcase) Shanghai-China from 6th – 8th December 2019

 

Altair infuses $ 25 million via syndicated loan

Representatives of the Bank of Ceylon, NDB Bank, National Savings Bank, NDB Investment Bank and Altair at the signing of the syndicated loan facility

Consortium of local banks funds optimisation of cash flow at final phase of completion

A consortium of leading local banks, comprising the Bank of Ceylon, NDB Bank and National Savings Bank, has raised a syndicated loan of $ 25 million (Rs. 4.5 billion at current rates) for Sri Lanka’s showpiece high rise property development Altair, in a noteworthy vote of confidence in the prospects for the project as well as for the sector in general.

One of the largest syndicated loans in Sri Lanka’s property development sector in recent times, the loan is intended to ensure cash flows at the final stages of completion of the Altair project are maintained at optimum levels of liquidity, the project’s promoter Jaideep Halwasiya of Indocean Developers said.

This infusion of funds is in addition to the $ 251 million (Rs. 45.6 billion) that has already been invested in Altair by stakeholders, whose offshore investments are subject to the statutory limits specified by the Reserve Bank of India (RBI).

The syndicated loan made up of US Dollar component and Sri Lanka Rupee component is repayable in 18 months with a grace period of six months.

Commenting on the facility structured for Altair, Indocean Developers Director Pradeep Moraes said: “This is a significant development not just for Altair, but for the property development sector in general, in the context of current sentiment in the market and the rising impairment charges and NPL ratios in the banking sector. We commend the three banks for their positive approach to the opportunity presented by Altair.”

The short term syndicated loan was arranged by NDB Investment Bank Ltd. (NDBIB) and Bank of Ceylon. In a letter to buyers of apartments at Altair, Indocean Developers said the security offered under this loan is the only encumbrance placed on the project.

Altair is a one-of-its-kind development in South Asia in terms of architectural design, structural engineering, and living experience. Structural construction has been completed and 70 per cent of its apartments are already sold.

The building comprises of two tower blocks, which are oriented to the movement of the sun to harness the tropical breezes. A 63-storey sloping tower leans in to a taller, 68-storey vertical tower, with a diagrid structure that visually accentuates the slope of the inclined stepped tower. The unique combination of a straight and a sloping tower gives the building the distinctive appearance that has made it an iconic element in Colombo’s rapidly changing skyline.

Acknowledged as a new paradigm in contemporary living in Sri Lanka, the Altair building offers its 400 apartments spectacular views of Colombo’s Beira Lake, the port of Colombo, the Indian Ocean and the city. The diagrid structure is highly rationalised and allows for naturally ventilated and beautifully-lit units that are very private. The staggered stepped form of the leaning tower also allows for large terraces, which provide prime city and direct ocean views.

Altair’s apartments range from 1,468 square foot two-bedroom units to palatial and eponymously appointed Presidential Suites and Sky Villas of up to 5,277 of square feet. Prices range from $ 525,000 to $ 2 million. A distinguishing feature of Altair is that 45% of total space has been set aside for public areas, which is well above the industry average.

Taken from FT.lk

 

RCGC Altair Open Championship 2019

from left to right –  RCGC Vice Capt Navin de Silva,Pradeep Moraes -Dir Indocean Developers, Winner Anura Rohana, 01st Runner-Up N. Thangaraja, 02nd Runner-Up Mithun Perera, RCGC Captain Shiran Fernando, Mumtaz Niyasdeen-Head of Business Development Indocean Developers, RCGC President Sanjiv Vairavanathan.

The RCGC Altair Open Championship was contested by 60 golfers from all over the Country with
M.Dharma from India, being the sole overseas entry from overseas.

It was the 03 rd consecutive year that Altair sponsored this prestigious tournament which was
resurrected in 2017 by them after 11 years.

Sri Lanka’s top 03 professional Golfers – Anura Rohana, Mithun Perera and N. Thangaraja
fought a hard battle to the end on tough windy conditional with Anura Rohana emerging as a
comfortable Winner beating Thangaraja to 02 nd place by 04 shots defending champion Mithun
Perera finished 03 rd .

This was the 8 th time that Anura Rohana has made a victory in the RCGC Open Championship.
25 Golfers made the cut and a total of 01 Million Rupees was distributed as gift money.

RCGC Altair Open Championship 2019 – Day 03

The RCGC Altair Open Championship 2019 is a 04 day play which commenced on 30 July and the aggregate scoring after 03 days of play today was led by Anura Rohana (207) whilst Mithun Perera  and N.Thangaraja were both a tie scoring (210).

Altair resurrected this event with RCGC one of only two open golf tournaments conducted in Sri Lanka after 11 years in 2017 and has been the event’s Principal Sponsor for the third consecutive year.

Anura Rohana

 

N.Thangaraja

 

Mithun Perera

 

Altair development progress – August 2019

 

Here’s a glimpse of the progress of Altair from August 2019. As Altair nears completion,  Individual apartments are taking shape.  We are building Sri Lanka’s most sought after condominiums.

 

 

“Altair will define Colombo’s skyline”: Shapoorji Pallonji CEO

“Cities must have iconic buildings and structures; this is key to a city’s uniqueness and character,” says Mohandas Saini, Managing Director and CEO of Shapoorji Pallonji International. Akin to how Manhattan is defined by the Empire State Building, Kuala Lumpur by the Petronas Towers and Dubai by the Burj Khalifa. Saini made these remarks on one of his periodic visits to Colombo to review Altair’s progress, scheduled to complete in end-2019.

S & P CEO Mohandas Saini

Shapoorji Pallonji & Co. Ltd., regarded as one of India’s most valuable private companies with a legacy spanning over 150 years, is no stranger to such iconic construction projects. The company was the main contractor of the tallest residential development in India, the 60-story ‘Imperial Towers’ in Toledo Mumbai, completed in 2010. Other iconic projects by global construction giant include the palace of Sultan Qaboos Bin Said Al Said of Oman, Park Towers Dubai, Taj International Hotel Mumbai and the Hilton Riyadh.

Altair, adjudged the best condo in Asia for architectural design at the 2018 Asia Property Awards, was designed by Moshe Safdie, a pre-eminent architect of our time. Safdie’s works can be found across the globe and have become revered regional and national landmarks, including Yad Vashem Holocaust Museum, Jerusalem; Kauffman Center for the Performing Arts, Kansas City; United States Institute of Peace Headquarters, Washington DC; and Marina Bay Sands Integrated Resort, Singapore.

The unique design of Altair incorporates a 63-story inclined tower connected to the 69-story vertical tower via a strong outrigger at the 39th level. At the height of 240m, the vertical tower is now the tallest residential building in Sri Lanka

The inclined tower utilises structural steel diagonal grids on the exterior of the building giving a permeable surface for expansive floor to ceiling windows as well as acting as a load bearing membrane, minimising the use of interior columns. According to Mohandas Saini, these unique design features led to a particularly complex project from a construction standpoint due to the high degree of precision work required to maintain uniformity that cannot be achieved through traditional fast-tracked methodologies that are commonplace now in high-rise construction in Sri Lanka. Despite the challenges, the superstructure construction work was carried out at a commendable speed with ‘one floor added almost every week’, notes the CEO.

Commenting on the outcome of the superstructure works Saini remarks, “The entire weight distribution was so well engineered, and the workmanship is of such good quality that the level of deviation from original specifications were substantially lower than allowable structural engineering tolerances.”

Structural engineers to this project have been Dubai based Predag Eror of Derby Design, and well known Sri Lankan structural engineer, Deepal Wickremesinghe. Structural elements of the building were independently verified by the University of Moratuwa.

The CEO also says that Shapoorji Pallonji has earned their global reputation not only for their expertise in construction, but for their enduring commitment for the projects they undertake. “We believe in long-term value-added relationships with all stakeholders, often investing our own money in projects we undertake, as we have done so in Altair.” The main shareholder of this $ 250 million project is Kolkata based South City Group, a consortium of firms which has collectively delivered over 150 real estate projects consisting of more than 15 million square feet.

Along with Altair, Shapoorji Pallonji is involved in four other projects in Sri Lanka, including an office building and a water supply project. The CEO remarked that his company is considering engaging in a public-private partnership with the Government with regards to another key project and are open for further investment opportunities in the country.

Speaking of his experience of working in Sri Lanka, Saini says that local engineers have excellent skills and expertise. However, the company had to resort to employing a large foreign workforce due to the shortage of skilled labourers and specialised technicians in the domestic market.

Taken from Daily FT

Altair at Night (April 2019)

 

While the painting of the Altair structure continues the fixation of glass windows also continues while the 63rd floor infinity pool and the sky garden are taking shape.

Click to enlarge

Development Progress – April 2019

 

While the painting of the Altair structure continues the fixation of glass windows also continues while the 63rd floor infinity pool and the sky garden are taking shape.

Altair Sponsors Quintessentially Ceylon’s Supercar Sundowner