Archive: News

Presentation to HNB Wealth Managers

February 16, 2018

 

 

Altair sponsors 146th AGM of Colombo Club

January 16, 2018

 

Altair, Colombo’s most distinctive luxury living marque, was the sponsor of the 146th Annual General Meeting and gala dinner of the Colombo Club, one of the oldest and most exclusive social clubs in Asia.

As part of its support to this elegant event, Altair sponsored two Business Class return tickets to Singapore and several other prizes presented to the winners of a raffle draw for members of the club. This was the second consecutive year that Altair was associated with this prestigious organisation as the sponsor of its AGM.

Taken from dailymirror.lk

 

Presentation to Standard Chartered Bank Wealth Managers

January 15, 2018

 

Some moments from Altair’s presentation to Standard Charted Bank’s Wealth Managers.

Altair celebrates ‘topping out’ – interior work in full swing

December 12, 2017

 

Altair, the 68-storey luxury residential apartment complex which fronts the Beira Lake in Colombo, recently celebrated its ‘topping out’ to mark the completion of structural work, an important milestone.

Going back to ancient times, the topping out ceremony marks the placement of the last structural steel beam at the final roof height. This important moment also celebrates the accomplishment of the structural construction crews and the transition to interior construction.

“We are now focussed on the façades and the interiors,” said Architect Charu Kokate, Principal at Safdie Architects, which is overseeing the project. Designed by acclaimed international architect Moshe Safdie, Altair is composed of two slender tower blocks which are oriented to the movement of the sun to harness the tropical breezes. The units offer 270-degree breath-taking views of the Beira Lake and the Indian Ocean.

“It is very exciting to see the completed building form tapering elegantly towards the sky. The diagrid structure visually accentuates the slope of the inclined stepped tower. The unique combination of a straight and a sloping stepped tower gives the building a very distinctive appearance and has become a landmark for locals and tourists,” says Kokate, who visits the site regularly to ensure that Moshe Safdie’s design vision is fulfilled in all aspects.

“The diagrid structure is highly rationalised and allows for naturally ventilated and beautifully lit units. The units are very private and with their special entrances are like little houses in the sky,” Kokate explained.

The staggered stepped form of the leaning tower allows for large terraces, which provide prime city and direct ocean views.

At the ground level, an arcade of retail outlets on the west side facing the Beira Lake sets the standard for future lakefront development along the planned pedestrian promenade. Restaurants on a mezzanine level overlook the promenade onto the Lake.

Altair Director Pradeep Sureka said a generous allocation of space for public areas, a feature of high-end buildings, is even more evident in this building. Of Altair’s 1.5 million square feet of space, 828,000 square feet or 55% is residential space. Of the balance, 36,000 square feet is allocated for retail while 636,000 square feet, or 42.5% is public space.

“With the focus moving to the completion of these interior spaces, Altair’s promise of redefining luxury high-rise living in Sri Lanka will soon take physical shape,” Sureka said. He added that Altair has already pleasantly surprised apartment buyers with numerous value additions including Italian Botticino marble flooring, extensive home automation, chilled water air conditioning, double-glazed windows, Duravit sanitary ware from the Philippe Starck designer range, a concierge-serviced reception,central-hot water and state-of-the-art high-speed fibre connectivity solutions.

A one-of-its-kind development in South Asia in terms of architectural design, structural engineering, and living experience, Altair offers its 400 apartments spectacular views of the Beira Lake, the Indian Ocean and the city of Colombo. The building is scheduled for completion in July 2018 and is already 70% sold.

 

Vesak around the Beira Lake, near Gangarama Temple in the vicinity of Altair

May 30, 2017

Moments captured during Vesak 2017 from Altair Residencies the Tallest residential project in Sri Lanka.

A view of the fireworks that went off during the celebrations from the 8th floor of Altair.

Altair goes for Italian marble flooring

May 15, 2017

Colombo’s architectural marvel Altair has announced that its 400 apartments will have floors finished in Italian Botticino marble, following a decision by the developer to upgrade from marble sourced from Central Asia or the Middle East, as originally proposed.

The upgrade at the developer’s own volition, represents a significant value addition at no extra cost to the buyers of the apartments, and demonstrates Altair’s commitment to exceed customer expectations wherever possible, the company said.
Towards this end, Altair Directors Pradeep Sureka and Pradeep Moraes recently visited quarries and processing facilities in Vincenza, Verona, Brescia and Chiampo in Northern Italy, the home of the best Botticino Marble, to handpick suppliers for the project.

Botticino Marble has very low porosity and ferrous content and is extremely hard and robust, making it ideal for installation in the humid conditions of Colombo.
“Our commitment to customers was to provide marble from Central Asia or the Middle East,” Moraes said on his return to Colombo. “However, we are constantly looking at ways of improving our offering, because Altair is intended to be the benchmark in luxury living in Sri Lanka.”

He said Altair has already pleasantly surprised buyers of its apartments by over-delivering on several promises by offering them numerous value additions including extensive home automation, chilled water air conditioning, double-glazed windows, Duravit sanitary ware from the Philippe Starck designer range, a concierge-serviced Reception with Quintessentially Lifestyle and free hotwater.

“Although about two thirds of the construction has been completed, it is our intention to continue to upgrade our offering wherever opportunities arise,” Moraes added.
Now at its 57th level on the vertical tower and the 53rd on the sloping tower, Altair will on completion comprise of a 63-storey tower which leans into a taller, 68-storey tower. Acknowledged as a game changer in contemporary living in Sri Lanka, the Altair building has already brought 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. Altair will offer its 400 apartments spectacular views of the Beira Lake, the Indian Ocean and the city of Colombo. 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.

Taken from – Ceylon Today 

Sri Lanka makes strong case to woo Hong Kong investor interest

March 24, 2017

 

 

  • Nearly 250 attend full-day Sri Lanka Investment Summit showcasing country’s progress and potential for new growth in key and emerging economic sectors
  • Finance Minister Ravi Karunanayake highlights unity Govt.’s success so far in improving macroeconomic fundamentals and ongoing and future measures to achieve high quality inclusive growth
  • Invites Hong Kong-based investors to harness win-win growth opportunities in South Asia’s hub Sri Lanka

 

 

Sri Lanka yesterday made its strongest effort to woo interest from Hong Kong-based companies, fund managers and investors, highlighting recent macroeconomic progress as well as measures to boost higher inclusive growth from which foreign firms could benefit.

The concerted effort by the private and public sector was made at the full-day Sri Lanka Investment Summit in Hong Kong, organised by the influential Finance Asia magazine in partnership with multiple stakeholders including Standard Chartered Bank and Asia Securities.

Nearly 250 representatives from Hong Kong-based companies, fund managers and investors attended the summit held at the iconic Ritz-Carlton Hotel, the world’s tallest. Hong Kong, which itself is a hub and economic success, boasts of an economy worth over $ 300 billion, over four times that of Sri Lanka, with a per capita income of

$ 36,000. Chief Guest Finance Minister Ravi Karunanayake and Sri Lanka’s Ambassador in China Dr. Karunasena Kodituwakku as well as a host of private sector business leaders, public sector officials and existing foreign investors spoke at the event.

They made a compelling case as to why Sri Lanka must be considered a new destination for investments from Hong Kong-based companies.

Karunanayake, who headed straight to the summit from the airport after arriving in Hong Kong only last morning, in his speech highlighted some of the salient democratic and macroeconomic achievements of the unity Government led by President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. He pointed out that despite differences of opinion as expected in a coalition, the two parties were working together for the collective good with consensus-oriented politics and policies.

As proof of success so far, the Minister read out a host of positives from Fitch’s recent action by which it revised Sri Lanka’s rating outlook from negative to stable as well as the IMF’s statement following the recent review mission.

“We are proud of the progress made and we will ensure to be a partnering nation of the success stories unfolding in the Asian region,” Minister Karunanayake added.

The unity Government’s success in improving fiscal and financial discipline leading to a lower budget deficit was emphasised as well as the aggressive efforts to reduce the massive debt burden brought upon by the previous regime. Reforms as well as the restructuring of some of the loss-making national projects such as the Hambantota Port and Airport as well as state-owned enterprises were also touched upon by the Minister.

“We are aggressively promoting Public Private Partnerships and a greater private sector role in generating future growth,” Karunanayake told the Hong Kong summit.

“We are on course to achieving economic prosperity through accelerating growth with social inclusion. Our aim is to achieve a high quality growth which is central for sustainable development,” said the Finance Minister, assuring that the Government would not hesitate to initiate appropriate policies and measures as and when required to usher in the required development.

“We have done what we have said so you can believe the country and the Government and more importantly its policies,” Karunanayake said, adding that the time was opportune for foreign investors to secure diverse opportunities in Sri Lanka.

The Government’s efforts to enter into FTAs with China, Singapore, Japan and Korea, apart from expanding an existing deal with India, were emphasised to drive home the point among Hong Kong investors that geographically, the strategically-located Sri Lanka would be a very attractive hub to tap into opportunities in South Asia and Southeast Asia.

The impending return of the GSP Plus benefit to better serve European markets was also highlighted. The planned Colombo International Financial Centre and Dedicated Economic Zones in Hambantota were among other initiatives shared with participants of the Hong Kong summit.

Minister Karunanayake said potential new investors would have a “crucial role to play” in the overall effort to create a prosperous Sri Lanka and assured the Hong Kong summit’s participants that Sri Lanka’s future offered a “win-win” situation for investors and the Government.

“We will continue to support the private sector in whatever possible way so that private sector economic activities will foster,” the Finance Minister added.

He also revealed that the Government was envisaging Foreign Direct Investments of around $ 4 billion this year.

Sri Lanka’s Ambassador in China, Dr. Kodituwakku, called for greater investments, pointing out that FDI and an export-led growth strategy were key for Sri Lanka’s future. He also spoke about how Hong Kong FDIs gave a big initial boost to China to open up its economy.

“Just like many other Asian countries have transformed their economies with the back of FDIs, Sri Lanka too wishes to transform its economy with the support of the FDI into a strong economy in which all Sri Lankans are able to enjoy a high standard of living,” the Ambassador emphasised.

Excellent investment destination

IMF Resident Representative in Sri Lanka Eteri Kvintradze, who figured in a panel discussion, said Sri Lanka was a compelling story and was at a critical juncture hence more private sector-led growth was needed.

She also listed several key achievements of the Government aided by the structural reforms under the IMF’s ongoing $ 1.5 billion support program as well as future challenges to further improve Sri Lanka’s growth prospects.

The Board of Investment’s Director General Duminda Ariyasinghe also made a very strong case why Sri Lanka must be seriously considered by Hong Kong investors.

Summit co-chairman Standard Chartered Bank Sri Lanka CEO Jim McCabe described Sri Lanka as one of the fastest-growing economies and an excellent destination for investments. The other co-chairman Asia Securities Chairman Dumith Fernando also pitched for more Hong Kong investments.

The summit involved a large number of Sri Lankan business leaders and professionals as well as longstanding and new foreign investors in Sri Lanka such as Singer Asia, apparel giant Courtaulds, World Bank private sector investor arm IFC, the Shangri La Group, Indoocean Developers Ltd/Altair, China Merchant (CMPort)/Colombo International Container Terminals, China Harbour/CHEC Port City Colombo Ltd., BPO operator WNS Global Services, Creation Investments  and ADM Capital, as speakers or panellists as well as participants to reinforce the message that the time is right for global investors to consider Sri Lanka.

Some of the companies represented include Hemas Holdings, MAC Holdings, Commercial Bank, Sri Lanka Insurance Corporation, Commercial Credit and Finance and Lynear Wealth.

Standard Chartered Bank was the international lead sponsor of the summit. Asia Securities adds its special brand of insight to the summit as lead sponsors and CHEC Port City Colombo, Altair and MAC are all onboard as distinguished corporate sponsors.  The Daily FT is the official media partner. Supporting organisations include the Ceylon Chamber of Commerce, the American Chamber of Commerce and the Oxford Business Group. Cathay Pacific was the official airline. This is the second summit by Finance Asia, an influential industry magazine, with the previous one held in Singapore last year.

CSE forum tells Sydney time to invest is now

March 22, 2017

National Policies and Economic Affairs State Minister Niroshan Perera (right) answers a question during the Invest Sri Lanka forum held at Sydney’s Shangri-La Hotel yesterday. Others from left: CSE CEO Rajeeva Bandaranaike, Fitch Ratings Lanka MD and CEO Maninda Wickramasinghe, Central Bank Director of Economic Research Dr. (Mrs.) Yuthika Indraratne, CSE Chairman Vajira Kulatilaka and SEC Director General Vajira Wijegunerwardane

 

• Participants urged to recognise ‘promise and potential’ of new SL

• Capital market policies to improve transparency

• Over 150 Australian citizens and companies, other firms as well as diaspora attend forum

• Sri Lankans in Aussie told their investment crucial for driving country forward

Australia’s most populous city Sydney was told yesterday that it was time to invest in Sri Lanka given the future upside supported by progressive policies in place or planned under a unity Government.

This message was conveyed at the ‘Invest Sri Lanka’ forum organised by the Colombo Stock Exchange (CSE) in partnership with several stakeholders at the Shangri-La Hotel in Sydney. Over 150 Australian citizens, companies, other firms and representatives based in Sydney as well as Sri Lankans living in Australia attended the forum.

It was the first in a series of investor promotion conferences to be carried out this week in Australia and New Zealand, a key initiative undertaken for the first time in 12 years.

Chief Guest National Policies and Economic Affairs State Minister Niroshan Perera told the Sydney forum that Sri Lanka was set to enter new territory as it was poised for a renewed drive of growth and progress.

He said the country under the unity Government had progressed in recent times as a result of the commitment to economic and social reform. “The present Government envisions a globally competitive, export-led economy driven by revolutionary thinking and bold policies. We expect to drive the nation towards achieving middle income status, while maintaining a strong focus on sustainable economic growth and good governance,” he said.

“The Government has implemented a number of business friendly policies with a view to strengthening our local economic and business environment,” State Minister Perera added.

Noting that ineffective regulation for the longest time had stifled the economic and business climate as well as employment growth, he said the new Government was well in the process of replacing such regulations.

The forum was told that a new set of investment incentives based on Capital Allowances and a low tax regime were introduced through the 2017 Budget aimed at broadening the scope of Lankan businesses and having a significant impact on investment sourced through domestic and international channels. He also said the targeted outcome was to bring Sri Lanka within the top 70 nations of the Ease of Doing Business Index by 2020.

The importance of Sri Lanka as an Indian Ocean hub in the realm of global logistics and commercial activities was also stressed. The State Minister said an increasing number of businesses and investors are once again looking to Sri Lanka as an investment destination. He also referred to projects such as the Western Megapolis Development and the Colombo International Finance Centre to step up foreign investments, harness Sri Lanka’s strategic geographic location and achieve higher economic growth.

Focusing on capital markets, State Minister Perera said the Government was keen on maintaining integrity and quality by setting a policy framework that will lead to the operation of an open, secure and transparent marketplace.

“Through the 2017 Budget, the Government introduced a number of initiatives that, we believe, are likely to develop the capital markets in the coming years,” he said.

The Sydney forum was also told about Government’s announced plans to introduce a number of non-core businesses to the capital markets and these listings are likely to have a positive effect in terms of sparking market interest among investors and boosting market liquidity.

“A key priority of the present Government headed by President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe is to regain the confidence of the international community. We are pleased to see a number of positive developments in this regard,” Perera pointed out, highlighting the impending return of GSP Plus benefits from the European Union and rising tourist arrivals.

The State Minister also sent a strong message to the Sri Lankan Diaspora in Sydney in particular and Australia in general.

“Many Sri Lankans who left our motherland during the conflict are actively looking to improve their association with Sri Lanka. The present construction boom driven by Sri Lankans living abroad is an example of such interest and involvement,” he said.

“Such progress is exactly why forums of this nature are of importance, because they play an important role in assisting the Government to reach out to our large and diverse Sri Lankan community overseas. Your ideas and your support are important to our country as we drive the future of our country forward,” the State Minister told the Sydney forum.

He urged participants to recognise the enormous promise and potential of an “emerging new Sri Lanka” built on the foundation of the Government’s new agenda of administrative and economic reforms and ease of doing business.

In that context Perera promised the Government’s continued commitment to facilitating investments and stimulating the establishment of transparent and well-governed institutions.

The Sydney forum and Thursday’s event in Melbourne are timed in the backdrop of Sri Lanka and Australia celebrating 70 years of diplomatic ties.

Sri Lanka’s High Commissioner in Canberra, Australia S. Skandakumar said Australia and Sri Lanka have long shared strong historical ties, common values and interests with trust which has resulted in multiple forms of economic and social cooperation over the years.

Skandakumar said economic and social progress in Sri Lanka seen in recent times has been complemented by a renewed confidence in the country among the international community, especially in Australia.  The High Commissioner invited members of the audience to visit Sri Lanka to experience first-hand, the benefits of playing a part in a resilient growth story.

CSE Chairman Vajira Kulatilaka and SEC Director General Vajira Wijegunerwardane in their presentations were also emphatic that the time was opportune to invest in Sri Lanka.

Central Bank Director of Economic Research Dr. (Mrs.) Yuthika Indraratne offered insight into the economic policy direction of the country while Fitch Ratings Lanka MD and CEO Maninda Wickramasinghe presented a macroeconomic overview.

The Sydney forum also featured several leading real estate developments in Sri Lanka contributing in the capacity of event sponsors, including the Colombo Port City (Platinum Sponsor) One Galle Face by Shangri-La Hotels & Resorts (Platinum Sponsor) and the luxury apartment development by Altair (Corporate Sponsor).

The main presentations will be followed by a panel discussion moderated by CSE CEO Rajeeva Bandaranaike and a question and answer session with the audience.

The initiative is being held in association with several organisations including the Securities and Exchange Commission (SEC), the Sri Lanka High Commission in Canberra, Australia, Consul General in Sydney Lal Wickremetunga and Melbourne Prasanna Gamage, the Sri Lanka and Australia Chamber of Commerce and the Sri Lankan New Zealand Business Council.

The last CSE-led investor promotion was held in Australia in 2005. Post-war, the CSE has conducted road shows in New York, London, Singapore, Dubai and Mumbai.

On Wednesday two events will be held in Melbourne at the International Chamber House Melbourne and at the Novotel Melbourne Glen Waverley while another will be staged at the Fickling Convention Centre in Auckland, New Zealand on Saturday.

For the full article visit FT.lk

 

Surbana Jurong Group Visit to Altair

March 9, 2017

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Altair felicitates Moshe Safdie

March 8, 2017

The management of Altair recently hosted an event at the Hilton to felicitate Moshe Safdie, the Altair project’s architect and architect of Marina Bay Sands in Singapore and many other iconic buildings.

 

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Taken from FT.lk