Archive: Investors

Altair reaffirms potential of Sri Lanka’s real estate sector at investor forum in Maldives

March 14, 2019

 

The growth of tourism and Sri Lanka’s probable emergence as the main commercial and financial centre between Singapore and Dubai with the rise of the Colombo Port City, augur well for the country’s condominium market, a business leader in the sector said recently.

Altair Director Pradeep Moraes told a Real Estate Investor Forum in the Maldives that in locations such as Phuket, where tourism is not solely resort-driven, it is an accepted fact that increased tourism is strongly linked to real estate development and the same applies to Sri Lanka.

Investment in real estate is also far less fickle and volatile than investments in other instruments such as stocks and bonds, and this was amply demonstrated when Sri Lanka experienced political instability a few months ago which led to a substantial flight of foreign capital invested in stocks and bonds but no known or seen impact on real estate holdings, Mr Moraes said, disclosing that this fact has been articulated to policymakers as a justification for greater support to the industry.

The Real Estate Investor Forum was hosted by Research Intelligence Unit (RIU) and had as its Chief Guest the Minister of Infrastructure of the Maldives, Hon. Mohamed Aslam. This was the second forum in the Maldives within the past three months at which Altair was a participant, following its presence at Maldives Living Expo 2019, which it supported both as an exhibitor and a co-sponsor.

Mr Moraes reiterated that Sri Lanka’s real estate sector has a demonstrated potential of generating over US $ 750 million per annum in foreign direct investment, and that condominium growth in particular is fuelled merely by aspirational lifestyle or upward mobility but by the very basic fundamental of need.

“Land banks are fast diminishing and high-rise condominiums can deliver 20 times more efficiency than conventional housing,” he said, pointing out that economies of scale render apartments more affordable than smaller-sized conventional dwellings, and the plethora of approvals required for construction can often lead to protracted delays in building individual houses.

Another factor in support of condominiums is that Colombo does not have the luxury of an urban spread as the already overloaded road network doesn’t allow for extended commutes, and even the proposed Light Rail would probably only play catch up, Mr Moraes said.

Sri Lanka’s most distinctive and instantly recognised high-rise, and already 70 per cent sold, Altair is a one-of-its-kind development in South Asia in terms of architectural design, structural engineering, and living experience. The building designed by celebrity architect Moshe Safdie comprises of two tower blocks, a 63-storey sloping tower which leans in to a taller, 68-storey vertical tower. Acknowledged as a new paradigm in contemporary living in Sri Lanka, the Altair building has already brought a new dimension in aesthetics to Colombo’s skyline and offers its 400 apartments spectacular views of the Beira Lake, the Indian Ocean and the city of Colombo.

Photo caption – (Left) Altair Director Pradeep Moraes addressing the RIU Real Estate Investor Forum in the Maldives, and the Altair team at the event.

Taken from Ada Derana Biz

 

Altair a top attraction at Maldives Living Expo 2019

February 26, 2019

From left: Altair Director Pradeep Moraes with Chief Guest Maldivian Minister of Housing Aminath Athifa and members of the Altair team that participated in the Maldives Living Expo 2019

Sixteen months after structural construction was completed, Sri Lanka’s showpiece high-rise Altair continues to be an attention-grabber in markets around the world with the latest being the Maldives, where the development was one of the biggest attractions at the country’s longest-running property show. The Maldives Living Expo 2019, which was supported by Altair both as an exhibitor and a co-sponsor, attracted more than 5,800 visitors interested in luxury living options in the archipelago and the region. In its seventh edition, the three-day exhibition focused on home and living lifestyle, offering visitors an opportunity to get more information about upcoming real estate properties, products, services and options available in the Maldives and neighbouring countries. The 30 exhibitors showcased properties ranging from the utmost luxury to affordable living and lifestyle options.

Sri Lanka’s most distinctive and instantly recognised high-rise, Altair is a one-of-its-kind development in South Asia in terms of architectural design, structural engineering, and living experience. The building comprises of two tower blocks, a 63-storey sloping tower which leans in to a taller 68-storey vertical tower. Acknowledged as a new paradigm in contemporary living in Sri Lanka, the Altair building has already brought a new dimension in aesthetics to Colombo’s skyline and offers its 400 apartments spectacular views of the Beira Lake, the Indian Ocean and the city of Colombo.

Taken from FT.lk

Visit of Japanese Investor Forum 12.10.18

October 18, 2018

 

Presentation to HNB Wealth Managers

February 16, 2018

 

 

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.

Taken from FT.lk

 

Altair hosts Senior Bankers for Gourmet Dinner

May 27, 2016

 

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Extracted from Daily Mirror

Headed to be the iconic luxury apartments in Colombo, Altair hosted a gourmet dinner for Senior Bankers at the Hilton Colombo. –

Some of Sri Lanka’s most senior bankers came together recently at a networking dinner hosted by Indocean Developers, the promoter of the Altair luxury high-rise development in Colombo 2. The group comprised of Chairmen, Managing Directors, CEOs and Chief Operating Officers of leading local and international banks.

“Five top banks already offer home loans to buyers of Altair apartments, and several others are in discussions with us to do the same,” Altair Director Pradeep Moraes said. “The confidence of the banking community in the project is an important consideration to many prospective buyers.”  Designed by the celebrated global architect Moshe Safdie and projected 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.

Comprising of two tower blocks, one of 63 storeys which leans in to a taller, 68-storey tower, 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. The building is scheduled for completion in 2017.

Here are some captures from the night,

Business delegation from Oman visits showpiece Altair site in Colombo

May 23, 2016

Extracted from The Island

Sri Lanka’s showpiece high-rise residential development Altair has ignited serious investor interest in Oman, following a recent sales visit targeted at high net worth individuals in the Sultanate.

The visit generated multiple sales to Omani nationals and was followed by a visit by a delegation of the Oman Chamber of Business and Commerce to the Altair office in Colombo and the construction site.

The Omani delegation held discussions with representatives of the management of Indocean Developers, the promoter of Altair, on the investment potential of the apartments offered and the progress of the project and also visited the show apartments at the site.

Altair is represented in the Sultanate by Anselm Perera, CEO of Business Process Outsourcing Services LLC (BPOS) Oman, who counts 42 years of experience in that country, two decades of which were as Chief Operating Officer of HSBC.

“We are greatly encouraged by the degree of interest Altair has generated in numerous overseas markets including the UK, USA, Australia and Japan,” Altair Director Pradeep Moraes said. “This is an affirmation of the global stature of the development, and its unique architectural and structural aspects. Well before its completion, the building has captured wide international attention.”

Designed by the celebrated global architect Moshe Safdie and projected 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.

Comprising of two tower blocks, one of 63 storeys which leans in to a taller, 68-storey tower, 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. The building is scheduled for completion in 2017.

With rental yields of 8 – 10 per cent and capital gains of over 15 per cent recorded in the luxury apartment sector in Sri Lanka, developments such as Altair attract attention in countries where there is significant investor interest in the country.

Development Progress for January 2015

January 22, 2015

The Luxury apartment complex offering unique apartments for sale in Colombo, Altair is currently being built in line with international standards.Once completed the iconic building will stand at a staggering 240 meters and will be one of the tallest buildings in Colombo. Altair, on track to be one its kind Luxury Condominiums in Sri Lanka.

Development Progress for December 2014

December 12, 2014

The Luxury apartment complex Altair is currently being built in line with international standards.Once completed the iconic building will stand at a staggering 240 meters and will be one of the tallest buildings in Colombo offering apartments for sale in Colombo Sri Lanka. The raft section of the second basement has been completed and preparations for the blinding concrete on the Sloping Tower are now under way. Altair, on track to be one its kind Luxury Condominiums in Sri Lanka.