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.
February 7, 2019
Moshe Safdie, the architect of Sri Lanka’s paradigmatic high rise edifice Altair, has been named the Laureate in Architecture by the jury committee for the 2019 Wolf Prize, considered the second most important in the world after the Nobel Prize.
To be presented by the President of Israel Reuven (Ruvi) Rivlin in the Knesset (the Israeli Parliament) in Jerusalem in May, the celebrated Wolf Prize honours Mr Safdie for “a career motivated by the social concerns of architecture and formal experimentation.”
Announcing the prize, worth US$ 100,000, the jury said: “Over a long and distinguished career spanning 50 years, Moshe Safdie has produced a body of work of great originality and artistry in the field of architecture and urbanism. The projects undertaken by his architectural studio consistently seek experimentation and can be understood as an evolving form of research. He is also a distinguished educator and in his numerous publications he has articulated a clear and coherent position as an academic and critic.”
A citizen of Israel, Canada and the United States, Mr Safdie is an architect, urban planner, theorist and author. He was born in Haifa in 1938 and relocated to Canada with his family in 1953. He graduated from McGill University in 1961 with a degree in architecture. After apprenticing with Louis I. Kahn in Philadelphia, Safdie returned to Montreal to oversee the master plan for the 1967 World Exhibition. In 1964 he established his own firm to realize Habitat 67, an adaptation of his thesis at McGill, which was the central feature of the World’s Fair and a ground-breaking design in the history of architecture.
Moshe Safdie’s more recent work includes Marina Bay Sands — the new icon of Singapore, Jewel Changi Airport — the stunning mixed-use development due to open in 2019, the Kauffman Centre for the Performing Arts in Kansas City — rated one of the 15 most spectacular concert halls of the world, the Crystal Bridge Museum of American Art in Arkansas, the Khalsa Heritage Centre in Punjab, the headquarters of the US Institute of Peace in Washington DC, Lester B. Pearson Airport, Toronto, the Yad Vasham Holocaust History Museum in Jerusalem, Cairnhill Condominiums in Singapore, the Ford Centre for the Performing Arts in Vancouver and the National Gallery of Canada in Ottawa.
Wolf Prize winners are selected by international professional judging committees of three members of renowned experts in their fields. Each committee is appointed for one year only. The judges’ names, as well as their deliberations, remain confidential.
Since 1978, five Wolf Prizes have been awarded annually, four in the sciences and one in the arts. The prize is awarded to renowned scientists and artists for their unique contribution “for the sake of humanity and for friendly relations between nations, without distinction of nationality, race, colour, religion, sex or political outlook.” The areas of prizes in the sciences are agriculture, chemistry, mathematics, physics and medicine. The areas of prizes in art are music, architecture, painting and sculpture.
Adjudged the Best Condominium in Asia for Architectural Design at the 2018 Asia Real Estate Summit (ARES), Altair is Sri Lanka’s most distinctive and instantly recognised high-rise. A one-of-its-kind development in South Asia in terms of architectural design, structural engineering, and living experience, Altair comprises of two tower blocks, a 63-storey sloping tower which leans into a taller, 68-storey vertical tower. Acknowledged as a new standard 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. The development’s 1.5 million square feet of high-end eco-friendly living space is supported by 40,000 square feet of up-market retail space.
Photo caption – Moshe Safdie and the Altair building in ColomboFebruary 16, 2018
Altair, the 69-story luxury residential complex which fronts Beira Lake in Colombo, celebrated its “topping out” to mark the completion of structural work. Going back to ancient times, the topping out ceremony marks the milestone of 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.
Altair is composed of two slender tower blocks, with one block leaning into the other vertical tower, which supports it. The towers are oriented to the movement of the sun and to harness the tropical breezes, and the units offer 270-degree views of Beira Lake and the Indian Ocean. The unique diagrid structural system accentuates the slope of the inclined stepped tower.
“It is very exciting to see the completed building form tapering elegantly toward the sky. 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,” said Charu Kokate, who visits the site regularly. The diagrid structure is highly rationalized 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”.
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 per cent is residential space. Of the balance, 36,000 square feet is allocated for retail while 636,000 square feet, or 42.5 per cent is public space.
The 400-unit towers offer 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 per cent sold.
Taken from safdiearchitects.com
October 30, 2017
The latest images of Altair, soon to grace Colombo’s skyline with luxurious living.
July 13, 2017
The latest images of Altair, one unique luxury residential projects in Sri Lanka, soon to grace Colombo’s skyline.
The latest images of Altair, soon to grace Colombo’s skyline with luxurious living.
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.
Taken from FT.lkDecember 30, 2016 November 9, 2015
The latest images of Altair, soon to grace Colombo’s skyline with luxurious living. Scheduled to open in 2018.