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Apartments in Colombo

Development Progress – November

November 10, 2016

The latest images of Altair, soon to grace Colombo’s skyline with luxurious living. Scheduled to open in 2018.

Altair stimulates buyer sentiment in Canada

October 21, 2016

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Colombo’s skyline-defining high-rise development Altair has generated strong interest in Canada following a series of events and meetings in Toronto recently, promoter Indocean Developers reports.
The company was a sponsor of the 25th anniversary celebrations of the Canadian Tamils’ Chamber of Commerce and participated in a day-long forum and a gala dinner organised as part of the celebrations. This was the first occasion that a Sri Lankan company had participated in an event of the chamber. Representatives of Altair also had a lengthy meeting with the Sri Lankan High

Commissioner and Consul General in Canada and attended a meeting that the Tamil business community had with the High Commissioner. “The response of the Sri Lankan community in Canada to the project was extremely positive, and we were delighted to be part of a dialogue that focussed on the potential for investment in Sri Lanka,” Altair Director Pradeep Moraes said.
“It was evident that there is renewed interest in developments in the country, which a project such as Altair is particularly well-positioned to tap in to.”
Altair was also featured in interviews on two television stations, TET and ATN and Moraes was invited to be a member of a high-powered panel that discussed investment opportunities in Sri Lanka.

Read the full Article on the Daily Mirror 

Development Progress – September

September 27, 2016

The latest images of Altair, soon to grace Colombo’s skyline with luxurious living. Scheduled to open in 2018.

Altair adds 6 floors in a month

September 27, 2016

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A modern-day architectural marvel is taking physical shape before Colombo’s eyes, as Altair’s iconic twin towers rises into the city sky at remarkable speed, a press release stated.

It added that promoter Indocean Developers reports that the building gained six floors in August 2016 — a benchmark given the intricacies of its structural design — and had reached its 32 level by the third week of September”.
“Designed by the celebrated global architectural genius Moshe Safdie, Altair will on completion in 2017 comprise of a 63-storey ‘leaning’ tower and a taller 68-storey vertical tower. It will have 400 luxury apartments that offer spectacular views of the Beira Lake, the Indian Ocean and the city of Colombo”, the release added.

“We are making excellent progress and are on schedule,” said SWA Project Manager and Altair’s Project Management Consultant, J. Domingo.
“Casting six floors in a month while ensuring International Specification Requirements pertaining to quality and safety is a new benchmark in the Sri Lankan construction industry”, he added.

“Altair’s local structural engineer Deepal Wickramasinghe commended the project’s contractor Shapoorji Pallonji Lanka Limited for the feat of building six floors in a month, despite the inherent structural complexities and composite nature of the construction that requires involvement of multiple trades” it added.

“Achieving completion of six floors a month in a masterpiece of its kind, while overcoming the logistic challenges and managing the cultural change involving various stakeholders is indeed a hard task,” Shapoorji Pallonji Lanka Limited, Project Director Baiju Ramakrishnan added. “Our commitment, dedication, hard work and international expertise in high rise construction are the factors that have made this possible”.

“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”, the release added.

“Breaking new ground in the local property development market, Altair has installed a 24-hour live stream from its construction site, enabling anyone to monitor progress. 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’ it further added.

Extracted from Ceylon Today

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.

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.

Lotus Tower — A beacon of the Colombo skyline in the vicinity of Altair

April 25, 2016

Colombo’s skyline is rapidly changing. Altair is set to be one of the city’s tallest structures, standing at 240 meters high. Towards the North-East side of the Altair apartments is the new Lotus Tower now under construction. Standing 350 meters high it’s billed to be the tallest structure in South Asia.

The Lotus Tower will primarily function as a transmission tower but will also include shopping centres, food courts, banquet halls and a revolving restaurant. There will be an observation deck and high speed elevators, which can reach the observation deck in less than a minute. The facility is complete with an underground car park for 2,000 vehicles and is expected to be a hub of activity with sports, shopping arcade and entertainment facilities to be built in and around the tower.

During national festivities, the Lotus tower will have special displays which will be a special treat for the residents of Altair. Due to the unique locational positioning and and vistas afforded by Altair , the Tower will be visible from no fewer than 5 different types of Altair flats i.e  A, D, E, G and H. These flats have a great view of the Lotus tower in all its glory.

To catch a glimpse of how the lotus tower may view from these apartments, see the videos in our views section.

Both iconic landmarks in Sri Lanka, the Lotus Tower and the Altair Apartments in Colombo are to be completed by the end of 2017.

Learn more about the Lotus Tower