Condos in Sri Lanka

Development Progress – March 2017

March 22, 2017

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


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.

The vicinity around Altair Luxury Residencies to become a major entertainment and recreational hub

March 20, 2015

The new government’s intention on reviving the Colombo Megapolis project include making the Beira Lake area a major entertainment and recreation hub.

More developments are on the horizon in Sri Lanka as plans to modernize Colombo and the greater Western Province into a regional hub are in full swing, with the assistance and support of a Singaporean firm (refer source below). The plan will revolutionize and transform the entire Western Province into one of South Asia’s most prominent region, housing around 8.3 million people and stretching all the way from Beruwala to Negombo with Colombo as the core city. Colombo, in particular, will evolve into a major centre capable of competing with other regional giants.

The Beira Lake region will become a key attraction of Colombo by evolving into its major entertainment and recreational hub. The area, already known for its beauty, will become an even more welcoming sight by hosting the Altair Sri Lanka luxury apartment towers among an array of entertainment and recreational options that would satisfy even the most insatiable entertainment enthusiast.

Amid increased business activity in southern Indian cities such as Chennai and Bangalore, the establishment of the Western Region Megapolis would instantly make it attractive to many foreign businesses. In addition to its appeal to foreign businesses, the plan is also very good for locals as it embodies a “live-work-plan” concept that promotes a higher quality of life by enabling people to live within close proximity to their workplaces. It is clear that this plan will not only benefit business but also the day-to-day livelihoods of Sri Lankans and it’s foreign residents.

Greater regional planning and organization will make the region instantly become a beacon of investment, prime real estate and luxury in South Asia. With luxury and revolutionary development projects like Altair Sri Lanka already underway, this initiative will undoubtedly lead to greater property investment and the accentuation of Colombo as the crème de la crème of South Asian mega-cities. Luxury Condominiums in Sri Lanka.

For more on this topic: http://goo.gl/DMv6AD, http://goo.gl/F7M5jy

Altair completes first 100 piles for Sri Lanka’s tallest condominium

April 3, 2013

Construction work on Altair, Sri Lanka’s tallest luxury condominium, is on track with the completion of 100 of 288 piles targeted for March 2013, INDOCEAN Developers, the promoter of the iconic project reports.

Announcing the milestone, the company said the four test piles, carried out at the Sir James Peiris Mawatha site overlooking the Beira Lake at 200 per cent of the design load, showed that each pile can successfully bear a load of 2,200 tons, which is twice the load required by the structural design.

“This kind of project demands vision, strength and determination,” said Mr. Sushil Mohta, Director of Indocean Developers (private) Ltd., who visited the site during the piling. “It’s about testing oneself, always pushing to the limit. That is why Indocean went out and tested the piles to twice their designed capacity.”

The Altair team that inspected the site also comprised of Directors Jugal Khetawat and Pradeep Sureka, the Structural Engineer Predrag Eror and the Vice President – Projects Iraklis Andreakis. “The structural integrity of all our projects is paramount among our values,” Mr. Pradeep Sureka said.

Indocean Director Jugal Khetawat added: “We recently completed Wind Tunnel Tests for Altair in London by the wind-engineering experts RWDI whose project portfolio includes the tallest buildings in the world, the Burj Khalifa, Taipei 101 and Petronas Tower.”

Altair’s 288 driven piles will be connected to a raft foundation so as to distribute the building loads. The Piling Contractor for the project is San Piling, a sister company of the leading construction company Sanken Lanka. Piling work is expected to be complete by June this year.

Comprising of two tower blocks, one of which leans on to the other, Altair, with an address of 127, Sir James Peiris Mawatha, will rise to 68 stories, offering its 410 apartments spectacular views of the Beira Lake and the Indian Ocean. The building has been designed by the globally recognized celebrity architect Moshe Safdie. Besides its 1.5 million square feet of high-end eco-friendly living space, the development will also offer 40,000 square feet of up-market retail space.

Indocean is a venture of South City Group, which brings together over 150 years of cumulative development experience. The Group has, till date, completed 10 million square feet of real estate developments worth more than USD 350 million and currently has 20 million square feet of space worth USD 1.1 billion under construction.

Pioneering large-scale urban developments, with the collaboration of international consultants and development professionals, is the track record of South City Group which has pledged to deliver a superior and landmark development for Sri Lankan and expatriate residents.

The Altair development

The Altair development

Directors at the site

Directors at the site

Piling in progress

Piling in progress