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.
August 6, 2019
Here’s a glimpse of the progress of Altair from August 2019. As Altair nears completion, Individual apartments are taking shape. We are building Sri Lanka’s most sought after condominiums.
April 18, 2019
While the painting of the Altair structure continues the fixation of glass windows also continues while the 63rd floor infinity pool and the sky garden are taking shape.April 4, 2019
While the painting of the Altair structure continues the fixation of glass windows also continues while the 63rd floor infinity pool and the sky garden are taking shape.
While the painting of the Altair structure continues the fixation of glass windows also continues.
Altair completed outer structure light up for the holiday season. While the painting of the Altair continues the roof top sky garden and infinity pool is also taking shape .
October 9, 2018
While the painting of the Altair structure continues the roof top sky garden and infinity pool is also taking shape .
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.