Altair – biggest FDI in real estate business so far
Altair Colombo, an iconic luxury condominium tower and (so far) the tallest residential and commercial building in Sri Lanka with a slanting building design, was ceremoniously opened by Prime Minister Mahinda Rajapaksa at a ceremony held in Colombo last week.
Director/shareholder of South City Projects Kolkata Ltd (Indocean -the developer), Sushil Mohta speaking at a media briefing held in Colombo said that Altair is the biggest Foreign Direct Investment (FDI) in residential real estate project to be completed so far. It was a challenge to execute this project with a complex design. “We have already begun the process of handing over the apartments to our customers,” he added.
He said the investment-friendly atmosphere that prevailed in the country following the conclusion of the war and the help offered by the government by offering a land to the company helped in the decision to invest in Sri Lanka. The total investment of the project has been estimated at US$250 million. There is a demand for investing in real estate following low interest rates offered by banks. Further, more buyers of such apartments also think of rental value it can generate in the long run. He said the Port City Project will add another dimension of being in the commercial district of Colombo that will open up many opportunities here. In time to come there will be more such landmarks in the country, he added.
Meanwhile the building had been designed by a globally recognized celebrity architect Moshe Safdie living in Bostan USA . The Marina Bay Sands of Singapore is another iconic building designed by him. The construction work on Altair condominium began in March 2013 comprising two tower blocks, one of which leans on to the other. Altair is located at 127, Sir James Peris Mawatha with 68 stories with 410 apartments with spectacular views of the Beira Lake and the Indian Ocean. Most of the apartments have been sold out leaving a few. Despite the on going challenges presented by COVID-19 and limitations of several lockdowns the Indocean Developers (Pvt) Ltd, as a developer with the support from the government of Sri Lanka has made it possible to complete the project.