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 Mr 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. Capital gains on resale of apartments are tax free for foreign nationals, who are permitted to purchase apartments above the fourth floor. Capital and capital gains can be freely repatriated.
Photo caption: On a visit to the Altair office in Colombo (from left) Sheikh Khamis Mubarak Al Kiyumi, Chairman, Al Madina Real Estate Company SAOC, Sheikh Ali Bin Hamed Al Kalbani, Chairman, Al Kalbani Group, Mr Pradeep Moraes, Director, Indocean Developers (Pvt) Ltd., His Excellency Saeed Saleh Saeed Al Kiyumi, Chairman of the Oman Chamber of Commerce and Industry, Sheikh Salim Ahmed Al Ghazali, Chairman, Golden Group of Companies and Mr Anselm Perera, Chief CEO of BPOS Oman.