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Thursday, 10 March 2016 00:00 - - {{hitsCtrl.values.hits}}
Strong investor interest in Sri Lanka is heightened further by exciting property development projects in Colombo, Altair, the city’s fast-rising twin-tower luxury condominium reports following a successful recent presentation in the United Arab Emirates (UAE).
The 400-apartment project instantly distinguishable by its unique leaning tower and parallel upright tower was a sponsor of a networking dinner hosted by the Sri Lankan Business Council in Dubai & Northern Emirates, at which it was also represented by invitation, on the panel of distinguished presenters.
“The degree of interest in the investment opportunities in Sri Lanka was extremely encouraging,” Altair Director and panellist Pradeep Moraes said. “Dubai is no stranger to iconic high-rise buildings, but there was keen interest in Altair’s unique design, the luxury living options it offers and its investment potential.”
With rental yields of eight to 10% cent and capital gains of over 15% 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, he added. 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 and income tax is only payable on rent at the maximum effective rate of 18%, depending on the total income in Sri Lanka.
Projected to be a game changer in contemporary living in Sri Lanka, Altair, designed by the legendary architect Moshe Safdie 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 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.
