Monday Dec 22, 2025
Monday Dec 22, 2025
Monday, 22 December 2025 05:06 - - {{hitsCtrl.values.hits}}
The acquisition of Indocean Developers Ltd., (IDPL), the developer behind the Altair Colombo apartment and retail complex, was completed recently through Blackstone India’s acquisition of South City Projects (Kolkata) Ltd, IDPL’s parent company, which owns one of India’s most prominent retail destinations. TWC Development Management Ltd., the real estate advisory arm of TWC Holdings owned by Chairman and Managing Director Thilan Wijesinghe, played a pivotal role in supporting this acquisition, advising on technical due diligence, market analysis, regulatory review, and long-term asset strategy for the property. A senior team from TWC continues to be involved in providing strategic management oversight of Altair, thereby combining Blackstones’ vast real estate management expertise in India with local execution strength. TWC is the only company in Sri Lanka that combines investment banking with real estate investment structuring, having completed several M&A transactions in hotels and the largest ever real estate acquisition in Sri Lanka when Browns/LOLC secured 10.3 acres of land at Port City for $ 96 million (Rs. 20 billion) in 2021
Q: Altair is regarded as one of Colombo’s most striking architectural statements. Why is this the right moment to bring the project back into the spotlight?
Because for many discerning buyers, this would be the last opportunity to acquire a prime waterfront large format apartment of this calibre in Colombo at a price point lower than any other similar product in the market today or in the future.
Q: What drove the recent ownership change to Blackstone India, which is backed by the world’s largest private equity company?
What drove the ownership change was the acquisition of South City Projects of Kolkata, the parent company of Altair. At the time, Altair’s progress was hampered by COVID, the economic crisis and other issues. We advised the new owners the time was right to acquire Altair, not just for its unique architecture, but due to the turnaround of Sri Lanka’s economy and potential demand for remaining unsold apartment inventory and vacant retail space. We were of the view that there was a timing opportunity to refresh Altair with new investments in identified upgrades that will elevate daily living and enhance long term value of apartments.
Q: What are the new upgrades being made at Altair?
After the ownership change, new investments valued at over Rs. 600 million have been committed to the building encompassing safety and security enhancements, functional and operational upgrades, and strategic aesthetic aspects designed to elevate Altair’s overall market standing. We expect further investments to be made over time to enhance livability at the building to include co-working spaces, children’s amenities, sports, restaurants and a newly designed entrance and lobby
Q: What are the unique characteristics that set Altair apart from other luxury developments?
Altair is unique in three ways. Firstly its location in Colombo in an enclave that is residential, with walkable access to supermarkets, restaurants, hospitals and schools. Second, Altair’s design: the striking twin-tower silhouette conceived by Moshe Safdie has already become a visual icon for the city, and even featured in Sri Lanka’s currency notes! No other apartment building in Colombo can boast of being designed by a world renowned architect. And third, the experience of living at Altair: with ocean, city and Beira lake views, with residences flooded with natural light, generous proportions and cross-ventilation, and with the largest balconies not found in any other development.
Q: What truly differentiates Altair’s value proposition from other luxury developments?
Altair stands out because it was completed ahead of the cost inflation that followed the crisis. Buyers can secure a prime waterfront home built to world-class standards at a price point no new project in a prime location can match. Since Altair was completed before the 2021 cost surge, effectively, investors or owner-occupiers are buying tomorrow’s product at yesterday’s cost. On a typical large-format residence, which is currently not available in the market, this differential can translate into a significant capital gain.
After the ownership change, we have seen global and local blue-chip companies — such as John Keells, Hayleys, Dimo, KIA — choose Altair to showcase their products
It is a clear vote of confidence on location, visibility and confidence of Altair’s new management. The Altair podium fronts the Beira Lake and Colombo’s busiest corridors, giving brands billboard-level exposure and easy access for discerning customers. That’s why these companies are launching their iconic brands such as BYD, JAECOO, TATA and KIA at Altair. That’s not all. We have identified respected restaurant/F&B brands and a well-known co-working space manager that will occupy the first floor of Altair that will benefit owners and tenants alike.
Q: How is TWC shaping the future Altair experience for current and future owners and residents?
We are targeting to adopt best practices in four areas: excellence in building management and services through best in class facility managers; refreshing common areas and improved maintenance standards and protocols; use of technology including a platform for visitor management thereby enhancing security and enhanced stewardship and through a responsive and dynamic management council that will adopt transparent budgeting and asset-life planning to protect long-term value, while keeping service charges predictable.
Altair offers iconic architecture, unmatched location, and exceptional value, now further validated by the presence of shareholders and management with proven execution capabilities. For discerning investors, Altair presents a rare and time-sensitive opportunity to secure limited inventory at Colombo’s most prestigious address before the next wave of developments pushes prime property into a higher price bracket.
