Sri Lanka Business Forum in Tokyo:

Indocean Developers promotes Colombo Altair

Indocean Developers, the promoters of the twin-tower high rise development, Altair, has reported buyer interest in Japan, following the company's participation as the sole real estate sector entity at the recent Sri Lanka Business Forum in Tokyo.

Prospective Japanese investors at the Altair counter at the Sri Lanka Business Forum in Tokyo.

One of just a handful of Sri Lanka-based companies to make presentations to a representative audience of over 300 Japanese investors at this forum also attended by Japanese Foreign Minister Fumio Kishida, Indocean Developers highlighted the investment potential and tax benefits of the luxury apartments the project offers.

Director, Indocean Developers, Pradeep Moraes said, "The response from Japanese investors who already have investments in Sri Lanka, and investors who are assessing the country's potential has been extremely encouraging. The inquiries we are receiving reaffirm our belief that the property development sector could be influential in the country's efforts to attract FDI."

He said the current high rental yields of 8-10 percent, capital gains of over 15 percent recorded in the luxury apartment sector, the fact that capital gains on resale of apartments are tax free for foreign nationals were among the key elements attracting Japanese interest in Altair.

Designed by Moshe Safdie it will bring a new dimension in aesthetics to Colombo's skyline. It will be a one-of-its-kind development in South Asia in terms of architectural design, structural engineering, and living experience. Comprising two tower blocks, one of 63 storeys which leans into 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 project is due to be completed in 2017.

Indocean Developers is a joint venture of the six conglomerates that makes up the South City Group, which brings together over 150 years of cumulative development experience.