Altair developer satisfied with maiden Lankan venture; eager for more

By Shabiya Ali Ahlam

World-renowned property developer South City Projects Kolkota let out a sigh of relief yesterday with the construction of Sri Lanka’s tallest residential building Altair Colombo coming to a successful close and ready to be officially handed over to investors.

ceremonial opening of the iconic residential complex, visiting directors from the India-based property developer South City Projects expressed confidence in the project adding value to Sri Lanka’s skyline and also the economy. The property was declared open last evening by Prime Minister Mahinda Rajapaksa. Speaking to reporters in Colombo last evening, South City Projects Kolkata Director/Shareholder Sushil Mohta noted that while executing projects of the scale of Altair was a challenge, he is satisfied with their venture in Sri Lanka and is determined to continue to be involved in uplifting the local real estate landscape in the long term.

“It is always challenging to take up these kinds of projects. As a developer, when we complete a project of this scale and nature, it is like a dream come true. We set new benchmarks, as with the completion of such projects, we develop the capabilities and expertise of the local industry,” said Mohta. Calling Sri Lanka’s investment climate friendly and accommodative, the visiting director said following the positive experience witnessed with the development of Altair, South City Projects Kolkata is in the midst of evaluating its next project in the country, as it has received several proposals. Mohta pointed out that although the project delivery was delayed by about two years, which he attributed to the challenges faced in executing the complex architecture designed by celebrity architect Moshe Safdie, Altair is a “symbol and showpiece” of the foreign investment potential in the real estate industry for all enthusiastic investors around the globe. He added that the property has paved the way for more well-designed projects, which would be developed in time to come.

South City Projects Kolkata, via its local subsidiary Indocean (Pvt.) Ltd, has pumped in a total of US $ 250 million for the Altair Colombo project and has already sold nearly 250 units. In addition to the 1.5 million square feet of high-end, eco-friendly living space, the development also offers 40,000 square feet of upmarket retail space. The construction of the condominium kicked off in March 2013. The project features two tower blocks, of which one leans on to the other and comprises of a total of 410 apartments spread across 68 floors. South City Group brings together over 150 years of cumulative development experience and has completed over 300 million square feet of real estate developments worth more than US $ 1 billion. It currently has around 20 million square feet of space worth US $ 1.1 billion under construction.