Altair reaffirms potential of Sri Lankas real estate sector at investor forum in Maldives
Maldives
PUBLISHED March 16, 2019
The growth of tourism and Sri Lankas probable emergence as
the main commercial and financial centre between Singapore and Dubai with the
rise of the Colombo Port City, augur well for the countrys condominium market,
a business leader in the sector said recently. Altair Director Pradeep Moraes stated in the Real Estate
Investor Forum in the Maldives that "in locations such as Phuket, where tourism
is not solely resort-driven, it is an accepted fact that increased tourism is
strongly linked to real estate development and the same applies to Sri Lanka." Investment in real estate is also far less fickle and
volatile than investments in other instruments such as stocks and bonds, and
this was amply demonstrated when Sri Lanka experienced political instability a
few months ago which led to a substantial flight of foreign capital invested in
stocks and bonds but no known or seen impact on real estate holdings, Mr. Moraes
said, disclosing that this fact has been articulated to policymakers as a
justification for greater support to the industry.
The Real Estate Investor Forum was hosted by Research
Intelligence Unit (RIU) and had as its Chief Guest the Minister of
Infrastructure of the Maldives, Hon. Mohamed Aslam. This was the second forum
in the Maldives within the past three months at which Altair was a participant,
following its presence at Maldives Living Expo 2019, which it supported both as
an exhibitor and a co-sponsor. Mr.Moraes reiterated that Sri Lankas real estate sector
has a demonstrated potential of generating over US $ 750 million per annum in
foreign direct investment, and that condominium growth in particular is fuelled
merely by aspirational lifestyle or upward mobility but by the very basic
fundamental of need. "Land banks are fast diminishing and high-rise condominiums
can deliver 20 times more efficiency than conventional housing," he said,
pointing out that economies of scale render apartments more affordable than
smaller-sized conventional dwellings, and the plethora of approvals required
for construction can often lead to protracted delays in building individual
houses. Another factor in support of condominiums is that Colombo
does not have the luxury of an urban spread as the already overloaded road
network doesnt allow for extended commutes, and even the proposed Light Rail
would probably only play catch up, Mr. Moraes said. Sri Lankas most distinctive and instantly recognized
high-rise, and already 70 per cent sold, Altair is a one-of-its-kind
development in South Asia in terms of architectural design, structural
engineering, and living experience. The building designed by celebrity
architect Moshe Safdie comprises of two tower blocks, a 63-storey sloping tower
which leans in to a taller, 68-storey vertical tower. Acknowledged as a new
paradigm in contemporary living in Sri Lanka, the Altair building has already
brought a new dimension in aesthetics to Colombos skyline and offers its 400
apartments spectacular views of the Beira Lake, the Indian Ocean and the city
of Colombo.