Representatives of the Bank of
Ceylon, NDB Bank, National Savings Bank, NDB Investment Bank and Altair at the
signing of the syndicated loan facility
This infusion of funds is in addition to the $ 251 million
(Rs. 45.6 billion) that has already been invested in Altair by stakeholders,
whose offshore investments are subject to the statutory limits specified by the
Reserve Bank of India (RBI).
The syndicated loan made up of US Dollar component and Sri
Lanka Rupee component is repayable in 18 months with a grace period of six
months.
Commenting on the facility structured for Altair, Indocean
Developers Director Pradeep Moraes said: "This is a significant development not
just for Altair, but for the property development sector in general, in the
context of current sentiment in the market and the rising impairment charges
and NPL ratios in the banking sector. We commend the three banks for their
positive approach to the opportunity presented by Altair."
The short term syndicated loan was arranged by NDB
Investment Bank Ltd. (NDBIB) and Bank of Ceylon. In a letter to buyers of
apartments at Altair, Indocean Developers said the security offered under this
loan is the only encumbrance placed on the project.
Altair is a one-of-its-kind development in South Asia in
terms of architectural design, structural engineering, and living experience.
Structural construction has been completed and 70 per cent of its apartments
are already sold.
The building comprises of two tower blocks, which are
oriented to the movement of the sun to harness the tropical breezes. A
63-storey sloping tower leans in to a taller, 68-storey vertical tower, with a
diagrid structure that visually accentuates the slope of the inclined stepped tower.
The unique combination of a straight and a sloping tower gives the building the
distinctive appearance that has made it an iconic element in Colombos rapidly
changing skyline.
Acknowledged as a new paradigm in contemporary living in Sri
Lanka, the Altair building offers its 400 apartments spectacular views of
Colombos Beira Lake, the port of Colombo, the Indian Ocean and the city. The
diagrid structure is highly rationalised and allows for naturally ventilated
and beautifully-lit units that are very private. The staggered stepped form of
the leaning tower also allows for large terraces, which provide prime city and
direct ocean views.
Altairs apartments range from 1,468 square foot two-bedroom
units to palatial and anonymously appointed Presidential Suites and Sky Villas
of up to 5,277 of square feet. Prices range from $ 525,000 to $ 2 million. A
distinguishing feature of Altair is that 45% of total space has been set aside
for public areas, which is well above the industry average.