Iconic Altair first phase complete, opening today

The first phase of the city’s iconic residential apartment complex — the elegantly designed Altair, will be opened today (12).

The inauguration will be held under the patronage of Urban Development, Coast Conservation, Waste Disposal and Community Cleanliness State Minister Dr. Nalaka Godahewa, Money and Capital Market and State Enterprise Reforms State Minister Ajith Nivard Cabraal and Indian High Commissioner Gopal Baglay.

Altair, by Indocean Developers Ltd., was the first project cleared by President Gotabaya Rajapaksa when he was the Secretary of the Ministry of Urban Development under the Special Development Projects Act, whilst Sririnimal Perera was the Chairman of the Urban Development Authority. The duo were responsible for major uplifts in urban development during their tenure.

The project was to be completed and handed over to the owners in 2017, but due to litigation between the developers and promoters, the project virtually ground to a halt in 2019. Thereafter President Rajapaksa’s intervention followed concerns expressed by buyers of the apartments as well as urban development planners.

In June last year President Rajapaksa stepped in as a progressive move to complete the multi-billion rupee, and the city’s iconic, high rise property development. Thereafter, he appointed urban development veteran and Colombo Hilton owning company Hotel Developers (Lanka) PLC Chairman Sirinimal Perera, as the Special Authorised Officer to fast-track the completion of Altair.

Prime Minister Mahinda Rajapaksa in his capacity as the Urban Development and Housing Minister also instructed to expedite the construction work and provide the houses to the people who have invested in them.

Urban development experts said completing Altair, designed by world famous and award-winning architect Moshe Safdie, is also important to improving the investor confidence, as well as the commercial and tourism profile of Sri Lanka.

Altair has been promoted as a one-of-its-kind development in South Asia, in terms of architectural design, structural engineering, and living experience. Safdie was also the architect for the world famous Marina Bay Sands in Singapore and was named Laureate of 2019 Wolf Prize in Architecture, considered to be the second-most important in the world after the Nobel Prize.

At 230m, the building will be one of the tallest buildings in Colombo. A 63-storey sloping tower leans into 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 Colombo’s rapidly changing skyline.

Acknowledged as a new paradigm in contemporary living in Sri Lanka, the Altair building offers its apartments spectacular views of Colombo’s 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.

The UDA leased the two-acre land for Rs. 2,560 million in 2011 for a period of 99-years under the Beira Lake Development Project for the purpose of developing underdeveloped lands. According to the UDA, Indocean Developers owns all the rights, including the construction, pricing, financing and sale price determination. However, the price of houses offered on freehold sales basis has not yet been finalised. The investor has been advised by local and foreign institutions for this project.