Omanis buy Sri Lankan Altair apartments

ECONOMYNEXT – Investors in Oman have bought apartments in Altair, a high-rise apartment complex under construction in the Sri Lankan capital Colombo, its promoters Indocean Developers said.

The apartments in the twin tower complex, one of 63 storeys which leans in to a taller, 68-storey block, were sold following a recent sales visit targeting rich individuals in the sultanate, a statement said.

The building is scheduled for completion in 2017.

It claimed there were rental yields of 8 – 10 per cent and capital gains of over 15 per cent in the luxury apartment sector in Sri Lanka, the reason for investor interest in the country.

“Capital gains on resale of apartments are tax free for foreign nationals, who are permitted to purchase apartments above the fourth floor. Capital and capital gains can be freely repatriated.”

The Altair sales were followed by a visit by a delegation of the Oman Chamber of Business and Commerce to the Altair office in Colombo and the construction site.

“We are greatly encouraged by the degree of interest Altair has generated in numerous overseas markets including the UK, USA, Australia and Japan,” Altair Director Pradeep Moraes said.

Designed by architect Moshe Safdie, Altair will offer its 400 apartments with 1.5 million square feet of living space supported by 40,000 square feet of retail space.
(COLOMBO, May 13 2016)

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