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`Altair’, the iconic building in Colombo – Sri Lanka is designed by Celebrity Architect Moshe Safdie based in Boston, USA. Moshe Safdie has designed many famous iconic structures including the famous Marina Bay Sands with Sky Garden in Singapore. `Altair’ is in the league of iconic buildings of the world, such as Burj Khalifa, Petronas Tower, Marina Bay Sands, Shanghai Tower, The Parc 1 Tower in Seoul – South Korea, ICC Building & Bank of China Tower in Hong Kong to name a few.
The project `Altair’ was launched by South City Group in Colombo in the year 2013. Due to construction related complications, force majeure reasons and an unfortunate ownership related dispute, the project has been delayed. However, South City Group has expressed with much pleasure that the Group is back in the helm of the real estate project with 100% control. Most importantly, the project is progressing well and will be ready for handing over in the next few months.
The spokesperson of South City stated that that they are getting utmost support and cooperation from the Government of Sri Lanka for completing the project. President Gotabaya Rajapaksa has appointed Mr. Sirinimal Perera, the Special Authorised Officer to steer the project towards its successful completion. South City group is also receiving steadfast backing from the esteemed customers and the project is on track to deliver what it promised since inception. The rich experience of South City Management with a huge knowledge bank will be able to soon create another landmark in Sri Lanka which will be one of the top landmarks in the world.
Altair’ is an architectural marvel and consists of two vertical tower blocks, one straight tower and another stepped tower which is in slope and leaning to the straight tower. The project is in the prime area of Colombo facing Beira Lake as well as the Indian Ocean. The finishes of the project are on high calibre, with Italian marble, wooden flooring, central air-conditioning, hot water supply and super luxurious sanitary fixtures. Additionally, there is a Resident Club on the fifth level with a garden around it and on 63rd level with the swimming pool and other recreational facilities.
The apartments have been booked by the Crème de la crème of Sri Lanka’s social fabric, HNI and a noteworthy number of overseas residents from the Sri Lankan diaspora. Notably, ‘Altair’ a is the biggest FDI investment in Colombo for real estate to date. Altair is a symbol of a successful foreign investment and a show-piece for the Sri Lankan Government to attract further investment in Sri Lanka.
Revamped, refurbished and ready for the Season: Crescat Boulevard re-opens its doors
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AIA Group Limited (the Company) announces value of new business (VONB) for the third quarter ended 30 September 2026. Growth rates are shown on a constant exchange rate basis.
• VONB for the first nine months of 2026 was up by 5 per cent to US$4,627 million, driven by growth across all reportable segments except Thailand.
• VONB in the third quarter was lower by 5 per cent to US$1,415 million against exceptionally high prior year July and August comparatives in Hong Kong and the Chinese Mainland.
• The Group returned to excellent year-on-year VONB growth of more than 25 per cent in September. We expect strong momentum in the fourth quarter, supported by the normalisation of comparative effects.
• As announced with our 2026 interim results, we expect to exceed our 9 to 11 per cent operating profit after tax (OPAT) per share CAGR target from 2023 to 2026.
Lee Yuan Siong, AIA’s Group Chief Executive and President, said:
“AIA delivered VONB growth of 5 per cent for the first nine months of 2026, despite exceptionally high prior-year sales in Hong Kong and the Chinese Mainland that affected third-quarter growth. Group VONB rebounded strongly in September, delivering year-on-year growth of more than 25 per cent.
“We continue to see attractive growth opportunities across our markets. Demand for protection, health, savings and retirement solutions remains strong, and we are investing in our competitive advantages to capture this. Agency fundamentals continue to strengthen, with higher numbers of active agents, new recruits and new leaders year-on-year, alongside deeper engagement with our bank partners.
“We entered the fourth quarter with strong momentum and remain confident in our outlook. As announced with our 2026 interim results, we expect to exceed our 9 to 11 per cent OPAT per share CAGR target from 2023 to 2026, demonstrating how our profitable new business growth translates into increased earnings and long-term value for shareholders.”
Fitch Ratings has upgraded Commercial Bank of Ceylon PLC’s National Long-Term Rating to ‘AA(lka)’ from ‘AA-(lka),’ effective 30th October 2026, reinforcing the Bank’s position as Sri Lanka’s benchmark private-sector lender and highlighting its enduring financial strength.
The upgrade follows Fitch’s recalibration of Sri Lanka’s national rating low credit scale after the sovereign rating upgrade in September 2026, while also reflecting the scope for greater positive differentiation of Commercial Bank’s credit profile relative to large private-sector banking peers.
The ‘AA(lka)’ rating signifies very high credit quality and very low default risk relative to other issuers in the country, providing an important signal of the Bank’s strong capital adequacy, liquidity, and asset quality to investors, depositors, corporate customers and international banking partners.
Fitch’s assessment recognises Commercial Bank’s longstanding position as Sri Lanka’s largest private-sector bank, its sustained advantages in business generation and funding, and its optimised cost of funds relative to other large private-sector banks. The Bank’s asset quality, profitability and capital coverage of net impaired loans have also generally remained among the stronger levels within the range of rated local banks, the rating agency noted.
“Any rating upgrade of this nature is significant for stakeholders,” Sharhan Muhseen, Chairman of Commercial Bank noted. “For our customers, the upgraded rating provides an additional indicator of the Bank’s stability and financial strength in safeguarding their investments and assets. For businesses and individuals seeking financing, the Bank’s strong institutional creditworthiness and funding advantages underpin its capacity to offer competitive financing solutions and support their diverse growth ambitions.”
Commenting on the upgrade, Sanath Manatunge, Managing Director/CEO of Commercial Bank, said: “This rating upgrade is a powerful affirmation of the financial resilience, disciplined risk management and enduring strength of Commercial Bank. It validates the deep confidence our customers, investors and international partners place in us, and strengthens our capacity to support Sri Lanka’s businesses, households and economic progress.”
The stronger credit profile also reinforces Commercial Bank’s international correspondent banking relationships, supporting the continuity and efficiency of cross-border banking, trade finance and capital repatriation services for customers engaged in international trade, the Bank said.
While the rating action was directly prompted by the recalibration of Sri Lanka’s national rating scale following the sovereign upgrade, it also positions Commercial Bank as a key beneficiary of the country’s macroeconomic recovery, reflecting a balance sheet and risk management framework that remained exceptionally resilient through earlier economic volatility. This underscores the Bank’s ability to sustain strong financial fundamentals through challenging periods and its favourable position within the domestic banking sector, the Bank added.( ComBank)
Sysco LABS Sri Lanka’s engineering teams have contributed to the development of the Sysco Agentic Ecosystem (SAGE), the enterprise AI platform for which Sysco Corporation was named runner-up in the Retail & Consumer Goods, Americas category at the 2026 Gartner Eye on Innovation Awards.
The recognition reflects Sysco’s continued pursuit of technological excellence through investment in AI and new approaches to business challenges. Sysco LABS plays a pivotal role in this work, bringing Sri Lankan engineering expertise to a collaborative effort across Sysco’s global technology organization.
Sysco is the world’s largest global foodservice distributor supplying restaurants, hotels, healthcare facilities and other businesses that prepare meals away from home. SAGE brings governed agentic AI into its operations across sales, supply chain and administrative functions. It connects AI agents, software that can perform tasks, with business data and systems, enabling them to recommend actions and carry out workflows within a common governance framework.
Commenting on the recognition, Thushera Kawdawatta, Managing Director, Sysco LABS Sri Lanka, and Vice President, GIC Strategy & Operations, Sysco, said, “Being recognized by Gartner validates the exceptional dedication and ingenuity of the team behind this milestone. As Sri Lanka continues to strengthen its role as Sysco’s global AI epicenter, it is our people who are driving this paradigm shift. Through seamless collaboration across our global technology ecosystem, we are deploying world-class talent to solve complex challenges at scale, proving that we are not just embracing the future of AI, but actively shaping it together.”
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