The developers of luxury condominium – ‘447 Luna Tower’ – Belluna Co. Ltd Japan, in collaboration with Asia Capital PLC, signed a memorandum of understanding (MoU), affirming Sanken Construction (Pvt.) Ltd as the construction partner for the project.
The US $ 50 million (approx. Rs.7.3 billion) project, aptly named after its address - 447, Union Place, offers 190-apartments, constructed within a 44-storey building.
The addition of Sanken Construction to the existing lineup of industry leaders that includes Philip Weeraratne Associates - Architects, Ong & Ong - International Architectural Consultants and Arup in consultation with NCD Consultants as the Structural Engineers, further strengthens investor confidence.
“The company’s expansion into real estate development seemed a natural progression, considering the economic landscape and the apparent boom in the luxury apartments market. We are delighted to be working with a partner of the quality experience and high standing of Sanken Constructions and are confident that this project will be yet another resounding success,” said Asia Capital PLC Director/Group CEO Stefan Abeyesinhe.
“Sanken Construction has continued to be at the forefront of administrating novel building solutions, as well as in the development of Colombo’s skyline. We look forward to being part of the ‘447 Luna Tower’ project and building what promises to be a lucrative business relationship with both developers,” said Sanken Construction (Pvt.) Ltd Managing Director Ranjith Gunatilleke.
The project, which is scheduled to be completed in the second quarter of 2020, is poised to be the only condominium in the heart of the city to strike a perfect balance between elegant design, luxury living and a convenient location at a competitive price. Apartments are priced from Rs.36 million upward offering the option of two, three and four bedroom units.
With construction already underway, 447 Luna Tower is the first of many projects undertaken through the Belluna Co. Ltd Japan and Asia Capital PLC partnership. Other projects include a 48 villa-luxury resort in Galle for which the foundation stone was laid in October 2016 and a 300-room city hotel on Marine Drive in Colombo 3, for which the groundbreaking took place in April 2017. A further multi-development project in Colombo is in the planning stages, with land in the process of been sourced.
Beyond the shores of Sri Lanka, Belluna Co. and Asia Capital is currently in partnership with the leading global hospitality company, Marriot International Inc. to open ‘Westin Maldives Miriandhoo Resort’, a 70-key luxury property focusing on wellness tourism in the near future. This collection of projects, both in Sri Lanka and overseas, spell out the long-term vision of the collaboration between Belluna Co. Ltd, Japan and Asia Capital PLC.