26 April 2017 11:20 am
Video by Sanath Desmond
By Zahara Zuhair
Sri Lanka’s Asia Capital PLC and Japan’s Belluna Co. Ltd. yesterday broke the ground for a US $ 51 million 4-star business hotel in Colpetty, Marine Drive.
The 300-room, 24-storey hotel, which is yet to be named, is expected to be completed in 30-36 months. This is the third project for which Asia Capital has teamed up with Japan’s Belluna in Sri Lanka.
In October last year, Asia Capital announced the construction of a US $ 18 million 50-villa luxury resort in Galle in partnership with Belluna. The property is to open next year.
The two companies have also commenced work on the US $ 51 million ‘447 Luna Tower’ real estate project at Union Place.
Talking about the hotel project in the Marine Drive, Asia Capital PLC Group CEO/Director Stefan Abeysinhe said the proposed hotel would stand out in the Colombo’s skyline.
Belluna Co. Ltd, Managing Director Hiroshi Yasuno said Belluna’s off-shore expansion focuses strongly on emerging markets and with Sri Lanka’s tourism and real estate sectors growing exponentially, they foresee many more such high value investments in the
years ahead.
Belluna Co. Ltd, headquartered in Japan, has invested in real estate across the globe from Myanmar to the USA, including projects in Hollywood, Los Angeles.
The two companies are also in partnership with the leading global hospitality management company, Marriot International Inc. currently and will soon open the ‘The Westin Maldives Miroandhoo Resort’, a US $ 55 million 70-key luxury property in the archipelago, focusing on wellness tourism.
Meanwhile, Abeysinhe said they have acquired the property in front of Lake House, adjoining the Beira Lake, and is planning a mixed development project there.
“Recently we acquired the property in front of Lake House. It is a mixed development project. It will be the biggest investment with Belluna, and it is US $ 350-400 million investment. It will take one year to plan. The project includes apartments, hotels, and office spaces” he said.
Abeysinghe also said they have set their eyes on the Eastern Province, but stressed lack of proper infrastructure is an impediment to venturing into the former war-torn province.