Asia Capital partners Japan’s Belluna for $ 50 m luxury apartment complex in the city

Ground breaking of Luna Tower – Four Four Seven, from left: Asia Capital Senior Manager Projects Eraj Rajapakse, Asia Capital Chairman Paul Ratnayeke, Philip Weeraratne Associate Principal Architect Philip Weeraratne, Asia Capital Senior Manager Sandun Hettige, Asia Capital Director Toshiaki Tanaka, Belluna Senior Manager Koichi Yokota, Belluna Managing Director Hiroshi Yasuno, Japanese Ambassador to Sri Lanka Kenichi Suganuma, Belluna Senior Advisor Kiyonori Nakashima, Asia Capital Director/Group CEO Stefan Abeyesinhe, Reyhan Morris – member of Asia Capital senior management and Nawaloka Piling Chairman Upali Dharmadasa 

Asia Capital PLC, in collaboration with Japanese foreign investor and partner Belluna Co. Ltd., last week launched an exclusive apartment development project in the upscale Union Place location at a project cost of over $ 50 million (Rs. 7.3 b). 

‘Luna Tower – Four Four Seven’ is a 200-apartment building located centrally at Union Place, offering speedy and convenient access to the commercial and entertainment areas of Colombo. Its unparalleled location offers sweeping vistas of the Beira Lake on one side and the Viharamahadevi Park on the other. 

The ground-breaking ceremony of the real estate development titled ‘Luna Tower – Four Four Seven’ was held on 12 October at the development site, in the presence of eminent invitees comprising of the senior management of Asia Capital and Belluna; Government officials involved in the project including CMC and UDA representatives; Japanese Ambassador to Sri Lanka Kenichi Suganuma and Minister of Special Assignments Dr. Sarath Amunugama.

Philip Weeraratne Associates (PWA) are the Principal Architects for the project. Two global powerhouses have joined hands with PWA on this project: Arup of Hong Kong, bring their depth of expertise by way of a complete structural review of the apartment complex; Ong&Ong of Singapore, bring in unparalleled technical expertise in design excellence. Onsite piling for the project has already commenced by Nawaloka Piling Ltd. and ‘Luna Tower – Four Four Seven’, is scheduled for completion by October 2019.

The project is conceptualised as a blend of indoor and outdoor living spaces for a soothing and natural experience, making the best of natural light and ventilation. The apartments are seamless in design and offer compact modern living ideas for greater convenience. The apartment building will feature a large lobby with reflecting ponds and greenery, a rooftop infinity swimming pool and club house, including a landscaped garden, gymnasium, function room and a pavilion that opens out on one side – all of which offer common spaces on multiple levels in the apartment building.

Asia Capital Director/Group CEO Stefan Abeyesinhe commented: “The launch of ‘Luna Tower – Four Four Seven’ marks yet another milestone for Asia Capital in its history of achievements both in investment banking and property development. Venturing into real estate in the apartment complex segment, we are delighted to partner with Belluna of Japan, who hold decades of prosperous experience in real estate and now bring their investment strength into Sri Lanka. This joint project cements the strong bond that both companies have in creating a new paradigm in local and foreign joint venture projects in Sri Lanka. ‘Luna Tower – Four Four Seven’ offers inspired living for discerning investors and residents who understand the benefits of its superb location and the reputed project partners who are capable of delivering a truly world-class project. Prospective buyers can select from 2/3/4 bedrooms within a price range of Rs. 35 to 140 million, which offers a wide price spectrum to choose from.”

Belluna Managing Director Hiroshi Yasuno added: “With operations in several continents, Belluna is delighted to invest in a country such as Sri Lanka, which is one of the leading nations in the region in terms of investment potential. Colombo’s skyline is changing and we expect ‘Luna Tower – Four Four Seven’ to be an integral landmark once complete. The initial outlay for the project for land acquisition and construction is over $ 50 million. Belluna is privileged to collaborate with an established and reputed partner such as Asia Capital. Our partnership with Asia Capital at present encompasses five different projects both in Sri Lanka and the Maldive Islands. As a foreign investor, we hold a long-term view of Sri Lanka’s investment potential and foresee many more such high value projects in the years ahead.”

The joint projects between Asia Capital and Belluna consist of the ‘Luna Tower – Four Four Seven’ apartment development at Union Place; a 48 villa ultra-luxurious resort in Galle for which the foundation stone was laid on 13 October; a 300-room city hotel on Marine Drive in Colombo 3 for which the land is already acquired; and construction of the first resort beyond the shores of Sri Lanka in the Maldive Islands. A further multi-development project in Colombo is in the pipeline, with land being sourced presently. Belluna Co Ltd.’s Joint Venture with Asia Capital PLC clearly spells out the company’s commitment to Sri Lanka.