‘447 Luna Tower’ announces change of project partner

Monday, 1 February 2021 02:03 - - {{hitsCtrl.values.hits}}

Luna Tower

Belluna Co. Ltd. Japan announced yesterday that Asia Capital PLC will not act as the local coordinating partner in the 447 Luna Tower project at Union Place, Colombo 2 effective 13 January 2021.

Asia Capital PLC was the local partner facilitating the project on behalf of Belluna Co. Ltd. Japan.

447 Luna Tower is solely funded and fully owned by Belluna Lanka, the local subsidiary of Belluna Co. Japan. The project is one of the few equity-funded real estate developments in the country which is not dependent on pre-sales or project financing.

Commenting on the progress of the project, Union Place Apartments Ltd. Director Hiroshi Yasuno said, “447 Luna Tower is a fully equity funded project of Belluna Co. Japan. Construction on the tower was continuing as scheduled and was in its finishing stages when it was affected by the COVID-19 pandemic and the curfew imposed in Sri Lanka and the subsequent social distancing regulations imposed on construction sites. However, we wish to reassure our clients that construction is progressing, and Belluna Co. Japan is committed to handing over the landmark development in 2021.”

Belluna Co. Japan is a conglomerate listed on the Tokyo Stock Exchange and a significant player in the global hospitality and real estate industry with projects spanning across the Maldives, Myanmar and USA. Belluna Co. Japan has already proven its long-term commitment to the Sri Lankan property market by investing $ 175 million across four projects in the country. Their hotel property, Le Grand in Galle was their first investment in Sri Lanka which was completed in 2018, and their on-going hotel project is a 300-room city hotel on Marine Drive which is set for completion in 2021.

Being one of the few developments priced in rupees. 447 Luna Tower offers an attractive payment plan and investors are invited on two days of the week following safety procedures implemented at the site to visit the six model apartments completed on the 18th floor to gain an insight into what 447 Luna Tower has to offer.