Asia Capital partners Belluna for Rs 7.3 bn ‘Luna Tower-Four Four Seven’

Thursday, October 13, 2016 - 01:00

Japanese Ambassador Kenichi Suganuma, Belluna Company Japan Managing Director Hiroshi Yasuno, Asia Capital Chairman Paul Ratnayake, Asia Capital Director and Group CEO Stefan Abeyesinhe, Belluna Co Senior Advisor Kiyonori Nakashima, Belluna Co Senior Manager Koichi Yokota, Asia Capital Director Toshiaki Tanaka, Asia Capital’s Reyhan Morris,Nawaloka Piling Chairman Upali Dharmadasa and officials at the ground breaking ceremony. Picture by Thushara Fernando

Asia Capital PLC in collaboration with Japanese foreign investor and partner, Belluna Co. Ltd, launched an exclusive apartment development project at a project cost of Rs 7.3bn.

The ground-breaking ceremony of the real estate development titled ‘Luna Tower – Four Four Seven’ was held at the development site in Union Place yesterday.

Two global powerhouses, Arup of Hong Kong and Ong&Ong of Singapore have joined hands in this project to bring expertise by way of a complete structural review of the apartment complex , bring in technical expertise in design excellence.

Onsite piling for the project has already commenced by Nawaloka Piling and ‘Luna Tower Four Four Seven’, is scheduled for completion by October 2019.

‘Luna Tower – Four Four Seven’ is a 200 apartment building at Union Place, offering speedy and convenient access to the commercial and entertainment areas of Colombo. Its location offers vistas of the Beira Lake on one side and the Viharamahadevi Park on the other. Asia Capital Director and Group CEO Stefan Abeyesinhe said they are delighted to partner with Belluna of Japan, who hold decades of 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,”he said. Belluna Managing Director Hiroshi Yasuno said their partnership with Asia Capital 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,” he said.

Asia Capital Senior Manager, Eraj S.Rajapakse said this is the first time that Belluna has invested in real estate business in Sri Lanka. This project will have 190 apartments in 43 floors. “We will be starting the piling from today and in three months time the structure will come up. We are hoping to complete this project in 30 months.The apartments will be on sale in about one month’s time,” he said.