Sri Lanka’s Asia Capital PLC and Japan’s Belluna Co. have broken ground for a $51-million business hotel in Kollupitiya, a neighborhood of Colombo, Sri Lanka. The 300-room, 24-story hotel, which hasn't yet been named, could be completed in 30-36 months.
This is the third project for which Asia Capital has teamed up with Belluna in Sri Lanka. Last October, Asia Capital and Belluna announced the construction of an $18-million 50-villa luxury resort in Galle. That resort is expected to open next year. The two companies have also commenced work on the $51-million 447 Luna Tower real estate project at Union Place.
Belluna Co. Ltd, Managing Director Hiroshi Yasuno said the company's off-shore expansion focus strongly on emerging markets—and with Sri Lanka’s tourism and real estate sectors growing exponentially, they foresee many more high-value investments in the future.
The two companies will soon open the The Westin Maldives Miriandhoo Resort, a $55-million 70-guestroom luxury property in the archipelago that will focus on wellness tourism when it opens in early 2019.
Meanwhile, Asia Capital PLC Group CEO/Director Stefan Abeysinhe said that the companies have also acquired the property in front of Lake House, adjoining the Beira Lake, for a mixed-use development. “It will be the biggest investment with Belluna, and it is a $350-400-million investment. It will take one year to plan. The project includes apartments, hotels, and office spaces,” he said.
Abeysinghe also said that the companies are looking to build on the Eastern Province, but noted that the lack of proper infrastructure is an impediment to venturing into the former war-torn province.