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Friday Nov 15, 2024
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Belluna Company Ltd., of Japan has demonstrated its confidence in Sri Lanka with an investment of $ 450 million in burgeoning luxury property market.
Its 447 Luna Tower scores high across each and every parameter, as it offers a strong value proposition for prospective buyers seeking luxury real estate in Colombo.
Reflecting impeccable credentials, the project is backed by Belluna Co. Ltd. Japan and Asia Capital PLC. Belluna Co. is a Tokyo Stock Exchange (First Section) listed company and a significant player in the global real estate industry, with projects spanning Myanmar and Los Angeles, USA. The Japanese giant has already proven its long-term commitment to the Sri Lankan property market by investing $450 million for all its projects in
Sri Lanka.
447 Luna Tower is Belluna’s first luxury apartment project in the country, and the Japanese developer has spared no expense to make sure it reflects its roots, the famed Japanese prowess for perfection and precision. The company’s other ongoing projects include a 300-room city hotel on Marine Drive in Colombo 3, an ultra-luxurious 57 room resort in Galle named Le-grand which opened in August 2018, as well as their first resort endeavour with Marriott International, debuting the “Westin Maldives Miriandhoo Resort” entailing 70 villas opened in October of 2018, along with a recently acquired multi development project residing on the borders of the Beira Lake.
Scheduled for completion in 2020, 447 Luna Tower is located in the heart of Colombo at Union Place, in close proximity to the commercial hub, leading schools, shopping area and hospitals. Extending the argument for acuity of this investment for buyers, the project is being helmed by equally reputed partners, such as Philip Weeraratne Associates as Principal Architects - a firm that boasts an array of upmarket hotels and minimalist designer homes in their portfolio; Arup and Ong & Ong - Arup is an international leader in structural engineering that will look to bring a world class depth of creative and technical expertise as they provide a thorough structural review of the apartment complex, while Singaporean firm Ong & Ong - operating in 12 countries across three continents - offers unrivalled know-how in cross-discipline, integrated design solutions.
The project makes sound financial sense for buyers, as the apartments are priced in Sri Lankan Rupees (LKR), whereas a majority of other noteworthy residential developments in central Colombo are priced in US Dollars (USD). With the recent depreciation of the rupee against the dollar, the project partners believe investors will benefit from the greater capital appreciation of fixed LKR pricing, as the cost of competing developments increases in LKR terms. As a result, 447 Luna Towers makes upscale living truly affordable. Adding to this Asia Capital is also affording the buyer the service of apartment management in the near future, which will facilitate buyers local and foreign to enjoy their investment while the apartment management arm takes care of their investment.
Moreover, 447 Luna Tower is an aesthetic masterpiece – the design, ‘look and feel’, and quality of the finishes is superlative. The 45-storey apartment consists of 190 luxurious apartments ranging from 842 sq. ft. two-bedrooms to expansive four-bedrooms at 2283 sq. ft. Many competing projects tend to overlook offering choices to buyers in terms of apartment sizes. Whether it is for a large family or a single professional, 447 Luna Tower buyers are spoilt for choice.
When it comes to the structure, 447 Luna Tower is conceptualised as a rectangular tower, with the front showcasing a podium which consists of lounge and reception lobby, function hall, administrative, and security offices, and seven levels of parking. The podium’s uppermost level is a designated recreational floor comprising the gym, open veranda, multi-purpose room, kids’ pool, and a landscaped garden. The podium is crafted as the centrepiece - with the interior of the lounge affording views of a reflecting pond, which envelopes the fully-glazed glass windows, while rows of Frangipani trees will provide a feeling of serenity. Designed sustainably, the building façade will accommodate greenery, a common sight across the property, to create a veritable urban oasis. Extending the relaxation and recreation theme further, the 45th floor rooftop space houses a club house, an infinity pool, and a spacious pool deck offering sweeping vistas of the Colombo skyline and the Indian Ocean, which will be like a private retreat for residents from the hustle and bustle of the city.
Delivering impeccable value, 447 Luna Tower apartments feature world-class quality fittings and finishes such as premium Marazzi tiles, Hansgrohe and Duravit fittings in the bathrooms; Hafele and SEA Bauformat for a sleek and durable pantry; Burma teak flooring that lends a sense of welcome; and balconies and luxury double glazed windows to afford stunning views of the city. Apartments have been planned such that bedrooms do not open into the living area for greater privacy.
Colombo is undergoing a transformation in infrastructure and with the ongoing construction of the Colombo International Financial City, the demand for luxuryapartments is expected to rise, as more professionals move to the city from surrounding areas and even overseas to work and live in the vicinity. 447 Luna Tower reflects a prudent investment choice for prospective buyers seeking to invest in a lucrative project that will generate high return on investment while offering a veritable urban oasis.
