447 Luna Tower – Standing Strong

The COVID-19 global pandemic affected many industries in Sri Lanka adversely including the construction industry. A combination of a total lockdown in the country, workers returning to their hometowns from the cities, and social distancing rules has led to a slow recovery in the sector. 447 Luna Tower is a fully equity funded development and is not dependent on presales or project financing and therefore has been able to resume work within the stipulated guidelines. The project is scheduled for completion in quarter two of 2021.

Recent media reports on concerns raised by Japanese investors against the local partner that was facilitating the 447 Luna Tower project raised concerns in the market and there was speculation that Belluna Co. Japan were withdrawing from the 447 Luna Tower project. Union Place Apartments (Pvt) Ltd, the developer of 447 Luna Tower is solely funded and fully owned by Belluna Lanka, the local subsidiary of Belluna Co. Japan and are fully committed to completing and handing over 447 Luna Tower.

Commenting on the progress of the project, Hiroshi Yasuno, Director, Union Place Apartments (Pvt.) Ltd said “447 Luna Tower is a fully equity funded project, Belluna Co. Japan has invested over USD 40 Million for the land acquisition and construction of 447 Luna Tower. Construction on the tower was going as scheduled and was in the finishing stages when it was affected due to 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 recommenced on the 18thMay and Belluna Co. Japan is committed to completing a landmark development.”.

Construction resumed with strict hygiene protocols implemented within the site that included special provisions such as safety equipment, body temperature checks, regular sanitizing procedures, and dedicated lifts for visitors. The company continues to work with the authorities to ensure all health protocols are followed while taking all possible mitigation measures to regain complete construction on the project as early as possible.

447 Luna Tower is centrally located, capturing a prime position in Colombo 02 on Union Place within close proximity to the central business district, leading schools, hospitals, and a variety of supermarkets, shopping, F&B, recreational and entertainment activities. The project offers investors a unique value proposition, the 44-storey residential tower located in a prime location comprises 202 efficiently designed apartments. With 7 different layouts, each apartment has high specification finishes and impressive sea, lake, park and port or port city views.

Offering all of the comforts and conveniences of luxury urban living, 447 Luna Tower apartments provide a comprehensive assortment of facilities including a gym, garden terrace and a kids’ pool. On the 45th floor, a modern rooftop offers striking panoramic views of Colombo’s skyline and the Indian Ocean, housing a club house, an infinity pool spanning the width of the, deck, all which are the ideal to relax and unwind.

The apartments themselves are practical compact living spaces ideal for modern city living. 447 Luna Tower has been designed and constructed in consultation with Japanese engineers, thereby ensuring technical and structural expertise throughout the construction process. A team of representatives from Belluna Co. Japan regularly inspects the quality of construction to reaffirm their unwavering commitment towards delivering only the highest quality offering.

447 Luna Tower is being helmed by reputed partners, such as Philip Weeraratne Associates as Principal Architects – a firm that boasts an array of luxury hotels and minimalist designer homes in their portfolio; Arup is an international leader in structural engineering that brings 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; and Sanken Construction – a reputed player in the construction sector.

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 USD 175 Million across the three 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 20/80 payment plan and investors are invited to visit the six model apartments completed on the 18thfloor to gain an insight into what 447 Luna Tower has to offer.

 

Source: Sunday times, Sunday Observer on 04.10.2020 / Daily Mirror, Daily FT on 05.06.2020