SkyscraperCity Forum banner

Colombo | Granbell Hotel (Marine Drive City Hotel) | 27 fl | Completed

36386 Views 77 Replies 24 Participants Last post by  pawan keta's
Work starts on $ 54 m Marine Drive Hotel

From left: The Range Design Chief Architect Ryo Takarada, Asia Capital Director Toshiaki Tanaka, Asia Capital Director/ Group CEO Stefan Abeyesinhe, Asia Capital Chairman Paul Ratnayeke, Defense Secretary Eng. Karunasena Hettiarachchi, Board of Investment Chairman Upul Jayasuriya, Japanese Ambassador Kenichi Suganuma, Belluna Co. Ltd. Japan President Kiyoshi Yasuno, Belluna Co. Ltd Managing Director Hiroshi Yasuno, Hazama Ando Corporation Managing Executive Officer Hideo Matsumoto and Hazama Ando Corporation Project Manager Masaaki Hirawata

– Pic by Lasantha Kumara

  • Japan's Belluna Ltd. envisages $ 500 m investment in tourism and real estate sectors in the next five years
  • Belluna-Asia Capital collection of projects in SL attracts over $ 500 m
  • $ 350-400 m multi-development project on D.R. Wijewardena Mw, will begin work next year
  • Westin Maldives Miriandhoo Resort to be launched this Christmas
By Charumini de Silva

Asia Capital Plc, in collaboration with Japanese foreign investor and partner Belluna Ltd, yesterday commenced building a $ 54 million, four-star business hotel along Marine Drive, Colombo 3, while envisaging an investment of $ 500 million in the tourism and real estate sectors within the next five years.

The 300-room, 27-floor Marine Drive Hotel is projected to be completed within three years and will be built by leading Japanese construction company Hazama Ando Corporation.

“With Sri Lanka’s tourism and real estate sectors growing exponentially, we foresee an investment of over $ 500 million to Sri Lanka within the next five years,” Belluna Ltd. Managing Director Hiroshi Yasuno told Daily FT.

He further said that Belluna’s offshore expansion focuses strongly on emerging markets and it was pleased to be part of Sri Lanka’s development drive.

“Our eyes are wide open to every good investment opportunity in Sri Lanka. In geopolitical terms, Sri Lanka is in a strategic maritime location, has an educated workforce and has wonderful resources for tourism. Sri Lanka is a great country to invest in due to its rapid economic growth, public safety and also as a country that is very friendly with Japan,” Yasuno stressed.

The collection of projects spells out the long-term vision of the partnership of the joint venture, which has attracted over $ 500 million in foreign direct investment (FDI) to Sri Lanka during the past three years, making Belluna Ltd. the largest private investor from Japan in the real estate sector.

The joint venture thus far collaborated on a series of luxury development projects in Sri Lanka and beyond which includes a 50-villa ultra-luxurious resort in Galle with an investment of $ 15 million, the $ 50 million 447 Luna Tower project, a 190-unit exclusive apartment complex being built at Union Place and a $ 350-$ 400 million multi-development project in Colombo 1 (D.R. Wijewardena Mawatha).

In addition, the joint venture is currently in partnership with leading global hospitality company Marriot International Inc. to open the $ 55 million The Westin Maldives Miriandhoo Resort, a 70-key luxury property focusing on wellness tourism this Christmas.

Asia Capital Group Chief Executive Officer and Director Stefan Abeyesinhe said the $ 350-$ 400 million multi-development project in Colombo 1 would consist of a hotel, office complex and residences.

“This project will be developed on the premises of the former Crown Casino. At present we are doing a fresh design for the entire project and obtaining approvals from the Urban Development Authority (UDA) and Board of Investment (BOI). We hope to commence work by mid-next year,” he added.

Further, he stated that they were looking at a 50-acre plot of land in Arugam Bay on the East Coast of the island to set up a luxury resort.

“We are targeting Arugam Bay as nobody has gone there yet and it is underrated. Currently we have concentrated our projects mostly around the expressway. We expect that the infrastructure on accessibility will be developed to take our investments to the Eastern Province as well,” Abeyesinhe stated.

Commenting on the Marine Drive Hotel project, he asserted that the prime location would be ideal for the new-age business traveller who seeks convenient access to Colombo’s Central Business District, coupled with the contemporary comforts of superior design and amenities.

Noting that travel traffic to Sri Lanka and particularly to Colombo had increased steadily over the years, they expect a noteworthy influx of travellers to their Marine Drive Hotel but pointed out that price points would be a concern.

While offering his congratulations on the joint venture, Japanese Ambassador to Sri Lanka Kenichi Suganuma said there had been a growing interest from Japanese businessmen in investment opportunities in Sri Lanka.

“During Prime Minister Ranil Wickremesinghe’s visit to Japan recently, we had a seminar which drew over 200 businessmen who were keen on the investment possibilities in Sri Lanka,” he noted.

BOI Chairman Upul Jayasuriya said as far as Japanese investments were concerned, Belluna Ltd. is galloping fast and steadily and will very soon become the largest private investor from Japan in Sri Lanka.

“Japanese investments have now taken a different character, especially after the entry of Belluna Co. We hope that the investors of Japan will provide the prominence and importance that Sri Lanka needs at this point in time,” he stressed.

Jayasuriya also extended an invitation to the Japanese representatives in the audience to take part in an investor forum which is scheduled to be held on 15 May in Osaka, Japan.

Belluna Ltd, Japan is listed on the Tokyo Stock Exchange (TSE), First Section, with a market capitalisation of approximately $ 800 million (stocks listed on the TSE are separated into the First Section for large companies and Second Section for mid-sized companies).

A diversified company with a core business of mail order, Belluna Ltd, Japan also holds prominence in real estate development. Beyond Tokyo, the company’s investments in real estate span the rest of the globe from Myanmar to the US, including projects in Hollywood, Los Angeles and now Sri Lanka.
See less See more
  • Like
Reactions: 3
1 - 20 of 78 Posts
Designs ok. A bit plain and boring though. Just the same old block rectangle shape.
Agreed! Still can't expect more from a mid-scale property. Hope they'd find a good management company to operate this hotel.
  • Like
Reactions: 1
But far better than ridiculous shaped cinnamon life... :lol::nuts: BTW I saw somewhere that Abans will going to build a hotel in Colpety. Any details about that????
Its happening! Piling completed by Thudawe Brothers :cheers:
  • Like
Reactions: 1
This from the same jap investors of the 447 building. They first announced this with the 447. Any idea on their project in Galle?
A 50 villa luxury hotel, most likely linked with Four Seasons.

Japanese Belluna replaces James Packer in Colombo Crown

A Japanese firm will be taking over a prime block of land at D.R. Wijewardene Mawatha in Fort earlier earmarked for a mixed development project for Australian gaming tycoon James Packer’s US$ 400 Crown Colombo project, officials said.

Asia Capital CEO Stephan Abeysinghe, at the groundbreaking ceremony for the Marine Drive Hotel in Colombo this week, said that Asia Capital has joined hands with Japanese firm Belluna to invest around US$350-450 million in this mixed development project at the 500 perch land opposite Lake House Colombo,

However since this land had been previously leased by the Urban Development Authority to Rank Holdings company headed by Ravi Wijeratne, a local casino owner, a fresh lease has to be entered into any other party.

Earlier the BOI has reached an agreement with Wijeratne’s company to build $400 million 36-storied mixed development complex ‘Colombo Crown’ comprising a super luxury resort coupled with a mega hotel with investments from James Packer.

Although the project was suspended in 2015 by the present government, the previous lease agreement for the project with Wijeratne’s Rank Holdings is still valid, Chairman of the authority Dr. Nandana Munasinghe told the Business Times.

He added that the UDA is assessing the capability of the Japanese investor both financially and technically before giving its nod to go ahead with their project.
See less See more
  • Like
Reactions: 1
This from the same jap investors of the 447 building. They first announced this with the 447. Any idea on their project in Galle?
I think Galle project is with Four Seasons. Stefan Abeyesinhe also in this image. He represents "Asia Capital PLC".
Belluna to invest dollar millions more in Lanka

Belluna Co. Ltd, Japan Managing Director Hiroshi Yasuno, President, Kiyoshi Yasuno, Special Assignments Minister Dr. Sarath Amunugama and Asia Capital Group CEO and Director Stefan Abeyesinhe at the Marine Drive ground breaking held on Tuesday.

Belluna Co. Ltd, Japan will make more multi million dollar investments in Sri Lanka especially in the South, Kandy and the Eastern coast, Belluna Co. Ltd Japan President and CEO, Kiyoshi Yasuno said.
In an exclusive interview with Daily News Business Yasuno said they need more infrastructure improvement in Sri Lanka especially in the transportation sector.

“You see it takes over six hours to go to the East and if there is a highway or a luxury train we are ready to invest.”
He said similarly they are also very keen to invest in Kandy which is a wonderful location. But we will hold our investment plans till the highway is completed.”

Beyond Tokyo, the company’s investments in real estate span the rest of the globe from Myanmar to the USA, including projects in Hollywood, Los Angeles, and now, Sri Lanka.
He said today Sri Lanka’s investments are almost equally to investments made in USA. “Our focus is strongly on emerging markets and we consider Sri Lanka as a destination with great potential.”
He said they have been investing in Sri Lanka since 2014 and it was peace that inspired them for it. “This is a major plus point for your country.”

Together with Asia Capital they are building a 50 villa ultra-luxurious resort in Galle, for which the foundation was laid in October 2016. This is a US$ 18 million investment. In addition, the ‘447 Luna Tower’ project,a 190 unit exclusive apartment complex is being built at Union Place.

“We will also invest US$ 350 million for the Lake House Mixed Development Project (which is in the planning stages) for which they already invested Rs. 4 billion to acquire the land from Urban Development Authority.”
‘The Westin Maldives Miriandhoo Resort’, a 70-key luxury property focusing on wellness tourism will open next year and the investment there is US$ 55 million.

Our latest investment is for the US$ 54 million (over Sri Lankan Rupees 8.2 billion), four-star hotel project on Marine Drive in Colombo 3, further strengthening the partnership between the two companies. “We know that the positive tourism trend in Sri Lanka would continue and will make investments in the future as well making Belluna Co the biggest Japanese investor for Sri Lanka.”

Belluna Co. Ltd, Japan is listed on the Tokyo Stock Exchange (TSE), First Section, with a market capitalization of US$ 800 million.
See less See more
Is it two piling machines on the ground on the left?
Top left. Yes! Near station.
Is the Kollupiya Market being demolished/torn down too. So many crippling buil;dings in the vicinity.
Apparently yes. Kollupitiya market looked old and dusty.
Anyone knows what's this construction is?

Its a city hotel project belongs to Abans. Hotel management company not yet confirmed.
See less See more
  • Like
Reactions: 1
1 - 20 of 78 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.