The year under review was a challenging one for ACAP’s project team as progress of the ongoing turnkey projects were slowed down as a result of the uncertain economic climate prevalent in the country following the Easter Sunday attacks in the very first month of the new financial year.
Despite these obstacles, ACAP, together with its partner Belluna Group of Japan, have also invested and acquired a prime block of land in the heart of Colombo for a new mixed development project which will be announced in the near future when there is a conducive environment in the country to conduct business.
447 Luna Tower
Key Facts
Set in the heart of the city of Colombo, 447 Luna Tower will transform the landscape of Union Place. Constructed on prime real estate, the tower stands 44 floors tall and consists of 194 upscale apartments. Its design is a blend of cultural elements and contemporary style providing luxury living, world class amenities and unparalleled views of the city.
Project Progress
The project made steady progress during the course of the financial year. Some of the key highlights are given below:
• The 20/80 payment plan scheme launched in June 2019 enabled buyers to pay 20% of the total amount up front in order to be eligible to sign the Sales and Purchase Agreement (SPA) with the balance 80% to be settled during the handover post-completion. This serves as a highly-attractive option for prospective buyers who are looking to invest in a project with minimal risk that will generate a high return on investment while also offering them a luxury home in the city.
• Six new show apartments were unveiled in August 2019. A special inspection team from Belluna Group arrived in the country prior to the launch in order to review the show apartments and ensure that they met the highest of quality standards before being showcased to prospective buyers. For the first time in the industry, prospective buyers were able to get a first-hand experience of the look and feel of the show apartments situated on the 18th floor of the property, at the actual building site. By displaying the two and three bedroom apartments, they got a taste of their luxurious lifestyle if they were to invest in an apartment at 447 Luna Tower.
• In October 2019, the project marked the topping up of its tower with a traditional ceremony.
Up to January 2020, the construction of 447 Luna Tower was progressing as per schedule and the project was on track for completion in mid-2020. However, due to the COVID-19 pandemic that brought about a country-wide lockdown commencing during the last two weeks of March 2020, the project completion date has been pushed back to 2021.
As the COVID-19 situation persisted, ACAP ensured that the project adhered to the guidelines issued by Ministry of Health and other relevant government authorities. Strict hygiene protocols have been implemented within the site that includes special provisions for safety equipment, body temperature checks, regular sanitizing procedures as well as dedicated lifts for visitors.
Total Project Cost (As at 31st March 2020)
USD 50 Mn
Scheduled Completion
Q2 2021http://www.asiacapital.lk/projects/447-luna-tower.html
Marine Drive
Key Facts
Located at the centre of Colombo’s busiest commercial hub, Marine Drive is a 297 room hotel that is an ideal destination for both business and leisure travellers.
Project Progress
The Marine Drive project was making steady progress and was on track to be completed as the 2019/20 financial year dawned. However, it was negatively affected by the Easter Sunday attacks and the tumultuous situation in
the country thereafter. Due to the unfavourable foreign exchange prevalent at the time there was a drastic increase in costs which further hindered the progress of the project. Resultantly, the project is expected to be completed in 2021.
Total Project Cost (As at 31st March 2020)
USD 55 Mn
Scheduled Completion
Q1 2021http://www.asiacapital.lk/projects/marine-drive.html
Galle Beach Hotel
Key Facts
Galle Beach Hotel is a 96 room hotel project on a 2-acre plot of land that commenced in May 2017.
Project Progress
The final phase of the project, which included the commissioning of the finishes, commenced towards the end of the FY 2018/19 and was expected to be completed by end 2020.
Due to the unstable economic environment prevalent in the country following the Easter Sunday attacks, the subsequent drastic downturn in tourist arrivals as well as the COVID-19 pandemic in the last few weeks of the year under review, the launch of Galle Beach Hotel was pushed back to the year 2021. The adverse spillover effects also meant that there were severe budgetary restrictions in launching the hotel during the year under review.
Total Project Cost (As at 31st March 2020)
USD 14 Mn
Scheduled Completion
Q4 2021http://www.asiacapital.lk/projects/galle-i.html
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