Japanese Belluna replaces James Packer in Colombo Crown
View(s):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.