Asia Capital and Belluna to develop Miriandhoo resort

1Maldives(s)Maldives.net.mv – Asia Capital PLC (ACAP) from Sri Lanka has announced plans for a resort project in the Maldives together with Belluna Co. Ltd. of Japan.

The project, which is expected to cost approximately $ 45 million, envisions the development of a 70-room luxury property on the island of Miriandhoo, situated in the Baa Atoll.

The scope of the project covers developing accommodation and other associated facilities with particular attention being focused on guest services, staff facilities, and other related guest and infrastructure facilities which are expected from a star class resort. As part of the development of resort facilities, the project also entails building support service facilities in the resort.

Speaking about the potential for this project, Asia Capital PLC Group Chief Executive Officer Stefan Abeyesinhe said: “Given the rapid growth in tourist arrivals experienced by Asia and the Pacific as well as the Maldivian government’s support to investors, several new development projects have been initiated in the Maldives. However, the increase in bed capacity may not be adequate to cater to the faster growing tourism industry; hence, ample opportunities are available for new investments into the Maldivian tourism industry. Investing into Maldives is a new area of focus for Japanese investors and we are happy to partner with Belluna to assist them in this endeavour.”

International tourism set a new record by the end of 2014 as 1.1 billion international tourists were recorded as travelling the world. The target, 1.2 million arrivals by 2014, set for the Maldives was achieved as a total of 1,204,857 tourists visited the country during the year; an increase of 7.1% compared with that of 2013. The growth rate was in line with the South Asian tourist arrival rates and outpaced global tourist arrivals.

Established in 1968, Belluna Co., Ltd. operates in the mail order industry in seven segments: General Mail Order, Specialty Mail Order, Retail Store Sales, Solution, Finance, Property, and Other and is headquartered in Ageo, Japan. The company possesses a comprehensive database and other management resources that have been cultivated through its mail order business, and has expanded into related fields to realise steady and continuous growth.

Asia Capital PLC is the largest investment bank in Sri Lanka to be listed on the Colombo Stock Exchange. As a group, Asia Capital has identified strong potential in the property, leisure and real estate sectors and is focused on these avenues of growth. However, whilst focusing on the leisure sector, Asia Capital continues to maintain its strong footing in investment banking operations.

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