Asia Leisure, Japan Capital invests $ 1.8m

Asia Leisure a subsidiary of the Asia Capital Group Ltd and Japan Capital(Pvt) Ltd will invest $ 1.8m in a 33-suite hotel in Wadduwa. Japan Capital will hold 22 percent of the shares, while the balance will be held by Asia Leisure Ltd.

Director and CEO Asia Capital Plc, Stefan Abeysinghe said that the company is replacing investments in insurance with equity capital and at present the leisure sector was promising. “We are bullish about the leisure sector.”

He said that they are trying to increase room capacity and planning to open the property in July 2013. Abeysinghe said that these strategic investments and partnerships have helped Asia Capital as the stock market is performing poorly.

He was confident that Sri Lanka will be another Singapore in 15 years and these investments will not only help the company but the country as well. We are not only looking at investments in the leisure sector but other areas as well.

Joint Managing Director and CEO Japan Capital (Pvt) Ltd, Osamu Miyoshi said “ Investing in Sri Lanka at a time when the country is progressing is exciting and also we love Sri Lankan people.

He said that they are planning to introduce advanced technology in energy-saving, while fresh strawberries too would be imported from Japan”.

“The hotel will be built on a 460-perch beachfront land, with modern facilities. The property will have a large swimming pool overlooking the ocean, an authentic fine dining restaurant, an all-day dining restaurant and a garden restaurant serving the best of gourmet cuisine. A bar and an exclusive spa wing has also been planned,” said Abeysinghe.

Asia Leisure at present, owns and operates River House, Balapitiya, Tamarind Hill, Galle and Park Street Hotel, Colombo. The property in Wadduwa is the second beach property of the company which also owns Taprobana Teoria, Balapitiya. The company is planning a 46 room beach hotel in Galle.

Japan Capital (Pvt) Ltd was set up by Osamu Miyoshi and Shigeki Hamaguchi, whose investments in Sri Lanka is extensive which includes investment in real estate and import of advanced technology from Japan.

Both have their own companies in Aichi prefecture, the third largest commercial city in Japan and their main business is real estate.