Thai-based property company Pace Development has sold a 14 hectare block of land in Hokkaido’s Niseko area for 2.05 billion Yen (approx. 18.8 million USD). The buyer was Richforest International Investments Ltd.
Pace had previously acquired the land in 2016 for approximately 1.56 billion Yen, resulting in a 30% gain over the past 18 months.
The company had originally planned to build ‘PACE Niseko’ a resort that would include 37 luxury holiday villas to sell to Thai buyers with prices to range from 1.5 ~ 4 million USD each. Completion of the 11~12 billion Yen project was planned for 2019~2020. The land was disposed of to repay the company’s short-term and long-term loans and to provide working capital.
Pace Development Corporation News Release, February 5, 2018.
Bangkok Post, February 7, 2018.