Resort development activity picking up in Hokkaido
Resort development activity is starting to accelerate in Hokkaido as the region begins to see a rebound in foreign tourist numbers.
Construction is scheduled to start on a large-scale resort in the Uenae area in Tomakomai City this June. The 1000 hectare site will include a hotel, horse-riding and trekking facilities. Aman Resorts Group's GHM (Singapore) are tentatively scheduled to be the hotel operator. The development is being designed by famed Japanese architect Tadao Ando and will be completed in 2014. They are targeting wealthy foreign tourists. The total investment is estimated at 13 billion Yen (158 million USD).
*Update: Aman's 'Chedi' brand of hotels is scheduled to operate the hotel. "The Chedi Tomakomai" is now scheduled to open in 2017.
*Update 2: Mori Trust acquired the site in 2016 and will start construction on a resort in 2017 with completion expected in 2026.Read more
Office vacancy rates fall slightly
According to Miki Shoji, the average vacancy rate for office buildings in Tokyo's five central wards fell to 9.15% in February 2012 (down 0.08 points from January).Read more