PACE Development, a developer of luxury real estate projects in Thailand, is creating a high-end holiday home subdivision in Niseko, Hokkaido. PACE acquired Dean & DeLuca USA in 2014, and is currently developing MahaNakhon, a 77-storey mixed-use skyscraper in Bangkok and Thailand’s tallest building.
The developer plans to build approximately 37 holiday villas on the 14 hectare site in Niseko. Villas will be marketed for sale to Thai buyers, with prices expected to be somewhere in the range of 1.5 ~ 4 million USD each.
Construction of the project is scheduled to start in 2017 with completion expected in 2019. The total cost of the project is estimated to be somewhere in the range of 11.5 ~ 12.5 billion Yen (approx. 113 ~ 123 million USD).
Niseko is fast becoming a world-class ski resort, with numerous projects from international developers and internationally branded 5-star hotels in the pipeline.
According to the Japan National Tourism Organisation, 485,900 Thais visited Japan in the first half of 2016, up 14.7% from the first half of 2015. Hokkaido is a popular destination for Thai tourists. In 2012, Thai developer Property Perfect acquired the Kiroro Ski Resort for approximately 1.9 billion Yen.
Source: The Hokkaido Shimbun, July 17, 2016.
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