Malaysian developer joins forces for hotel-condo project in Yokohama

A joint venture between Berjaya Corporation Berhad, Marubeni, and Daiwa House Industry, has been selected to develop a two-hectare land parcel in Yokohama’s waterfront Minato Mirai 21 District.

The city previously tried seeking bids to develop the site in 2018 but failed to attract any qualifying buyers. A second round was held between October 2019 and January 2020 with two bids received. The 22,188 sqm site was sold for 12.36 billion Yen (approx. 113 million USD).

The joint venture has proposed a project centered around a global luxury hotel that also includes condominium units, along with an aquarium and retail stores. The 14-story building will have a total floor area of 82,000 sqm. Construction is scheduled to start in October 2022 with completion by March 2026. The Four Seasons Hotel & Resorts is tapped as the potential operator of the hotel. 

The Minato Mirai 21 district covers 186-hectares of waterfront in Yokohama. The land reclamation project began in 1983. Development slowed in the following years, taking three decades for 80% of the lots to be sold. Currently 90% of the lots are sold, with the remaining 10% sitting idle.

Location

6-3 Minato Mirai, Nishi Ward, Yokohama

Sources:
The Kanagawa Shimbun, June 5, 2020.
Impress Watch, June 5, 2020.

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