South Korean company to develop condos in Niseko

South Korean conglomerate Hanwha Group is planning a large-scale condominium project for the winter ski resort town of Niseko in Hokkaido. This would be the first major development by a South Korean company in Niseko.

The 6,000 sqm land parcel near the Niseko Mt. Resort Grand Hirafu ski slopes was acquired from a foreign fund in March for an undisclosed price. This land was previously home to the Niseko Kogen Hotel that was owned by a subsidiary of Tokyu Land until its closure in 2012. The hotel and land were reportedly sold in 2011to a foreign buyer for around 1 billion Yen (approx. 13 million USD at the time).

Plans are for a 7-story, 100-unit condo. The construction schedule has yet to be decided.

Sources:
The Hokkaido Shimbun, May 31, 2020.
Morningstar, December 30, 2019.

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