Abandoned hotel in Okinawa to finally be demolished
Demolition has started on an abandoned hotel and local eyesore adjacent to Okinawa’s Nakagusuku Castle that has been sitting idle for almost five decades. In a rare move for privately-owned property, the prefecture has taken charge of demolition due to the need for a careful investigation for any historic artifacts and to avoid harm to protected wildlife. Demolition is expected to be completed by March 2020, after which the land will be converted back to parkland.
Miyakojima’s property boom
Land prices on this tropical island in Okinawa have increased by as much as 50,000% (no, that’s not a typo) over the past four years.
Mori Trust to open Hilton-branded hotel and time-share resort in Okinawa in 2020
On June 26, Mori Trust started construction on a 300-room hotel on Okinawa’s Sesoko Island. The Okinawa Sesoko Project includes the main hotel, which will be operated by Hilton Hotels & Resorts, along with a time-share resort that will be sold to members in weekly units. The time-share resort will be operated by Hilton Grand Vacations.Read more
Okinawa’s construction costs exceed national average
Construction costs in Okinawa Prefecture now exceed the national average. A shortage in labour and a hotel development boom have pushed construction prices in the prefecture up to levels far exceeding those seen during the bubble economy.
In 2016, the average construction cost was 211,000 Yen per square meter (approx. 175 USD / sq ft), up 10.8% from 2015 and 7.1% higher than the nationwide average of 197,000 Yen/sqm.Read more
Okinawa property prices on the rise
Okinawa’s real estate market has been benefiting from a growing population and improving tourist market. As a result, government assessed land prices have increased for the past three years.
In 2013, an apartment priced at 140 million Yen in a brand new building in Naha City had six offers, with the developer picking the lucky buyer from a raffle-type system. In 2015, a 180 sqm block of residential land in Naha’s Shuri district went under contract within a day of being listed for sale. Residential land in the popular Shuri district has increased by approximately 10,000 ~ 15,000 Yen/sqm over the past year to around 100,000 ~ 150,000 Yen/sqm (85 ~ 130 USD/sq.ft).Read more
Plans for Japan’s largest hotel on island in Okinawa
Hotel and restaurant operator Unimat Precious is planning a 3,400-room resort for Miyako-jima Island in Okinawa. The project will be an extension to the resort they currently operate on Miyako-jima. When complete, it is said that this will become the largest hotel/resort in Japan.
Shigira Resort is currently comprised of four different hotels, villas and condominiums located on a 3.3 million sqm beachfront estate. In addition to the 585 rooms currently under operations, there is also a golf course and hot spring facilities.Read more
Mori Trust taking over abandoned resort in Okinawa
Mori Trust has acquired a 335,000 sqm block of beachfront land with a half-finished hotel on Sesoko Island in Okinawa and plans to open an internationally-branded resort by 2020. Sesoko Beach Project, a limited liability company registered in Tokyo, was the seller.
Back in 2005, Toshi Design System, through a special purpose company, started construction on a large-scale luxury resort on the site of a former golf course. The 30 billion Yen hotel was to include 360 rooms each over 100 sqm (1,076 sq.ft) in size, with room rates of around 70,000 Yen per night. It was scheduled to open in 2009.Read more