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.
Hakodate City looking to sell former Russian Consulate
Hakodate City in Hokkaido is looking to sell the 112-year old former Russian Consulate within the year but has met strong opposition from local historians. The building has been sitting vacant for the past 24 years.
Foreign investors keep their distance from Niseko
The winter ski resort district of Niseko in Hokkaido has been home to the highest land price increases in Japan for the past few years as it undergoes a rapid change into a high-class ski destination for Asia’s wealthy. However, the boom times may have come to a crashing halt as the novel coronavirus wreaks havoc with the tourist-dependent town.
Hokkaido gives up on integrated resort bid
On November 29, Hokkaido Governor Naomichi Suzuki announced that the prefecture is backing out of the race for Japan’s first integrated resort (IR). The decision was made due to environmental concerns.
Is Furano the next Niseko?
As land values in Niseko skyrocket, investors have been shifting their attention to more affordable ski locations around Hokkaido. One of those destinations is Furano which is seeing an influx in foreign investment and foreign tourists. Located 110 kilometers north-east of Sapporo, or a 2-hour drive, the city is becoming increasingly known for its high-quality powder snow.
Foreigners buy 373 hectares of forestry in 2018
In 2018, foreign funds purchased 373 hectares of forestry across Japan. According to the Ministry of Agriculture, Forestry and Fisheries (MAFF), there were 30 acquisitions made across seven prefectures.
New development in Niseko sees strong sales
Sales in a new resort project in Niseko are off to a strong start with all villa lots sold. ‘Intuition’ is a condo-hotel and holiday home resort development by Hong Kong developer Zekkei Properties.
700 million USD condominium, hotel and retail project for Hokkaido’s Rusutsu Resort
Kamori Kanko, a Sapporo-based hotel operator, is planning an 80 billion Yen (approx. 717 million USD) overhaul of the Rusutsu Resort in Hokkaido.
The first stage of the project will include a 148-room luxury condominium-hotel with construction set to start next spring. The condominium will be called The Vale Rusutsu and will be 11 storeys with completion by December 2019. Rooms will range in size from 50 ~ 260 sqm (538 ~ 2,798 sq ft) and with prices expected to range from 40 ~ 300 million Yen (360,000 ~ 2,700,000 USD). Sales are scheduled to start this month. Owners will have the option of leasing their room to the hotel while they are not using it.Read more
New apartment prices in Sapporo at record high
The average price of a brand new apartment in Sapporo, Hokkaido, reached 32,082,000 Yen in 2013 - a level not seen since Japan’s bubble economy in the late 1980s. The rising prices have been brought on by the increasing cost of construction, an increase in the consumption tax rate which caused some last minute buying and an expansion in the tax reductions on home loans.
Industry insiders are expecting prices to continue to grow, but some are worried that the market could cool down if prices become unaffordable. Read more
Foreign developers caught by zoning regulations in Niseko
Development in parts of Niseko's ski fields is being stalled due to inconsistencies between national and prefectural government building approvals.
In recent years, a number of hotels in Niseko have been purchased by foreign funds, closed down and in many cases demolished. The foreign developers acquired the hotels with the aim of building condominium-type hotels and resort apartments which would then be sold to wealthy foreigners.
However, a number of these sites have been sitting vacant without any signs of construction.
Why the hold up?Read more