Property Perfect Plc (PF), a leading property developer in Thailand, has bought Kiroro Ski Resort in Hokkaido, Japan from Mitsui Fudosan. According to reports, the company bought the said property in hopes of starting the first phase of its villas and condominiums development project, to draw more Asian tourists to Japan.
The resort was worth 3 billion baht and Property Perfect invested 770 million baht to take over the said resort from Japan?s top real estate developer. According to PF executive Chainid Sirimanee, they see Japan as the perfect target because of the size and stability of its economy and also because Japan has been investing in Thailand as well.
Aside from a land bank of 292 rai, other assets acquired by PF include two hotels, ski infrastructure and a youth dormitory which are all in operation. Mr. Chainid added that the villas and condominium units that are priced at 1.5 billion baht each will be built on 50 rai. The villas will have 60 units that will cost 30 million baht each while the condominiums will have about 150 units that starts at about 10 million baht each.
Construction will begin next year and the company expects to realise 1.2 billion baht in revenues from the hotels as early as 2013. The Hotel Piano and the Mountain Hotel house 282 and 140 rooms respectively and both are currently in operation. Company director Sirirat Wongwattana said that they remain positive that all the assets they purchased can bring in the revenue earlier than expected. Revenue from the sale of villas and condominiums are also to be realised starting in 2014.
Tourists from China, South Korea, Hong Kong and Australia made it possible for the ski market in Hokkaido to boom in the last decade. In fact, starting in 2009, Hokkaido accepted 600,000 visitors from the said regions. Mr. Chainid said that though their main target will be East Asians, they also think that the number of Southeast Asian tourists would grow in the coming years, for they intend to reintroduce the resort to more international tourists.
Aside from Japan, Property Perfect also plans to build condominiums and villas in Chiang Mai, Phuket and Hua Hin. Chainid said that investing in various markets and regions helps them reduce risk and diversify their sources of revenue.
Original Article: LoanSafe.orgPhoto Credits: MagicSword! and eyeonjapan.com via Flickr??Tokyo Apartments For Sale | Tokyo Apartments For Rent | Real Estate Japan
Source: http://www.realestate.co.jp/2012/09/04/foreign-investors-purchase-hokkaido-ski-resort/
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