OKINAWA: Berjaya Land Bhd (BLand) today broke ground on its ultra luxury resort-concept Four Seasons Okinawa, after a six year delay due to the Covid-19 pandemic.
The US$1.12 billion gross development project was first announced in 2019 but did not make much headway after the pandemic hit in 2020.
Last year however, BLand secured a RM1.6 billion (US$330 million) syndicated loan from a consortium of Japanese banks to develop Four Seasons Resort & Private Residences in Okinawa, Japan.
The Four Seasons Okinawa is an exclusive low density development which spans almost 13 hectare, offering stunning ocean views from 127 resort rooms, 124 condo residences, and 28 private villas.
The ultra luxury property is part of a 40 hectare land area owned by Berjaya along the western coast of Okinawa island, known as the Sunset Strip.
The project will be developed by Berjaya Okinawa, a wholly owned subsidiary of BLand, in partnership with Four Seasons Hotels and Resorts.
Founder and advisor for Berjaya Corporation Bhd Tan Sri Vincent Tan Chee Yioun said, the condo residences on sale will start from US$3,500 per square feet, while the private villas will go for US$4,000 per square feet, once completed 40 months from now.
Tan expects a net profit of US$400 to US$450 million from the sale of the condo residences and private villas.
He said a tax benefit from the Japanese government for foreign investors' investing in the country, allows for better returns on their investments in Japan.
BLand group CEO Syed Ali Shahul Hameed emphasised the commitment to drive growth and unlock new opportunities in Japan for its investors.
"This groundbreaking is a testament to our commitment in generating sustainable value for our stakeholders as we continue to expand our footprint in Japan and seize growth opportunities, creating
value for both customers and investors alike," he added.
"We are pleased to continue our collaboration with Four Seasons and I am confident that our development in Okinawa will become Japan's premier luxury destination. We will also continue to build a Four Seasons Hotel in Yokohama and we intend to have several Four Seasons hotels in Japan," Tan said.
BLand currently manages Four Seasons Kyoto, which was built in 2016.
Four Seasons Okinawa is Japan's fifth Four Season's branded hotel, and BLand's second in the country.
BLand also owns Ansa Okinawa Resort which is on an almost six hectare site, acquired in 2019 for US$14 million.
The groundbreaking ceremony of Four Seasons Okinawa was officiated by the Mayor of Onna Village, Nagahama Yoshimi, witnessed Tan, key authorities and representatives from Onna Village and Berjaya Group.
Okinawa boasts 40 golf courses, attracting 8 million global travellers a year.
