BLand breaks ground on Four Seasons Okinawa
Berjaya Land Bhd (BLand) yesterday broke ground on its ultra luxury resortconcept Four Seasons Okinawa after a six-year delay due to the Covid-19 pandemic.
The project, with a gross development value (GDV) of US$1.12 billion, was first announced in 2019 but it did not make much headway after the pandemic hit in 2020.
However, BLand secured a RM1.6 billion syndicated loan from a consortium of Japanese banks last year to develop Four Seasons Resort & Private Residences, here.
The Four Seasons Okinawa is an exclusive low-density development spanning almost 13ha and it will offer stunning ocean views from 127 resort rooms, 124 condo residences and 28 private villas.
It will be part of a 40ha area owned by BCorp along the western coast of Okinawa known as the “Sunset Strip”.
The project, which is expected to take 40 months to complete, will be developed by Berjaya Okinawa, a wholly owned subsidiary of BLand, in partnership with Four Seasons Hotels and Resorts.
Berjaya Corporation Bhd (BCorp) founder and adviser Tan Sri Vincent Tan said prices for the condo residences would start from US$3,500 per sq ft, while the private villas would go for US$4,000 per sq ft.
Tan expects a net profit of US$400 million 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 enabled the better return on investments.
BLand group chief executive officer Syed Ali Shahul Hameed emphasised the company’s commitment to unlock new opportunities in Japan.
“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.
Tan said the company was pleased to continue its collaboration with Four Seasons.
“I am confident that our development in Okinawa will become Japan’s premier luxury destination. We will also build a Four Seasons Hotel in Yokohama.”
The groundbreaking was officiated by the Onna Village mayor Nagahama Yoshimi, Tan and other representatives from Onna Village and Berjaya group.
BLand currently manages Four Seasons Kyoto, which was built in 2016.
Four Seasons Okinawa will be Japan’s fifth Four Seasonsbranded hotel.
BLand also owns Ansa Okinawa Resort, which it acquired in 2019 for US$14 million.