A yen for Japan: Singapore investors pump money into hospitality as tourism booms

TOKYO – From ski resorts to beachside retreats, city hotels to vacant rural homes, Singapore investors have a yen for hospitality purchases in Japan to cash in on its tourism boom.

IMC is an industrial and shipping conglomerate that also has businesses in real estate – it co-developed Singapore’s Suntec City complex – and more recently ventured into hospitality. In 2017, it opened its first “well-being resort”, Sangha Retreat by Octave, in Suzhou, China. While IMC wants to build its own brand, property investment advisory Anglo Fortune Capital Group is in it with an eye to maximising profit. Until recently, Anglo Fortune invested exclusively in London, where it traded over a billion pounds worth of real estate before the investment climate began to sour.

Mr Lee observed that cities like Tokyo, Osaka and Kyoto are becoming too expensive to secure high profit margins, and expects to shift his focus to regions like Fukuoka and Kumamoto. He also intends to focus on Hakuba, a mountainous ski resort in Nagano and site of the 1998 Winter Olympics.With interest rates still at zero per cent to 0.1 per cent, Mr Lee expects the flood of global investment capital to continue.

Its Japan portfolio now includes hospitality, student accommodation, offices, logistics, residential, corporate housing, retail and, since November 2023, a data centre in Osaka. Mr Chan had left GIC to found PCG. To raise new capital, PCG has reopened a tourism investment fund that it had closed last October after procuring 35 billion yen, amid fervent interest from investors. The fund will close again in September, and the goal is to grow its equity to 60 billion yen by then, Mr Chan said.

“Myoko is not just a ski resort – it’s a mountain resort for all seasons,” he said. High school runners train in Myoko’s mountains, while Singapore’s EtonHouse is due to hold a summer camp there in 2024. There is also potential for music and wellness festivals.

Source: Holiday News (holidaynews.net)

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