KUALA LUMPUR: Berjaya Land Bhd’s (BLand) subsidiary Berjaya Okinawa Development Co Ltd will develop the Four Seasons Resort and Private Residences Okinawa in Japan, which has an estimated gross development value of US$1 billion (RM4.1 billion), in partnership with hospitality company Four Seasons Hotels and Resorts.
BLand’s parent Berjaya Corp Bhd founder and executive chairman and BLand major shareholder Tan Sri Vincent Tan said the project has a development cost of US$400 million (RM1.64 billion).
Four Seasons Resort and Private Residences Okinawa will have 120 hotel rooms, 120 residences and 40 villas. The project is expected to take four years to complete.
Tan said Four Seasons Resort and Private Residences Okinawa is another iconic project in Japan for the Berjaya group, emulating the success of Four Seasons Hotel and Hotel Residences Kyoto, which was launched in December 2016.
“We think it will be the most valuable and expensive hotel in Okinawa. It will have the highest rate, just like Four Seasons Kyoto where the average rate is US$1,500 per night, but Okinawa will be slightly less. It will be good for BLand and BCorp,” he said at the hotel management agreement signing ceremony here today.
He added that four-star hotels in Okinawa average at US$700-US$800 per night while the better ones are priced at US$1,000, viewing that Four Seasons Resort and Private Residences Okinawa will do well there.
“I’m confident that Okinawa will be an outstanding successful project for Berjaya,” said Tan.
The project will comprise 30 acres out of the 100 acres of beachfront land owned by BLand along the western coast of the island of Okinawa.
“We have another 70 acres. We can build many more hotels on that land and Okinawa is a good market. We can do shopping mall, residences, three- or four-star hotels,” added Tan.
This is BLand’s second partnership with Four Seasons but Tan said both parties are also in talks on future projects in Japan and other cities.
Four Seasons operates 111 hotels and resorts, 41 residential projects in major city centres and resort destinations in 47 countries, and with over 50 projects under planning or development.
“We have plans to grow our footprint in Japan such as Osaka, Hakone, leisure destination in Hokkaido, including Niseko. It’s a country that we continue to focus on, not only growth but also operating existing assets there,” said Four Seasons Hotels and Resorts senior vice-president for development Asia Pacific Christopher Wong.
When asked if Four Seasons Resort and Private Residences Okinawa will also be put for sale, like the Four Seasons Kyoto, Tan said it is possible, adding that every thing is up for sale with the right price.
On the divestment of the Four Seasons Hotel in Kyoto, Tan said it is talking to several parties for a better price and is expected to be finalised in the next three months.
On the plan to carve out the hotel assets from BLand and to list the hotel business in Singapore, Tan said it is not finalised yet, but it could include Malaysian hotel assets.
“We will list those that we’re not selling. We have a few hotels that we’re not selling like Berjaya Times Square Hotel and Ansa Kuala Lumpur. Those that we want to hold for long term, mostly are the Malaysian hotels,” he added.
