KUALA LUMPUR: Berjaya Corp Bhd’s (BCorp) wholly-owned Berjaya Land Bhd (BLand) is embarking on its US$400 million new development for the Four Seasons Resort and Private Residences in Okinawa, Japan.
BCorp founder and executive chairman Tan Sri Vincent Tan said the entire hotel could be worth US$1 billion after the completion, where the construction is expected take about four years.
Tan said BCorp could potentially reap better pricing value of about US$600 million from the new hotel, leveraging on the company’s experience partnering with the top premium hotel brands such as Four Seasons Hotels and Resorts.
However, he reckoned that the potential gains would be dependent on the market condition after the project completion.
“We (BLand) bought about 100-acres of beach front land, along the western coast of the Okinawa Island in 2009 at lower rate without borrowings.
“Our new Four Seasons Resort and Private Residences Okinawa will be built on a 30-acre of our land area. It will be funded via bank borrowings.
“The project is another iconic project in Japan for the Berjaya Group, emulating success of Four Seasons Hotel and Hotel Residences Kyoto, which officially launched in December 2016,” Tan said at a press conference after the signing ceremony between Berjaya Okinawa Development Co.Ltd and Four Seasons Hotels and Resorts Asia Pacific Pte Ltd here today.
Tan said BCorp’s flagship hotel development is located about 50km northeast of Naha International Airport, accessible by highway from the airport and close to tourist destinations.
“The hotel will comprise about 120 rooms, 120 residences and 40 villas. The hotel will also be managed by Four Season Hotels and Resorts.
“I am sure the prestigious Four Seasons branding and management, along with its strategic location in central Okinawa, will make the hotel one of the best on the island of Okinawa,” he added.
Tan said the hotel was expected to have a minimum rate of US$1,000 per night, reflecting its hotel success in Kyoto which boasts an average room rate of between US$1,200 and US$1,500 per night.
Four Seasons Hotels and Resorts global business development executive vice president Bart Carnahan said the hotel management company was proud to continue its successful partnership with the Berjaya Group through another project in Japan.
“This project will extend our presence in the region and offer both guests and residents more chances to experience Four Seasons.
“Together with Berjaya, we will not only create the very finest resort and residences of the highest quality, but will also offer a level of unparalleled service, synonymously with the name Four Seasons globally,” he said.
The master plan for Four Seasons Resort and Private Residences Okinawa includes planning and landscape architecture by EDSA Inc and world-renowned Japanese architects Kengo Kuma and Kuniken, respectively.
Tan said the vision was to create a destination that portrays the cultural heritage of Okinawa Island along with its natural landscape and resources.
Four Seasons Hotels and Resorts senior vice president for Asia Pacific Development, Christopher Wong said the company has 111 hotels in 47 countries and over 40 residential projects around the world.
“We also have various active pipeline projects including design and construction of hotels and residential globally,” he said.