KUALA LUMPUR: Berjaya Land Bhd (BLand) has secured a RM1.57 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 it expected to have a gross development value of US$1.12 billion.
The consortium is led by Tokyo Star Bank Ltd. and co-led by Okinawa Development Finance Corporation (ODFC) and Bank of The Ryukus.
In a statement, the company said the syndication has seen the involvement of several major financial institutions, including Bangkok Bank Japan, The Ogaki Kyoritsu Bank and The Aichi Bank, along with other regional banks.
BLand said the funding is a testament to the banks' confidence in the Four Seasons Okinawa project and its vision to create a pre-eminent destination resort in Okinawa.
"We are confident that this collaboration will establish a new standard of excellence in the hospitality and real estate space in Okinawa. "Given the considerable effort and investment that will go into the design and construction of the Four Seasons Okinawa, and future property projects in the master plan development, I am very confident that this mixed development project in Onna Village will have substantial commercial potential and will add significant value to the economic development and growth of Okinawa," said Berjaya Corp Bhd founder and advisor Tan Sri Vincent Tan Chee Yioun.
Four Seasons Okinawa spans 12.95 hectares of pristine beachfront paradise and features 279 accommodations comprising 127 opulent resort rooms, 124 high-end condominiums and 28 exclusive private villas.
Civil works have been completed and the main construction is expected to be completed in 40 months.
A three-month hotel pre-opening phase will follow completion and the Four Seasons Okinawa is targeting its grand opening in the second quarter of 2027.
Spearheading the construction of the Four Seasons Okinawa project will be Seikou Okinawa Construction KK, a wholly-owned subsidiary of Berjaya Construction Bhd as the main contractor, who will work together with other trusted Japanese subcontractors.