SAPPORO (Nikkei)--Pacific Century Premium Developments Ltd. plans to develop a huge resort complex including hotels and condominiums in the Niseko ski area of Hokkaido.
Starting next year, the Hong Kong-based property developer will invest more than 100 billion yen to construct two hotels, a hot-spring facility and 3,000 condo units in the vicinity of the Hanazono Ski Resort, operated by PCPD subsidiary Nihon Harmony Resorts KK.
PCPD, a group firm of Hong Kong telecommunications giant PCCW Ltd., acquired Nihon Harmony Resorts from its Australian owners in 2007.
The Japanese subsidiary will spearhead the project and plans to start out by constructing four condominium buildings and a roughly 200-room hotel that will open in 2014.
(The Nikkei Business Daily Feb. 23 edition)
Currency converted, this represents an investment of A$1.25 billion, probably one of the biggest alpine resort investments anywhere.
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