Hong Kong company withdraws from Niseko area Selling planned resort site in Kutchan Could this be due to financial difficulties?

Niseko real estate News

[Kutchan] It was revealed on the 30th that LET Group Holdings (Hong Kong), the successor company of casino giant Suncity Group (Taiyo Castle Group), will withdraw from a planned large-scale resort development in Kutchan-cho, Shiribeshi area. On the same day, the LET Group told the Hokkaido Shimbun that it had reached an agreement to sell a 22-hectare planned site in Yamada, the same town, to a Singaporean company.

The planned site was acquired by Suncity in January 2021 in anticipation of business opportunities in the international ski resort Niseko area. The LET Group took over and planned to build more than 50 villas, 20 townhouses, and a hotel with more than 40 rooms.

According to LET, the agreement for the sale was signed on April 28, 2018, with a sale price of $27 million (approximately 3.8 billion yen). LET said it will use the proceeds from the sale to “repay outstanding debt, develop business and fund working capital.” In addition, he said, “We will concentrate on highly profitable businesses and continue to sell assets for survival,” suggesting that the decision was made under severe business conditions.

In May 2021, Suncity announced that it would withdraw from the integrated resort (IR) project centered on the casino in Wakayama Prefecture due to the spread of the new coronavirus. According to LET’s website and other sources, the company is currently engaged in IR projects in Vietnam and Russia.

When you want to buy or sell real estate in Niseko, leave it to Niseko Great View Property!

Niseko Real Estate CEO’s Perspective

This area is the road to go from Hirafu to the town of Kutchan.
A place full of nature away from the hustle and bustle of Hirafu.
Demand is high because it is a very convenient place for shopping.
The land around here is not on the market, so information cannot be obtained without a strong connection with a real estate agent.

I look forward to seeing what they will plan in the future.