Singaporean based fund, PGC (Patience Capital Group), has revealed their expansion plans for both Madarao and Myoko ski resorts in Honshu, Japan in a recent interview with Bloomberg.
Readers may remember PGC acquired Madarao Ski Resort last year and they already own 350 hectares of land in nearby Myoko Kogen (home to five resorts).
Now the company plans to spend around 210 billion yen (AUD$2.2 billion) to create a Myoko resort village akin to Niseko and one that rivals Aspen and Whistler.
Locals and skiers and snowboarders will no doubt be divided by this plan. Those who love the local charm of Myoko may need to look further afield in coming years, those who have bought property and business in Myoko may be about to hit the jackpot.
Either way it’s important the development is done in simpatico with local residents who may be conflicted on cashed up foreigners infiltrating and expanding their village. However the Myoko population has declined in recent years and new jobs may be just the thing to boost the local economy.
There’s no doubt Madarao needs some development or at least a centralised village. The resort is currently disjointed with a restaurant here, a bar there and a handful of lodges.
The first goal announced by PGC is to build a high end hotel in Myoko Kogen plus housing for local employees by 2026. According to Bloomberg multiple hotel bidders will be announced in December.
Later stages then include a shopping district with luxury brand stores and Michelin style restaurants.
The company will have to rely heavily on international visitation as domestic ski and snowboarding has declined significantly since the peak of the 1990s.
Read the full Bloomberg article here.