S'pore company building S$1.8 billion mega ski resort in Myoko, Japan

Japan's snowy Myoko highlands, which is about a two-hour train ride from Tokyo, will soon be home to a US$1.4 billion (S$1.8 billion) mega-resort built by a Singaporean real estate investment company.

Singapore-based Patience Capital Group (PCG) said the venture will create 1,000 jobs and boost winter tourism, according to Reuters.

Putting Myoko on the world tourism map

Ken Chan, who founded PCG in 2019 after retiring from Singapore sovereign wealth fund GIC, told Bloomberg in an interview that he planned to transform Myoko into a luxury ski resort that could rival Aspen in the U.S. or Whistler in Canada.

Chan has been buying up surrounding land at a competitive price thanks to the weak yen, and he aims to build a luxury hotel and housing for thousands of employees by 2026.

Room rates could be up to US$1,350 (S$1,800) a night, according to Reuters.

The goal to put Myoko on the world tourism map is a cornerstone project for PCG, according to Chan in an interview with Bloomberg Japan that was translated by Patience Realty, a real estate service company established by PCG and real estate intelligence platform Capital Brain.

"I always say I can't just put this project in my bag and take it back to Singapore. This is something permanent," Chan said during his interview.

PCG has already acquired about 350 hectares of land around Myoko Plateau, as well as Madarao Kogen Ski Resort, which extends across Niigata and Nagano Prefectures.

The firm has also raised 35 billion yen (S$312 million) from investors in Japan and Singapore, including Mizuho Bank, Temasek’s Pavilion Capital, and a Singapore university endowment for its Japan Tourism Fund 1, as reported by The Straits Times.

Planning to attract visitors all year round

Kenhiko Wakabayashi, Head of the Tourism Promotion Section at Nagano Prefectural Office, said that they welcome new ski resort development plans to promote tourism.

But he emphasised the importance of gaining the understanding of local residents.

According to Reuters, many locals in Myoko fear that the investment would threaten overdevelopment, traditional culture, and worsen inflation.

Even before news of PCG's investment, foreigners had already acquired numerous inns, ski rental shops, and restaurants in Akakura— one of the five major ski resort areas in the Myoko region.

However, these businesses were only interested in the winter season and closed their doors once the snow melted.

Chan said he was aware of local fears.

He added that PCG planned to attract visitors all year round and promote its two high-end hotels for business conferences. He also planned to give discounts during non-peak times to local residents who want to ski or snowboard.

Chan said he planned to meet with the locals in the coming months, Reuters reported.

Top image via Myoko Snowsports/Facebook