Mitsubishi to build major resort on Miyako Island
A major Japanese real estate company, Tokyo-based Mitsubishi Estate has bought a large lot of reclaimed land in Turibah, near Hirara Port, on Miyako Island in order to build a resort hotel complex.
Mitsubishi Estate signed a contract, Mar. 31st, to buy the 13-hectare site land from a specific purpose company, SCG15, also with the head office in Tokyo.
Mitsubishi Estate plans to open the resort in early 2020’s, although the company says that schedule and planning details have yet to be decided.
The Turibah area was reclaimed for development as the “Hirara Port Costal Resort Development Project” by former Hirara City that is now part of Miyako-jima City. In addition to the hotel site, the original city plan included a marina and public park.
In 2007, Hirara City sold the hotel site to SCG15 for ¥4 billion deal that was 100% funded by a U.S, based real estate investment company.
SCG15 planned to construct a resort hotel on the site but postponed the start of the construction citing “deterioration of society and economic conditions”.
Mitsubishi Estate signed a basic agreement with Okinawa Prefecture to manage nearby Shimoji Airport in March, in order to build villa type airport terminal building to accommodate passengers arriving on private jets and LLC carriers. Mitsubishi plans to open the terminal in October 2018.