Niseko Property & Real Estate - Citimark will not proceed with Niseko Mountain Village project

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Rumor has it that Four Seasons Hotels & Resorts will be managing the development of Hanazono for Hong Kong's Richard Li of PCCW, who recently purchased Hanazono from Australian investors. To date, Citigroup has purchased the Prince Hotel in Higashiyama and is looking to have Hilton brand it. Richard Li is looking to be walking the same path with his acquisition, this time bringing Four Seasons in. Two major world resort players entering the Niseko market in such a short time shows that big business is recognizing what us locals have known all along... once Niseko's infrastructure catches up with the snow... watch out US and Canada. Compared to prices and other world wide resorts property in Niseko is still a steal, indicating that Niseko property and real estate have a long way to go before they peak. While Hirafu may level out a bit, there is still substantial growth potential. Nearly every bit of land in the village proper has been bought and sold in the last 5 years (often several times as investors cashed in to claim bigger plots) , but most people still strongly believe that the Niseko region boom has just begun, with surrounding areas such as Hanazono, Moiwa, Higashiyama, Annupuri and the like now playing catch up.

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Citimark will not proceed with Niseko Mountain Village project

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Per The Australian Financial Review via The Business Spectator: "Private Brisbane-based developer, Citimark, will not proceed with a ski resort project in Japan. The $A171 million Niseko Mountain Village project was planned with investment bank, Babcock & Brown, but the property will now be sold. However, Citimark has denied speculation that it is completely withdrawing from development in Japan"

Anybody who noticed The Sydney Morning Herald's article in early March might have seen this coming: "Compounding the woes is a lawsuit filed against Babcock & Brown Japan and its partner Citimark in the Supreme Court of NSW. The suit relates to a development brawl over the $160 million Niseko Mountain Village resort."

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