SINGAPORE (EDGEPROP) - Thailand-listed property developer Property Perfect has launched Yu Kiroro, a collection of ski-in, ski-out residences, for sale in Singapore. Located at the Kiroro alpine resort in Hokkaido, Yu Kiroro has 108 fully-furnished one- to three-bedders and penthouses ranging from 667 sq ft to 2,873 sq ft. The freehold luxury residences come with ski valet service, a natural indoor-outdoor onsen, 24-hour concierge, fitness centre and lounge, and all-day dining.
Even prior to the project’s sales exhibition in Singapore over the weekend of Sept 21 and 22, the project has achieved sales of more than 50% with demand from buyers based in Hong Kong, Singapore, Thailand, Taiwan and Japan. Prices at Yu Kiroro start at JPY84 million ($1.08 million) for a 667 sq ft, one-bedroom unit. The project is marketed by Savills.
Kiroro has over 20m of powder snow every winter and pristine outdoor recreation all summer. Property Perfect is also transforming the area with a JPY100 billion investment in the destination over the next decade. The master plan features a charming valley village at the base of the mountain with a range of exclusive luxury villas, townhouses and apartments that are centred around the Gateway, Hokkaido’s first premium ski club and centre with ski-in, ski-out access to shops, restaurants, services and a kids’ centre. The village offers integrated dining and shopping areas, alpine amenities and convenient access to outdoor activities and local attractions.
Property Perfect has already renovated and rebranded two existing hotels within the worldwide Marriott portfolio. The Sheraton Hokkaido Kiroro Resort offers 140 guest rooms right at the base of the slopes, while The Kiroro, A Tribute Portfolio Hotel offers 282 guest rooms and suites, each with mountain views.
When completed at the end of the year, Yu Kiroro will be managed as a serviced residence, differentiating itself from the existing hotel properties. “The property will be managed and maintained for buyers and they can stay for 14 nights in winter and 14 nights in summer,” says Napong Panthong, director, sales and marketing department, Property Perfect. Yu Kiroro room rates will start at around $1,000 per night. This is around 30% higher than the room rate at the Sheraton Hokkaido Kiroro Resort.
According to Panthong, Yu Kiroro will differentiate itself from the existing hotels with its larger room sizes, a gap in the market Property Perfect hopes to address following feedback from guests that they want more space so families and friends can share rooms.
The Kiroro ski season is the longest in Japan and runs from late November through early May. The ski resort has two peaks with 22 groomed ski runs and acres of ungroomed, off-piste powder and tree skiing, accessible by nine lifts and a gondola.
An additional combi gondola/ski lift will open in late 2019 and connect the two hotels and Yu Kiroro to the ski runs. Yu Kiroro’s mountain centre will also coordinate activities on and around the mountain. In the summer, the resort will coordinate golf, fishing, hiking, and tours of nearby seaside towns.
Panthong observes that Kiroro generally sees a good mix of Japanese and foreign visitors all year round. Given its proximity to Sapporo, he highlights, Kiroro is a weekend destination for many residents who would check the snow forecast in the mornings and then drive to Kiroro to ski.
According to him, the two existing hotels are usually fully booked during the ski season. However, average occupancy hovers at around 60% after taking into account the occupancy rate in the summer.
With this in mind, Jacqueline Wong, executive director of Savills Singapore, estimates investment yield from Yu Kiroro to be around 4% to 6%.
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