Singapore-listed Thakral Corporation announced on Nov 29 that it has invested in two properties in Osaka, namely the R Hotels Inn Osaka Kita Umeda and the Namba retail redevelopment site. The investment was made via Thakral’s pooled investment vehicle, Thakral Japan Properties, in which it holds a 50% interest.
R Hotels Inn Osaka Kita Umeda is a 120-room business hotel, which was recently refurbished at a cost of JPY 500 million (about $6 million). It is located 1km north of the main Umeda area and Osaka station, and is served by the Nakatsu station.
The Namba retail redevelopment site is in Osaka’s retail district and has a gross floor area of 2,550 sq ft. Thakral plans to redevelop the site into a three-storey retail building for JPY 300 million and has pre-leased it to a leading Japanese retail chain. Vacant possession is expected to be obtained in March 2018, and construction is scheduled to complete within a year.
Inderbethal Singh Thakral, CEO of Thakral, says that Osaka’s falling unemployment and the growing number of companies there make it an opportune time for Thakral’s investments in Osaka. Additionally, he added that plans to host the 2025 World Expo, and, when legalised, Japan’s first casino resort, will increase the city’s appeal to Asian tourists.
The Group’s existing investments in Japan include two office buildings – the Yotsubashi Nakano Building and Yotsubashi East Building – and Hotel Oaks Reaze Tsukamoto, now rebranded as Best Western Osaka Tsukamoto Hotel. These properties are all located in Osaka.