Latest news with #PatienceCapitalGroup
Straits Times
17-05-2025
- Business
- Straits Times
Big dreams in snow country: Singaporean investor is betting big on Japan's tourism future
Ken Chan is the former head of GIC Japan. His private equity firm, Patience Capital Group, has been buying up land in two ski mountains in central Japan. His goal? To develop them into world-class skiing and all-season holiday destinations. C hinese Singaporean Ken Chan is, by his own admission, 'as Japanese as I can get'. Born in Tokyo, where his father worked as a doctor, he spent the first six years of his life immersed in Japanese language, food and culture. Join ST's WhatsApp Channel and get the latest news and must-reads.
Japan Times
20-03-2025
- Business
- Japan Times
Myoko ski resort area feels trepidation as foreign money pours in
Three winters from now, Japan's snowy Myoko highlands will be home to a $1.4 billion mega-resort built by a Singaporean fund, with hotels charging some $1,350 a night. The project by Patience Capital Group (PCG) promises to create 1,000 jobs and spur winter tourism. But for many Myoko locals, foreign interest has become a double-edged sword, threatening overdevelopment, sky-high prices and the sweeping away of traditional culture. Even before news of PCG's interest, many inns, ski rental shops and restaurants in Akakura — one of five major ski resort towns in the Myoko region — had been snapped up by foreigners. But they're only interested in the snow, and once that melts, those businesses shut. The town, also once a bustling hot-spring destination, no longer has enough going on to attract many visitors during the rest of the year. "If you come to Akakura in summer, it's pitch dark at night," said Masafumi Nakajima, owner of local inn Furuya and head of the 200-year-old town's hot spring-inn tourism association. He estimates only 10 of about 80 inns in Akakura operate year-round. Located roughly 2.5 hours from Tokyo by train in Niigata Prefecture, Myoko, along with the more famed Japanese ski resorts of Niseko and Hakuba, is known for powder snow, dubbed "Japow." The resort areas are a huge part of Japan's tourism boom, also fueled by a weak yen, which saw inbound tourist numbers jump 17% in February, hitting a record high for that month. Nakajima said many foreign business owners in Akakura have refused to join the local tourism association. One consequence is a lot of broken rules on the part of businesses and tourists that range from not disposing of garbage properly, to overparking to late-night fireworks. "We have no idea who they are and what they're doing. They just come in December and disappear when spring comes," he said. Nakajima recently started approaching foreign businesses to offer lectures on the town's rules. A visitor snowboards at the Myoko Suginohara Ski Resort in Myoko, Niigata Prefecture, on March 5. | REUTERS Many locals fear Myoko could go the way of Niseko. The resort on the northern island of Hokkaido has become a world-renowned winter sports destination on the back of high-end foreign developments, but the surge in property prices brought higher taxes for locals choosing not to sell. Inflation there — from labor costs to a bowl of ramen — has gone through the roof, pricing locals and most domestic travelers out of the market. Hakuba, in the Japanese Alps, has followed a similar path, while one township in Myoko has already seen land prices jump as much as 9% last year. PCG's Tokyo-born founder, Ken Chan, said he's mindful of local fears about his project, which will span 350 hectares and two ski slopes. To attract visitors year-round, PCG wants to promote its two planned luxury hotels for business conferences and is considering discounts during non-peak times for local residents who want to ski or snowboard, he said. He also intends to host a meeting with residents in the coming months. Myoko City mayor Yoji Kido said he's cautiously optimistic about PCG's development plans but has heard few specifics. Kido has been fielding more enquiries from foreign investors, and conscious of local concerns, the city is considering new regulations for larger projects from the 2027 fiscal year. "It's going to be an unusually big development for our city," he said. "I can't deny that things aren't worry-free." Koji Miyashita, the owner of a half-century-old shop in Akakura that sells steamed buns filled with red bean paste, said he sometimes feels like he doesn't live in Japan as Westerners throng the town's streets. Development in Myoko should sustain the region's culture, he said, adding: "We don't want to be another Niseko."
Reuters
20-03-2025
- Business
- Reuters
In Japan's ski resort area of Myoko, trepidation as more foreign money pours in
MYOKO, Japan, March 20 (Reuters) - Three winters from now, Japan's snowy Myoko highlands will be home to a $1.4 billion mega-resort built by a Singaporean fund, with hotels charging some $1,350 a night. The project by Patience Capital Group (PCG) promises to create 1,000 jobs and spur winter tourism. But for many Myoko locals, foreign interest has become a double-edged sword, threatening overdevelopment, sky-high prices and the sweeping away of traditional culture. Even before news of PCG's interest, many inns, ski rental shops and restaurants in Akakura - one of five major ski resort towns in the Myoko region - had been snapped up by foreigners. But they're only interested in the snow and once that melts, those businesses shut. The town, also once a bustling hot-spring destination, no longer has enough going on to attract many visitors during the rest of the year. "If you come to Akakura in summer, it's pitch dark at night," said Masafumi Nakajima, owner of local inn Furuya and head of the 200-year-old town's hot spring-inn tourism association. He estimates only 10 of about 80 inns in Akakura operate year-round. Located roughly 2.5 hours from Tokyo by train in Niigata prefecture, Myoko, along with the more famed Japanese ski resorts of Niseko and Hakuba, is known for powder snow, dubbed "Japow". The resort areas are a huge part of Japan's tourism boom, also fuelled by a weak yen, which saw inbound tourist numbers jump 17% in February, hitting a record high for that month. Nakajima said many foreign business owners in Akakura have refused to join the local tourism association. One consequence is a lot of broken rules on the part of businesses and tourists that range from not disposing of garbage properly, to overparking to late-night fireworks. "We have no idea who they are and what they're doing. They just come in December and disappear when spring comes," he said. Nakajima recently started approaching foreign businesses to offer lectures on the town's rules. PRICED OUT Many locals fear Myoko could go the way of Niseko. The resort on the northern island of Hokkaido has become a world-renowned winter sports destination on the back of high-end foreign developments, but the surge in property prices brought higher taxes for locals choosing not to sell. Inflation there - from labour costs to a bowl of ramen - has gone through the roof, pricing locals and most domestic travellers out of the market. Hakuba, in the Japanese Alps, has followed a similar path, while one township in Myoko has already seen land prices jump as much as 9% last year. PCG's Tokyo-born founder, Ken Chan, said he's mindful of local fears about his project, which will span 350 hectares and two ski slopes. To attract visitors year-round, PCG wants to promote its two planned luxury hotels for business conferences and is considering discounts during non-peak times for local residents who want to ski or snowboard, he told Reuters. He also intends to host a meeting with residents in the coming months. Myoko City mayor Yoji Kido said he's cautiously optimistic about PCG's development plans but has heard few specifics. Kido has been fielding more enquiries from foreign investors and conscious of local concerns, the city is considering new regulations for larger projects from the 2027 fiscal year. "It's going to be an unusually big development for our city," he said. "I can't deny that things aren't worry-free." Koji Miyashita, the owner of a half-century-old shop in Akakura that sells steamed buns filled with red bean paste, said he sometimes feels like he doesn't live in Japan as Westerners throng the town's streets. Development in Myoko should sustain the region's culture, he said, adding: "We don't want to be another Niseko." ($1 = 149.4600 yen)
Yahoo
08-02-2025
- Business
- Yahoo
Hong Kong's Gaw Capital buys iconic Tokyo mall for over $1 billion
By Anton Bridge TOKYO (Reuters) - Real estate private equity firm Gaw Capital and Singapore-based investor Patience Capital Group have completed the acquisition of Tokyu Plaza Ginza, a prime mall in central Tokyo, in a deal worth more than $1 billion, Gaw's Japan head said on Friday. The Hong Kong-based investor said it had formed a joint venture for the acquisition and management of the property in which it holds 91%, with the remaining 9% held by Patience Capital Group. The deal is the latest in a run of major property transactions in the hot Japanese market. Canadian firm Brookfield Asset Management last month closed two real estate investments in Japan for a total of $1.6 billion. "With favourable macroeconomic fundamentals supporting Japan's real estate sector, this is a highly opportune time to invest," Gaw's Head of Japan Isabella Lo said in a statement. The Tokyu Plaza transaction is Gaw's largest in Japan, where it has been operating since 2014. The firm has roughly 655 billion yen ($4.32 billion) in assets under management in Japan, which represents 40% growth over the past 12 months, Lo said. ($1 = 151.6200 yen) Sign in to access your portfolio
Associated Press
07-02-2025
- Business
- Associated Press
Gaw Capital Partners and Patience Capital Group Complete Acquisition of an Iconic Mall in Central Ginza, Tokyo
TOKYO, JAPAN - Media OutReach Newswire - 7 February 2025 - Real estate private equity firm Gaw Capital Partners today announced that the firm, through a fund under its management and investment from co-investors, has partnered with Patience Capital Group (PCG) to form a joint venture for the acquisition and management of prime retail asset 'Tokyu Plaza Ginza' in Ginza 5-chome, Tokyo, Japan. Gaw Capital holds 91% of the venture while PCG holds the other 9%. Completed in 2016, Tokyu Plaza Ginza has a gross floor area of 15,153 tsubo (50,093 sqm). It has direct access to Ginza Station and is a short walk from JR Yurakucho Station. The mall is surrounded by flagship stores of luxury brands, renowned department stores and upscale hotels, in the heart of one of Tokyo's most prestigious shopping districts. The asset is one of the largest and rarest retail facilities in Ginza, occupying a high-street footprint of over 1,139 tsubo and spanning an entire block with four-sided frontage. Its unparalleled location offers exceptional accessibility and prestige. Tokyo retail sales volume continued to outperform, fueled by robust spending on luxury goods by increasing number of tourists and the yen depreciation. Furthermore, domestic consumption in Japan benefits from the positive wage growth outlook. With the government's planned revitalization of the adjacent Tokyo Expressway (KK Line) into a green pedestrian walk, known as the Tokyo Sky Corridor (High Line) that is set to partially open in 2029, it is expected to further enhance the potential value of Tokyu Plaza Ginza. Isabella Lo, Managing Director, Principal – Investments and Head of Japan at Gaw Capital, commented, 'We are thrilled to acquire this iconic retail asset in Ginza, Tokyo. Our partnership with Patience Capital Group brings together synergies that will maximize the value of this iconic asset. By combining Patience Capital Group's ability to source unique opportunities and Gaw Capital's extensive retail experience, we are confident in our ability to reposition the mall as a premier retail destination. With favorable macroeconomic fundamentals supporting Japan's retail sector, this is a highly opportune time to invest.' Alvin Lo, Managing Director, Principal – Asset Management at Gaw Capital, added, 'Leveraging the firm's extensive expertise in retail value-add strategies, Gaw Capital is excited to lead the asset management strategy and leasing of the asset. The business plan involves transforming the mall into a vibrant, brand-new retail destination with a refreshed tenant mix and a coherent concept.' Ken Chan, Founder and CEO, Patience Capital Group said, 'We are excited about our partnership with Gaw Capital. PCG's extensive relationships in Japan gives us unique access to off-market opportunities. These deep connections were key in helping us source and put together this deal. With the Japanese retail sector's resilient demand, Gaw Capital's retail experience and PCGs track record of working with brands to craft the ideal tenant mix, we look forward to leveraging our combined strengths to unlock the potential of this exceptional asset."Hashtag: #GawCapitalPartners The issuer is solely responsible for the content of this announcement. About Gaw Capital Partners Gaw Capital Partners is a uniquely positioned private equity fund management company focusing on real estate markets in Asia Pacific and other high barrier-to-entry markets globally. Specializing in adding strategic value to under-utilized real estate through redesign and re-positioning, the firm's investments span the entire spectrum of real estate sectors, including residential development, commercial offices, retail malls, hospitality, logistics warehouses and IDC projects. Since its inception in 2005, Gaw Capital has raised seven commingled funds targeting Asia Pacific regions. The firm also manages value-add/opportunistic funds in the US, a Pan-Asia hospitality fund, a European Hospitality Fund, a Growth Equity Fund, and it also provides services for credit investments and separate account direct investments globally. Gaw Capital has raised equity of US$22.9 billion since 2005 and commanded assets of US$35.8 billion under management as of Q3 2024. The acquisition underscores Gaw Capital's steadfast dedication to seizing opportunities in Japan's vibrant market. The firm continues to identify high-potential assets and create exceptional value through innovative asset management strategies in the region. With approximately JPY 655 billion (US$ 4.7 billion) in assets under management across Japan, Gaw Capital's portfolio is now diversified across office, retail, residential, hotel, data centers, and logistics sectors. Gaw Capital has vast expertise in retail asset management, with a proven track record in transforming and enhancing the value of retail properties. Its retail portfolio includes prestigious high-end malls such as Sanlitun in Beijing, the Florentia Village outlet platform across mainland China, community malls in Hong Kong, and prominent high-street retail properties in Tokyo's Omotesando. About Patience Capital Group Established in 2019, Patience Capital Group (PCG) is a visionary real estate and private equity investment manager, widely regarded as experts in Japanese real estate. PCG has cultivated deep relationships with brands, businesses, corporates, and financial institutions both in Japan and across the globe. These relationships serve as a strategic cornerstone that empowers the firm to create a robust investment ecosystem and provide access to off-market opportunities. Leveraging its vast networks and best-in-class deal sourcing and execution capabilities, PCG's funds invest in acquiring and developing tourism-related assets across Japan, and high-quality residential assets in and around the Tokyo metropolitan area. PCG manages commercial, hospitality and residential assets - from inception, through development to refurbishment, branding and tenanting. The team has a collective investment track record of 70 years' experience in Japan real estate & private equity, having invested over US$20 billion across various real estate classes. Additionally, PCG offers real estate development advisory and project consulting services.
