Niseko Development Pioneer Izumikyo Sold To HK Company For USD $23 million

Longtime Niseko developer Izumikyo has entered into an agreement to sell its land and all of its shares to Hong Kong-based Golden Resources Development International.

Izumikyo was active in Niseko before the bubble years and was developing and selling properties when the resort went through its first boom, focused on the then-growing domestic ski market.

Golden Resources is involved in sourcing, importing and distributing food products as well as securities and property investment.

It hopes to develop the acquired land and properties into a “retailtainment” destination in the Niseko United area which would serve resort visitors as well as the burgeoning population of working residents.

The land, totalling just over 32.6ha, is made up of 133 parcels in the Niseko Area, with the majority in Hirafu.

11 properties have already been built on the land by Izumikyo, many of them parts of familiar Niseko Developments such as Izumikyo 1, 2 and 3 and St. Moritz Village, reflecting Izumikyo Company’s work in Niseko since 1973.

According to purchaser Golden Resources’s disclosure documents, the contract for the sale was signed on 31 May 2023 at an agreed-upon price of JPY3.4 billion (US$23.5 million), inclusive of all land and Izumikyo’s entire issued share capital.

While the sale terms have been agreed to, the sale itself is expected to be finalised on 16 June or the third business day after all conditions have been satisfied.

Before completion, either party can withdraw from the agreement, although that is unlikely at this stage.

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