Hutchinson hits Japanese slopes"¦again

BRISBANE based Hutchinson Builders has unveiled plans to develop a third resort in Japan's ski capital, Niseko.

Hutchinson’s new venture follows the successful debut of its Alpen Ridge project, which posted a pre-release one-day $23 million sellout early last year, whilst the follow-up Alpen Views has sold all but five apartments since launch in August this year.

Hutchinson Builders chairman Scott Hutchinson said despite the international financial turmoil, conditions are still improving for investment in Niseko.

“Which is why we currently negotiating to secure another prime site in the upper village of Hirafu, as well as releasing Alpen Views’ penthouse apartments,” he added.

Hutchinson said banks are lining up with new finance deals for Australian investors in Niseko – Commonwealth Bank Tokyo is now offering up to 100% Yen loans with interest rates currently below 3% and the National Australia Bank will loan up to 80% of the property’s value.

“In addition, the National Australia Bank and the Commonwealth Bank allow purchasers to secure their loan against both their Japanese snowfield property, as well as domestic assets,” he continued.

The site for the $20 million Alpen Views building was acquired from its Japanese owner in March 2007 for $A1.3 million.

When complete, the building will boast 26 luxury apartments over seven floors, with cutting-edge architectural design.

Hutchinson said he anticipates the deal for the third resort development will be finalised shortly.

Australian Property Journal