On January 6th, the Nikkei Shimbun reported that Singapore-based investment fund Patience Capital Group (PCG) is spearheading a high-profile resort development in Niigata’s Myoko region, with the first phase slated for completion in 2028.
The project will include two luxury hotels, one of which will be a five-star property, alongside 30 to 40 retail outlets featuring apparel and dining options.
Patience Realty is a proud group company of Patience Captial Group.
PCG CEO Ken Chan disclosed the plans in an interview with The Nikkei, emphasizing that the resort aims to attract Japanese visitors by offering a premium experience, rather than focusing solely on inbound tourism or affluent clientele.
The investment in the first-phase project is expected to reach up to ¥70 billion.
Patience Capital Group founder and president Ken Chan.
Preparations are already underway, with hotel agreements in the final negotiation stages and a dedicated project team set to launch in 2025 to ensure smooth execution.
Major Funding Milestones
PCG’s first investment fund has raised ¥35 billion from key backers, including Daiichi Hokuetsu Bank, Mizuho Bank, and individual and institutional investors in Singapore.
The fund closed at ¥75 billion in November 2024, after attracting an additional ¥40 billion from new contributors such as Sazaby League, operator of the "Afternoon Tea" retail chain, along with international investors and regional financial institutions.
Expanding Regional Synergies
In 2024, PCG acquired a golf course in Nagano City as part of its strategy to develop complementary projects across the Niigata-Nagano border. Chan noted that additional acquisitions are being considered to create synergies and enhance the appeal of the Myoko-centered resort area.
With its ambitious vision and significant financial backing, the project is poised to transform the Myoko region into a premier resort destination, blending luxury accommodations with retail and leisure facilities to cater to diverse audiences.
Source:
Nikkei Shimbun (Japanese only; paywalled)
