KUALA LUMPUR (June 5): Berjaya Corporation Bhd (BCorp) said it has won a development tender approval by the City of Yokohama to develop projects involving a global luxury hotel and hotel condominium, together with aquarium and retail outlets.

In a filing, BCorp said it holds a controlling stake in the joint venture with Marubeni Corporation and Daiwa House Industry Co Ltd to undertake the project.

The land for the project is located at the Nishi District of Yokohama, and measures approximately 22,188.34m2.

In addition, BCorp said it has already obtained exclusivity via a Letter of Intent to bring in global luxury hotel brand, Four Seasons Hotels and Resorts, to manage the hotel.

“I am sure that with the prestigious Four Seasons branding and management, along with its strategic location in Yokohama will add value to the project.

“The project is similar to our Four Seasons Hotel & Hotel Residences in Kyoto, whereby the BCorp Group recently concluded the sale of its hotel components for a significant gain exceeding RM600 million,” said Tan Sri Vincent Tan, the founder and executive chairman of BCorp.

The construction of the Yokohama project is expected to commence in October 2022 and to be completed in March 2026.

The company said having a luxury hotel and aquarium as an entertainment facility is expected to bring excitement and vibrancy to the city especially since there are not many similar projects nearby.

“In addition, restaurants and shops that are to be opened by the waterfront are considered very rare in the City of Yokohama,” it said.

Meanwhile, BCorp is also developing a Four Seasons Hotel in Okinawa, Japan which is expected to begin construction in end-2020.

Shares in BCorp closed 0.5 sen or 2.6% down at 18.5 sen, giving it a total market capitalisation of RM965 million.

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