An artist's rendering of every land parcel built at the 89-lot Odin Hills (Photo: Odin Properties)
On June 28, boutique developer Odin Properties showcased 28 freehold land parcels for sale at Odin Hills — the latest offering from the 16-hectare luxury residential project in Niseko, Japan.
Scheduled to be ready by October, the land parcels range from 10,777 sq ft to 33,144 sq ft in size, with prices starting from JPY205 million ($1.72 million) for an 11,044 sq ft parcel. This translates to a land rate of $157 psf.
These parcels are part of the project's stage three development, the final tranche of land for sale. Located on elevated ground at the western edge of the development, the parcels border a protected forest. According to Nicolas Gontard, co-founder of Odin Properties, some parcels offer unobstructed views of Mount Yotei.
Read also: Hines acquires premium office and logistics buildings in Tokyo and Osaka
Gontard has also developed other properties in Niseko — approximately 800km north of Tokyo — under the Odin Properties brand, including the boutique hotel Kimamaya and the apartment block Yasuragi.
Unlike land-scarce Singapore, Japan does not restrict foreigners from purchasing and owning private residential land. This policy has fueled previous land sales at Odin Hills, located in the Hanazono area of Niseko.
Of the 61 land parcels previously launched for sale under stages one and two, 46 parcels (75.4%) have been sold or reserved,
Gontard says roughly 25% of Odin Hill buyers are from Hong Kong and Taiwan, 25% originate from Southeast Asia, 25% are Japanese and the rest is a mixture of other nationalities.
Yang Yu, a partner at Odin Hills, also points out that exchange rates are also favourable to foreign investors, with the Japanese yen hitting a 38-year low against the greenback this year.
Yu says that Odin Hills targets high-end regional buyers who enjoy skiing. They are leveraging Niseko's reputation as the "Aspen of Asia" to offer a premium ski holiday experience comparable to the Alps in Europe or Yellowstone National Park in the US.
As a result, Odin Hills is marketed as an exclusive Japanese-European-style mountain village where owners can build and customise their luxury alpine homes near the slopes of Niseko’s major ski resorts.
Read also: Hong Kong-based PAG acquires Japan logistics assets from Hines for about US$430 mil
Houses built on the land parcels must comply with Odin Hills’ guidelines, which cover height, architectural style, materials and colour scheme. Each land parcel at Odin Hills also has a gross plot ratio of 0.5, limiting the house's total internal gross floor area to half of its plot area.
Gontard says 11 buyers have purchased multiple adjacent land parcels to construct larger residences. Alternatively, owners may opt for one of four pre-approved house designs crafted by Pritzker-prize-winning Japanese architect Shigeru Ban. Construction will then be undertaken by Shigeru and the owners, independent of Odin Properties.
Shigeru’s designs range from a 3,175 sq ft, three-bedroom, two-story house to a 6,619 sq ft, six-bedroom, two-storey house with basement level. They feature ensuite bathrooms in all bedrooms, an integrated garage, a fireplace, heated flooring, a gym, a wine cellar and an onsen-style family bath. Gontard estimates construction costs to start from $3 million, excluding land costs.
An artist's rendering of a six-bedroom chalet designed by Shigeru Ban (Photo: Odin Properties)
Odin Properties also plans to construct a 10,764 sq ft clubhouse near the project entrance, which will act as a central hub for the future residents of Odin Hills. Homeowners can access a dedicated concierge who provides maintenance, housekeeping and bookings for skiing and other activities.
The clubhouse will offer amenities for residents, including an all-day café, a lounge, private event spaces, a swimming pool, a cold plunge, a sauna and an onsen with spring water piped from a natural spring 900 m below the property.
Residents can opt into membership at the clubhouse, which will feature electric cars to transport them to and from their properties. It will also serve as a pick-up and drop-off point for a shuttle bus service to the nearby Hanazono ski resort. Fees for clubhouse access will be based on the size of the land parcel owned.
Read also: FMI sells 20 residential units and completes two enbloc deals during its Japan Expo on March 2
An artist's rendering of a 10,764 sq ft clubhouse, a luxurious amenity to be built at the entrance to Odin Hills (Photo: Odin Properties)
Owners will also have the option to rent out their holiday homes through Odin’s on-site property manager. In addition to marketing the property and managing tenants, Odin will handle housekeeping and maintenance.
In return, the company will take a 30% cut of the collected rent, which is in line with the industry standard for the area, says Yu.
He estimates that under current market conditions, rents for a six-bedroom property at Odin Hills could reach $27,000 per week during peak season.