Monday, August 08, 2022

Developer buys land next to Osaka’s Yumeshima


On Friday, the Osaka city government announced that it had sold four lots of land on Sakishima—an island facing across a narrow channel to the anticipated site of the Yumeshima IR—to Ark Real Estate, a local developer.

Since the developer plans to construct a 22-story, 600-room hotel, a shopping center, a restaurant complex, and a sports facility, it is likely to become part of the attraction of the Osaka IR, opening its doors around the same time.

The four plots of land total about 4.4 hectares and the city’s selling price was about US$70 million. The area is already served by Cosmo Square Station, which is currently the terminal station on Osaka’s Chuo Subway Line. However, this subway line will likely be extended to Yumeshima in the coming years as part of the IR development.

Sakishima, like much of the Osaka waterfront, saw its early development plans falter when Japan’s asset bubble burst in the early 1990s, but the local government hopes that the construction of an IR and hosting the 2025 World Expo at Yumeshima can breathe new economic life into the area.

In the concept image (above) for the Ark Real Estate Sakishima development, also released on Friday, the strip of land on the far side of the cruise ship is Yumeshima.

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