Nine key upscale condominium projects in Hirafu offering a total of 337 units were launched between 2007 through 2015. Properties featuring ski-in and ski-out locations enjoy high absorption rates and command premium pricing in the secondary market.
Larger unit types including two- and three- bedroom configurations represent more than two-thirds of the current market offerings. Two-bedroom demand has traditionally been the most popular though smaller hotel-type entry level units are now rising in profile. • Total value of units remaining for sale in these projects stands at USD352 million.
A total of 144 house units in residential projects are located in the peripheral areas of Hirafu. Majority of the properties offer off-plan houses but a small number sell land plots within the developments for prospective owners to construct and design according to their specifications.
• Residential house product offerings generally range from two- to live-bedroom configurations, with an average built-up price of USD4,158 per square meter. This pricing level is significantly lower than condominiums and is led by developers who drive profitability from land sales.
Residential Project Pipeline
There are currently 330 residential units that will be developed by 2020. Integrated hotel and branded residence projects managed by Ritz-Carlton and Park Hyatt are expected to move the market into a further cycle of maturation and set the stage for larger scale offerings.