The Catalyst The Estates Shirakaba Karamatsu Journal Enquire
Niseko investment real estate, ready-to-build alpine estates near Annupuri, Moiwa
Niseko · Mori

Two private alpine estates,
ready to build.

A rare, de-risked Niseko investment. A permitted development on a forested ridge in Moiwa, one minute from Annupuri. The land is secured and subdivided, the design complete, the permits approved and the site prepared. All that remains is to build.

The work that takes years is already complete.

The Opportunity

A project ready to move straight to construction.

Most Niseko land trades raw. Buyers then spend more than a year on acquisition, subdivision, architectural and structural design, permit approval and groundworks before a single wall goes up. Here the land was secured in spring 2025 and the building permit issued in May 2026. All of it is finished, paid for and documented, and it is offered at what it cost to create, not at a profit.

01

Land secured & subdivided

Freehold ridge in Moiwa, now divided into four titled plots. Build across one or all.

Completed
02

Full architectural design

Two estates fully designed by ALT, with renderings, a physical model and immersive VR.

Completed
03

Building permits approved

Statutory building confirmation secured. A transferable asset that removes approval risk.

Completed
04

Site prepared & leveled

Forest cleared, ground graded and levelled, access established. Ready for foundations.

Completed
05

Private water well drilled

Drilled to sixty metres and independently tested to drinking water standard.

Completed
06

Foundations & build

The next owner begins here. Build the approved scheme, adapt it, or develop the plots.

The next chapter
Aman Niseko village rendering on Mt Moiwa, beside the Niseko Mori land Rendering · Aman Niseko, Mt Moiwa
The catalyst

Aman is building on Mt Moiwa.

The world's most exclusive resort brand is developing Aman Niseko on Mt Moiwa, the mountain directly beside this land, and its arrival is the single most important catalyst for the area.

The precedent is written into the mountain. A decade ago Hanazono was the quietest corner of Niseko, until Tokyu and the Park Hyatt transformed it into a premium destination and re‑rated land values across the district. Aman operates a tier above Park Hyatt. It draws the world's most discerning owners and sets a new ceiling for wherever it lands.

As the only development on Mt Moiwa, Aman Niseko will define Moiwa as Niseko's next ultra‑luxury address. This land sits at its doorstep, positioned to capture that uplift before it arrives.

Why it re-rates

Brand gravity and access, arriving together.

Niseko's value has always tracked two forces: the brands that anchor a location, and the infrastructure that reaches it. Both are converging on Moiwa's doorstep.

Aman

The address‑maker.

Aman Niseko is the only development on Mt Moiwa. Park Hyatt re‑rated Hanazono a decade ago; Aman operates a tier above, and this land sits at its doorstep.

31 residences · Japan's first Aman retreat
Access

The bullet train is coming.

The Hokkaido Shinkansen is being extended to Sapporo with a station at Kutchan, Niseko's gateway, its tunnel already bored beneath the region. On completion it puts Niseko a short bullet‑train ride from Sapporo, and through to Tokyo.

Kutchan station · ~30 min to Sapporo
The pattern

Decades deep.

Hilton and Park Hyatt are established. Aman follows. In Niseko each global arrival has re‑rated land, and the strongest positions are taken before they land.

Kutchan land +500% since 2015
Walkthrough
The Grand Estate

Shirakaba

680 m²
Built area
2,750 m²
Land
7
Suites
18
Guests
  • Two statement fireplaces
  • Double height living
  • Dedicated party room
  • 18 seat dining
  • Professional kitchen
  • Indoor and outdoor bathing
  • Finnish sauna and ice bath
  • Full spa and gym
  • Private man cave
  • Generous ski room
Explore Shirakaba
Walkthrough
The Intimate Sanctuary

Karamatsu

350 m²
Built area
960 m²
Land
4
Suites
10
Guests
  • Double height living
  • Premium kitchen and dining
  • Outdoor Finnish sauna
  • Private hot bath
  • Indoor and outdoor flow
  • Dedicated ski storage
Explore Karamatsu
Interiors

Modern alpine, informed by Japanese craft.

Living and diningGather
SpaRestore
Man caveRetreat
Karamatsu livingLiving
BathingBathe
Stairs and landingAscend
Ski roomPrepare
BedroomSleep
Genkan entranceArrive
Outdoor deckOutside
The market

Among the world's strongest resort‑property markets.

Record arrivals, resilient winter yields, and a decade of compounding land values, underpinned by a weak yen and deep foreign demand.

3.2M
Visitor arrivals, FY2024/25
44 airlines to Chitose
6 – 10%
Gross yields, well run chalets
Peak winter
7 – 9%
Annual value growth, 3 years
60 to 65% foreign buyers
500%
Kutchan land growth since 2015
Above the 1990 peak

Source: C9 Hotelworks Niseko Tourism & Property Market Review 2025/2026.

Location

In protected forest, one minute from Annupuri.

The land sits on Route 66 in Moiwa, a minute from Annupuri, the quiet heart of Niseko United's four linked resorts. It lies within Niseko's protected national-park landscape, bordered by a river whose far bank is permanently protected forest that can never be built on or cleared, an outlook secured for good. Building in this regulated setting is rare and hard-won; here the permits are already in hand. Moiwa's powder and the future Aman are next door.

Protected national-park landRiver boundary, forest beyond1 min to AnnupuriNiseko Village nearby~2 hrs to New ChitoseShinkansen to Kutchan
Beyond the estate

Ski, dine and soak in the heart of Niseko.

World-class powder from the door, Michelin-level dining minutes away, and Mount Yotei on the horizon. The whole of Niseko, at your gate.

Skiing and snowboarding in Niseko powder near AnnupuriSki
Niseko fine dining, Michelin restaurants and barsDine
Mount Yotei seen from the train to NisekoMt Yotei
The numbers

Acquire below replacement, complete into a premium yield.

Construction costs in Niseko have risen 25 to 38 percent on materials alone, on top of a skilled labour shortage. Acquiring a project with land, permits and site works already delivered is a direct hedge against that inflation. Full assumptions, cash flow models and comparables are held in the data room.

$13k
Shirakaba target rate / night
5 yr net ~ $3.4M
$6.5k
Karamatsu target rate / night
5 yr net ~ $1.7M
6 → 11%
Net yield ramp, years 1 to 5
Both estates
Aman
Planning Mt Moiwa next door
Reset the corner
The team ALT Design & Construction

The studio behind Asia's most celebrated hospitality is building this.

Niseko Mori is designed and delivered by ALT Design & Construction, whose portfolio spans work for Marriott, Rosewood, Zekkei, Swire, Melco, Le Méridien and Langham. Marketed by Christie's International Real Estate.

Marriott Rosewood Zekkei Swire Melco Le Méridien Langham
Enquire

A rare, ready to build position in the heart of Niseko.

Serious enquiries only. Request the full data room with plans, permits, site records, VR walkthroughs and financial models.

Request the data room