Osaka Prefecture and Osaka City announced on the 14th a minimum sale price of ¥92.113 billion (approximately $596.0 million) for city-owned land to be sold to the development operator of the “Yumeshima Phase 2 Zone,” the former site of the Osaka-Kansai Expo. The site spans approximately 42 hectares, equivalent to roughly nine Tokyo Domes. The prefectural and city governments had commissioned external experts to appraise the land value from late May through early September.
The site is planned for development as an entertainment complex serving as an international tourism hub, with business proposals accepted through January 2027. The prefectural and city governments published the public solicitation guidelines on July 3 and began accepting applications from development operators the same day.
Operator selection will employ a two-stage review process. Proposals will first be evaluated on their utilization plans and other content; if multiple proposals meet a certain threshold, the operator offering the highest price at or above the minimum sale price will be selected. The price proposal review is scheduled for February 17, 2027.
Yumeshima is being developed in three phases. In the Phase 1 zone, an integrated resort (IR) facility including a casino is scheduled to open in autumn 2030. In the Phase 2 zone, the prefectural and city governments will develop a memorial park incorporating part of the “Grand Roof Ring,” the symbol of the Expo, while the selected operator will be responsible for developing the remaining land.
Through the land sale, the prefectural and city governments aim to recover part of the development costs while creating an international tourism and visitor-attraction hub in coordination with the IR. The focus now shifts to which operator will be selected, based on both the content of their business proposal and the price offered.
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AloJapan.com