Singapore-based investment firm Joyful Alliance announced its plan to propose the development of the Wakayama Integrated Onsen Resort to the Wakayama City Government on Sunday, 19th October.
Prior to this, the two parties officially signed the memorandum of cooperation on Friday, 17th October.
Joyful Alliance managing director Thomas Tin said of the proposal: "We are honoured to be invited to discuss this historic project. We believe this project will generate tens of thousands of jobs in surrounding areas and lead the industry with green zero-carbon technologies. Given our background in green technology, we hope to bring outstanding green tech innovations from Hong Kong to collaborate locally when building in Japan. We will leverage our expertise in green investment and sustainable development to work with the team to propose a resort imbued with Wakayama City's local character."
Backed by family offices from Hong Kong and Singapore, Joyful Alliance, specialises in green investments, asset management, and sustainable infrastructure projects.
Why Wakayama?
Wakayama City lies in Japan's Kansai region, adjacent to Osaka. It is well connected: the site is a 30-minute drive from Kansai International Airport.
The proposed Wakayama Integrated Onsen Resort is planned to be a green, zero-carbon smart resort that combines Wakayama's millennia-old Onsen culture with entertainment facilities.
Upon completion, the resort is expected to draw millions of visitors annually, injecting new vitality into Wakayama City's tourism sector.
Currently, Joyful Alliance is actively discussing a future investment in Wakayama City of over US$2.2 billion, aiming to leverage Wakayama City's rich natural hot springs and cultural heritage to create the world's first zero-carbon resort.
Simon Chua, executive counsel for the Wakayama City Urban Regeneration Corporation, stated: "Wakayama City is a historic gem blessed with natural beauty, rich culture, and a strategic location. I am very pleased to invite Joyful Alliance to discuss this potential transformative investment."
Bringing in experts
For the Wakayama Integrated Onsen Resort development proposal, Joyful Alliance has assembled an international team of partners.
Green Matter Hub, a green technology platform, will supply low-carbon construction materials and intelligent energy solutions.
Meanwhile, CMA Testing will oversee quality assurance, ensuring that every aspect of the project meets global sustainability standards.
Green Matter Hub general manager Sherleen Tay remarked: "We are thrilled to support the upcoming Wakayama project in achieving carbon neutrality. Through our digital ecosystem, including combining certification, carbon tracking, and fintech services, we're shaping a low-carbon future."
Ryan Lau of CMA Testing added: "As a greenhouse verification body, we will provide expert guidance to ensure that every step of this project aligns with international standards while honouring Japan's local regulations and environmental goals."
