Yumeshima site next to MGM Osaka up for sale
The site forms part of Yumeshima’s second development phase, with Osaka seeking entertainment, leisure, commercial and exhibition uses.
Japan.- A site beside the MGM Osaka development on the Yumeshima artificial island in Osaka Bay has been put forward for private development. A minimum price has been set at JPY92.113bn (US$595m).
The land covers 420,062 square metres of the former Osaka-Kansai Expo site. A separate 4,011.75-square-metre plot also available for lease to the selected developer.
Osaka City and Osaka Prefecture announced the land price on September 14 as they seek a private developer for the second phase of Yumeshima’s development. The designated site falls within an international tourism district and is zoned for commercial use. Osaka’s development framework allows for a mix of entertainment, leisure, commercial and exhibition-related facilities.
The authorities are using a two-stage process to select the developer. Applicants will first have their development proposals assessed before qualifying bidders compete on the price of the land. Proposals are scheduled to be submitted between January 12 and 15, 2027, with the first-stage evaluation due to take place in February. The price assessment is scheduled for February 17.
The highest qualifying offer will determine the winning developer, which will be responsible for turning the land into a commercially viable destination under the conditions set by the authorities.
