Michael S. Hahm executive vice president of Access Ypao Inc. and South Pacific Petroleum Corp.; confirmed that Access Ypao finalized the purchase of the Tokyu Development property on March 6 (See "Thank you Tokyu: Tokyu Hotel property sold for $20 million" in the Jan. 8 edition of the Journal.).
Hahm said "A mixed-use condo development is in the works"¦ Construction will begin as soon as possible."
Access Ypao hired Setiadi Architects and a Singapore based architectural firm to draw up plans for the development. "We hope to go before the GLUC (Guam Land Use Commission) by midyear " he said.
He told the Journal to look for more projects from the group in the future.
Access Ypao’s investment officers and shareholders are Brian Y. Suhr president of Access Ypao and president and chief executive officer of South Pacific Petroleum Corp.; Hahm; and Woojong Kim chairman of Access Ypao.
Journal sources reported that the property was sold for more than $20 million.
The property was owned by CBA Development LLC a partnership of Wu family members in Taiwan and Guam with Fong S. Wu president of Sunny Plastic (Guam) Inc. and Pacific Sunny Development Corp.; as CBA’s president (See "Tokyu says sayonara with beachfront bargain" in the May 31 2004 edition of the Journal.).
The property is 41 659 square meters which equates to about 10 acres. CBA Development purchased the property from Tokyu Micronesian Development Corp. for $115 per square meter which totals $4.8 million. The deal was closed on May 20 2004.
In an earlier interview with the Journal Wu said after the purchase of the property "We will let it sleep for a while. … Hospitality is not our business so we have not made our minds up how to go forward with the development of the property."
W. Nicholas Captain president of the Captain Co. and Captain Realty Advisors; said that the property was sold at an increased price because "It was bought [by CBA] at the absolute downturn of the real estate market. There’s a lot of speculation and foreign investment that’s driving prices today. It is a function of the demand of foreign investors and the optimism associated with the future growth of Guam’s economy."
Captain also said the property was a prime site for hotel or residential condominium development because of its size. "It could easily accommodate a major hotel or a mixed use project to include residential condominiums resort units or other tourist related developments."
The Tokyu Hotel opened in the early 70s but did poorly and closed. In April 1975 with the fall of Saigon the Tokyu beach property became a staging area in Operation New Life the housing of 112 000 refugees from South Vietnam in temporary camps around Guam.
The investment officers and shareholders of Access Ypao are also the investment officers and shareholders of Hanom Investments Inc. which purchased the Royal Palm properties (See "Royal Palm property owner revealed; famous location set for mixed use" in the Feb. 19 edition of the Journal.). The Royal Palm properties are also set to be developed into a "first-class condo/hotel/commercial mixed use project " Suhr previously said. MBJ
