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 remarked: “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 specializes 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 designed to be a green, zero-carbon smart resort that fuses Wakayama’s ancient onsen culture with entertainment facilities.
Upon completion, the resort is expected to attract millions of visitors every year, revitalizing Wakayama City’s tourism sector.
Currently, Joyful Alliance is actively discussing a future investment in Wakayama City estimated at over US$2.2 billion, aiming to utilize the area’s abundant 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, noted: “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 provide low-carbon construction materials and advanced energy solutions.
CMA Testing will oversee quality assurance to ensure every project element meets global sustainability standards.
Green Matter Hub general manager Sherleen Tay expressed: “We are thrilled to support the upcoming Wakayama project in achieving carbon neutrality. Through our digital ecosystem, including carbon tracking and fintech services, we’re shaping a low-carbon future.”
Ryan Lau from 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 honoring Japan’s local regulations and environmental goals.”