We envision Hokkaido’s underappreciated communities flourishing as destinations of economic and cultural vitality. This future exemplifies the transformative power of thoughtful, tourism-focused development in rejuvenating local economies and enriching cultural life.

Economic and industry trends have a significant impact on our business. In recent periods, we have benefited from a strong rebound in travel and real estate activity in Japan’s resort markets. As pandemic-related restrictions have eased, tourism in Japan has surged back toward record levels. Hokkaido in particular has experienced a sharp increase in visitors drawn to its world-class winter sports, natural scenery, and seasonal attractions.

A generally low-interest-rate environment in Japan with the average lending rate of 1.6 percent per annum (as determined by the Bank of Japan’s official statistics) has also supported buyer interest and affordable financing for property acquisitions. These favorable external conditions – increasing tourist arrivals and accommodative financing – have provided a supportive backdrop for our company’s growth. At the same time, we recognize that our operations are currently concentrated in a niche segment (resort-area real estate in Hokkaido) and thus subject to seasonality and 

We currently have several important projects in progress or in the planning stage that exemplify our strategy and will shape our near-term growth. These include a new ski resort in Furano and a condo project in Otaru, as well as other pipeline initiatives:

Pipeline Land Acquisitions and Future Projects: Beyond the projects already in motion, we maintain an active pipeline of potential acquisitions and developments to drive growth over the next several years. We are continually scouting for strategic land in other parts of Hokkaido and across Japan’s tourist regions. As of April 30, 2025, we own 19 properties. Further, as of the date of this prospectus, we are in negotiations or conducting feasibility studies for several potential opportunities. These include parcels of land on the outskirts of Niseko that could support future chalet or villa developments, as well as an early-stage review of a site in another region of Japan that is seeing rising tourist interest (outside Hokkaido). While these pipeline projects are not yet public or finalized, they represent our forward-looking growth map. The intent is to ensure that as soon as we finish one wave of projects, the next wave is ready to launch. We expect to support these future projects with the capital raised in this offering and through continued use of strategic partnerships and financing. Our pipeline strategy is deliberately flexible – we cultivate many options so we can green-light the opportunities that best fit the market conditions and our financial capacity at the time. By doing so, we aim to sustain a continuous development rhythm, expanding our portfolio steadily and capturing new opportunities as Japan’s tourism market evolves.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended on April 30, 2025.