This pioneering initiative targets a temple in proximity to the Kumano Kodo, built approximately 170 years ago during the Edo period. It employs golden shares to safeguard local heritage.
Planet Labs Inc. is launching the beta version of a fractional investment project targeting historically significant buildings such as temples deeply rooted in local communities. The first property is a temple near the Kumano Kodo, officially registered as a cultural treasure in Japan. By filling out the form, you can join the waitlist for priority access to the investment quota.
It’s important to note that the long-term vision for this project includes management by a DAO. However, due to current legal constraints in Japan, we are launching PlanetDAO as a corporation utilizing golden shares, rather than operating under a DAO framework.
Challenges Facing Historical Buildings: The Difficulty of Private Investment
Many of Japan’s historic buildings, encompassing a wide array of temples, shrines, and pagodas, play an essential role as regional symbols and community centers. Consequently, transferring these historic assets to individuals or private enterprises, or even accepting funding from such entities, presents a considerable challenge due to the risks involved. Moreover, localities face their own set of challenges, struggling to secure financial support and to implement contemporary management techniques and systems. This struggle significantly obstructs efforts to preserve these invaluable structures across numerous regions.
Project Overview
This initiative is dedicated to the sustainable restoration of Japan’s historic buildings by securing investments from both domestic and international sources. Our goal is to transform these structures into vacation rentals, offering investors a unique blend of financial returns and direct involvement in decision-making processes. This approach introduces innovative operational frameworks and financing strategies in the realm of real estate investment, fostering a culture of democratic engagement and collaborative effort in conserving historical and cultural heritage.
Beyond mere profitability, this project seeks to establish a reliable management system for the preservation and optimal use of Japan’s architectural treasures. As an investor, your contribution is pivotal, not only in achieving sustainable financial growth but also in ensuring the transmission of Japan’s rich cultural legacy to future generations.
Implementing Golden Shares for Community Engagement and Preservation
In an innovative approach to community engagement, we will allocate “golden shares” for each of our properties. These shares effectively act as a veto power, preventing any undesired changes in the property’s function while entrusting this power to local community organizations. For instance, if a property originally serving as a temple is repurposed as accommodation, areas within it can still be reserved for public use by the community. This strategy is meticulously designed to honor and protect the community’s cherished values, ensuring that these principles remain intact regardless of any future ownership transitions.
Characteristics and Prospects of Ryogonji Temple, a Registered Tangible Cultural Property in Nachikatsuura
Built in 1857, during the Edo period, Ryogonji Temple was designated as a National Tangible Cultural Property (Building) in 2021. This distinction recognizes the temple’s significant components: the main hall, a 15-meter-long stone staircase leading to its entrance, and a 54-meter-long stone wall that guards the property. Architecturally, it is a single-story wooden structure with a traditional tiled roof, covering 199 square meters. Notably, it is situated at the highest point of the village, offering panoramic views of the surrounding village and mountains, and even the distant Pacific Ocean.
After the renovation, Ryogonji Temple will operate as an exclusive vacation rental facility. Guests will have the opportunity to experience seasonal activities such as planting rice and harvesting tea, as well as enjoy cuisine prepared using locally sourced vegetables from the region known for its thriving organic agriculture.
Partnering with a top local architect and “ShareWing,” Japan’s leading temple lodging company
Our collaboration brings together Shigeo Morioka, a first-class architect celebrated for his designs that deeply resonate with local communities, achieved through meaningful dialogue, and ShareWing, Japan’s premier company specializing in “Temple Stay” lodging services. Additionally, we are partnering with Priest Tomi Nishiyama, who oversees “Temple Hotel Daitaiji”, a temple stay that attracts numerous domestic and international guests.
Property Performance
We have set a target yield of over 10% for the property. While this exceeds the average return of typical real estate investments, but we believe it is achievable through the prudent utilization of subsidies and effective management of initial costs. Additionally, the global appreciation of Japanese culture and history, particularly among international travelers, provides additional leverage. Even properties that face financial challenges locally can find new value through alternative management models. This opens significant opportunities to serve those in search of such unique experiences.” for the better clarity and more vivid description.
Schedule
2024
- April the 10th – Beta Launch;
- End of April – Submission of Design Proposals;
- May to June – Fundraising, with a strategic focus on leveraging government subsidies;
- July to August – Selection of Design Proposals;
- September to End of February – Start of Construction and Renovation Process;
- Spring 2025 – Commencement of Accommodation Operations.
Comments
This project emerges against the backdrop of a growing demand from domestic and international travelers to explore Japan’s rich cultural heritage. We are launching the pilot project this year in 2024 and plan to begin operations, aiming to tackle similar challenges across the nation by targeting 10 properties nationwide over the next three years. As the project evolves, we will seek licensing opportunities and work towards creating a system where investors can exchange dividend and voting rights. This approach aims to enhance liquidity and transparency, utilizing blockchain technology in future developments.
Application Process
For the beta phase, we will make available a registration link for product briefings alongside access to the waitlist. If you’re keen on learning more or wish to participate, please visit our website, and click on the “Join Our Waitlist” button. After you have answered the questions, a link to the archived explanation video will become available.