OFA Group selected for Japan music park development project

OFA Group (NASDAQ: OFAL) announced that its wholly owned subsidiary, OFA Japan Asset Management Co., Ltd., has been named Preferred Negotiation Rights Holder by the City of Choshi, Japan, to develop the proposed Choshi Music Park.

The City of Choshi issued formal written notification of its decision on June 22, 2026, signed by Mayor Shinichi Koshikawa. OFA Japan Asset Management received the highest evaluation score from the City's five-member selection committee following a competitive public proposal process.

Under Japanese municipal procedure, the Preferred Negotiation Rights Holder designation authorizes the parties to negotiate final implementation terms. No definitive land lease has been executed, and the project remains subject to the completion of negotiations and final documentation.

The development is planned for approximately 7,000 square meters of municipally owned land at 15-7 Shiomicho in Choshi City. The proposed lease term is expected to run 15 to 30 years, subject to the City's final determination. Before executing the land lease, OFA and the City expect to enter into a separate agreement covering implementation conditions.

The Choshi Music Park is described in the press release as a cultural destination combining performance venues, educational facilities, public gathering spaces, and tourism infrastructure. OFA stated the project would incorporate its proprietary AI Building Information Modeling platform, QikBIM, across design, engineering, and asset management functions.

"We are honored that the City of Choshi has selected us for this project," said Larry Wong, President of OFA Japan Asset Management Co., Ltd. "We look forward to working closely with the City to complete the contractual process and build a destination that brings together innovative architectural design, AI-enabled engineering and sustainable community development."

OFA Group said it expects to provide additional updates as negotiations progress and definitive agreements are executed.

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