Tokyo Region

No. Golf course Appraisal Value
(JPY million)*1
Location Area (m2) Number of Holes Year of Acquisition by the Sponsor Revenue FY15/16
(JPY million)*2
Utilisation Rates FY15/16(%)*3
1 Daiatsugi Country Club Hon Course 8,370 Atsugi-Shi, Kanagawa 1,258,046 27 2005 1,406 88.7
2 Daiatsugi Country Club Sakura Course 6,660 Atsugi-Shi, Kanagawa 813,283 18 2005 1,149 110.9
3 Northern Country Club Nishikigahara Golf Course 4,330 Saitama-Shi, Saitama 1,328,762 43 2005 1,229 88.6
4 Tokyowan Country Club 3,870 Sodegaura-Shi, Chiba 856,861 27 2005 1,065 84.0
5 Tsuchiura Country Club 3,790 Inashiki-Shi, Ibaraki 814,039 27 2005 948 87.5
6 Odawara Golf Club Matsuda Course 2,960 Ashigarakami-Gun, Kanagawa 609,524 18 2007 697 90.5
7 Central Golf Club*3 2,800 Namegata-Shi, Ibaraki 1,908,836 36 2005 995 75.4
8 Fujioka Golf Club 2,750 Fujioka-Shi, Gunma 1,216,014 36 2008 726 70.8
9 Yorii Country Club 2,690 Osato-Gun, Saitama 781,816 18 2006 671 79.6
10 Aqualine Golf Club 2,620 Kisarazu-Shi, Chiba 812,297 18 2006 656 77.5
11 Naritahigashi Country Club 2,440 Katori-Shi, Chiba 772,311 18 2005 622 84.0
12 Mito Golf Club 2,300 Mito-Shi, Ibaraki 1,453,942 36 2005 872 70.0
13 Chiba Sakuranosato Golf Club 2,270 Katori-Shi, Chiba 948,171 18 2005 578 83.7
14 Sawara Country Club 2,090 Katori-Shi, Chiba 759,508 18 2005 670 84.5
15 Kanetsu Highland Golf Club 2,050 Takasaki-Shi, Gunma 1,047,405 27 2008 622 80.1
16 Minagawajo Country Club 2,040 Tochigi-Shi, Tochigi 569,047 18 2005 600 74.2
17 Ohiradai Country Club 1,900 Tochigi-Shi, Tochigi 797,090 27 2005 621 75.5
18 Kanra Country Club 1,600 Kanra-Gun, Gunma 1,156,822 18 2007 496 79.2
19 Tamagawa Country Club 1,570 Hiki-Gun, Saitama 1,054,979 18 2005 558 80.5
20 Central Golf Club New Course*3 1,450 Namegata-Shi, Ibaraki 1,030,232 18 2005 493 80.3
21 Sainomori Country Club*3 1,430 Chichibu-Shi, Saitama 1,243,143 18 2005 615 78.3
22 Kodamakamikawa Country Club 1,380 Kodama-Gun, Saitama 1,088,693 18 2005 534 84.8
23 Wildduck Country Club 1,320 Kamisu-Shi, Ibaraki 836,671 18 2008 492 76.7
24 Myogi Country Club*3 1,300 Tomioka-Shi, Gunma 803,549 18 2005 970 72.5
25 Koryo Country Club 1,130 Kanuma-Shi, Tochigi 984,175 27 2007 518 68.4
26 Ishioka Golf Club West Course 1,090 Kasama-Shi, Ibaraki 1,262,015 18 2005 554 83.8
27 Midono Country Club 1,070 Fujioka-Shi, Gunma 1,668,200 18 2005 524 84.8
28 Hanao Country Club 1,010 Isumi-Gun, Chiba 1,242,026 18 2005 511 81.2
29 Twin Lakes Country Club 921 Fujioka-Shi, Gunma 1,280,567 18 2005 561 83.3
30 Kamogawa Country Club*3 696 Kamogawa-Shi, Chiba 889,599 18 2005 602 81.0
31 Chichibu Kokusai Country Club 626 Chichibu-Gun, Saitama 784,338 18 2006 332 70.4
32 Northern Country Club Akagi Golf Course*3 466 Shibukawa-Shi, Gunma 1,516,533 27 2005 396 61.5
33 Kitsuregawa Country Club*3 365 Sakura-Shi, Tochigi 1,084,069 27 2008 538 67.1
34 Northern Country Club Jomo Golf Course 202 Agatsuma-Gun, Gunma 908,267 18 2005 223 69.8
35 Village Higashi Karuizawa Golf Club*3 102 Annaka-Shi, Gunma 748,362 18 2008 278 66.5

*1 Based on real estate appraisals as at 31 December 2015 conducted by the Independent Real Estate Appraisers.
*2 Revenue includes play fees (green fees and cart fees), caddy fees, restaurant charges, membership fees and other revenues from the golf course.
*3 Utilisation rate = Total no. of visitors per 18 holes/(Total operating days x 200 persons).