OFA Subsidiary named Preferred Negotiation Rights Holder; long-term land lease of 15–30 years to follow
TORRANCE, Calif., June 25, 2026 (GLOBE NEWSWIRE) -- OFA Group (NASDAQ: OFAL) ("OFA" or the "Company"), an integrated AI-powered architecture, engineering and real estate development company, today announced that its wholly owned subsidiary, OFA Japan Asset Management Co., Ltd., has been selected as the Preferred Negotiation Rights Holder by the City of Choshi, Japan to develop the proposed Choshi Music Park, following a competitive public proposal process.
The City issued formal written notification of its decision on June 22, 2026, signed by Choshi Mayor Shinichi Koshikawa. OFA Japan Asset Management's proposal earned the highest evaluation score from the City's five-member selection committee, securing its designation as Preferred Negotiation Rights Holder.
Under Japanese municipal procedure, selection as Preferred Negotiation Rights Holder completes the public evaluation phase and authorizes the parties to negotiate final implementation terms.
Before executing the land lease, OFA and the City expect to enter into a separate agreement covering implementation conditions; once those are satisfied, the parties intend to execute the definitive lease as a notarized deed, as required under Japanese law. No definitive land lease has yet been executed, and the project remains subject to the completion of negotiations and final documentation.
The development will occupy approximately 7,000 square meters (roughly 75,000 square feet) of municipally owned land at 15-7 Shiomicho, Choshi City. The proposed lease is expected to run 15 to 30 years, subject to the City's final determination.
The Choshi Music Park advances OFA's strategy of applying QikBIM, its proprietary AI Building Information Modeling platform across the full development lifecycle — from conceptual design and engineering coordination through digital visualization and long-term asset management. The Company expects the project to serve as a flagship demonstration of how AI-driven design can improve efficiency, multidisciplinary collaboration and long-term operational performance on large-scale cultural and public infrastructure.
The Music Park is envisioned as a cultural destination combining performance venues, educational facilities, public gathering spaces and tourism infrastructure, supporting Choshi City's goals for cultural revitalization and regional economic growth.
Larry Wong, President of OFA Japan Asset Management Co., Ltd., commented: