All 88 apartments in Nomura’s ‘Proud Minamiazabu’ condominium have sold prior to completion.
The 7-storey building is adjacent to the French Embassy in the exclusive Minamiazabu 4 Chome residential neighbourhood. This is a leasehold building, which means apartment owners do not own a share of the land. The land is leased from the Embassy under a 60 year fixed-term. At the end of the term, the land and building must be returned to the Embassy.
Leasehold apartments are usually notoriously difficult to sell, whether new or old, so this property is an exception. The reason for the quick sell-out comes down to price. Apartments in Proud Minamiazabu were priced between 1,030,000 ~ 1,360,000 Yen/sqm, while freehold apartments (with land ownership) built in the last 10 years in the same Minamiazabu neighbourhood can be priced from 1,500,000 ~ 2,000,000 Yen/sqm. Minamiazabu is also home to Japan’s most expensive 1-Bedroom apartment in “The House Minamiazabu” which comes with an asking price of 1.8 billion Yen (4,370,000 Yen/sqm).
Sales in Proud Minamiazabu began in June 2012, and completion is scheduled for October 2013. Apartments were priced from 60.9 to 490 million Yen and ranged in size from 69.08 to 192.70 sqm.
Location: 4-11-44 Minamiazabu, Minato-ku, Tokyo
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