New luxury apartment building for Omotesando in 2019

Construction has started on a new luxury apartment building in Omotesando. The Minato-ku Minami Aoyama 4 Chome Project is a 7-story residential building located across the street from the Aoyama Cemetery and next-door to Oji Green Hill Apartments.

The developer, Mitsubishi Jisho Residence, recently completed a 7-story condominium called The Parkhouse Gran Minami Aoyama just 300 meters from this current project site. The apartments went on sale in mid-2015 and sold out on the first day of sales with an average of 9.6 buyers for each apartment. Current resale prices in this building range from 2.4 ~ 3.95 million Yen per square meter (approx. 1,980 ~ 3,260 USD/sq ft). It is possible that this new project could see similar pricing.

Although some apartments in this project may boast views of Roppongi Hills, they will also look directly over the historic Aoyama Cemetery. The site is a 7 minute walk from Omotesando Station, while The Parkhouse Gran Minami Aoyama is a 4 minute walk away.

Mitsubishi acquired the site in September 2009. It was previously the ‘Denmark House’ rental apartment building which was designed by architect Antonin Raymond and built in 1970.

In 2016, ‘chika-koji’ government assessed land values at a nearby survey site 200 meters down the street had a value of 2,050,000 Yen/sqm, up 7.33% from 2015 and up 120% from 2003. This was the 4th year in a row to see an increase. Values are still down 19% from the peak of 2,530,000 Yen/sqm seen in 2008.