Daiwa House is currently constructing a 23-storey, 206-unit apartment building in central Toyama City that will be the largest apartment building based on the total number of apartments to have ever been built in the Hokuriku region, which encompasses Toyama, Ishikawa and Fukui prefectures.
The 85m tall Premist Tower Sogawa is due for completion in March 2018. Floor 6 to 23 will be residential, while the first five floors of the building will contain retail and office space. Residents will be able to enjoy views of the Tateyama mountain ranges from a sky lounge, and will also have access to concierge services and guest suites.
Sales are scheduled to start in late April 2017. Apartments will be priced from around 20 million Yen (175,000 USD) for a 60 square meter (645 sq ft) two-bedroom apartment, to 70 million Yen (610,000 USD) for a 105 square meter (1,130 sq ft) four-bedroom apartment. The majority of apartments will be priced in the 40 million Yen range. Daiwa is expecting that many of the buyers will be wealthy Japanese in their 50s and 60s from outside the prefecture who are looking to purchase second-homes in Toyama.
The project is located on the site of the former Seibu Toyama Department Store which closed its doors over 10 years ago. The vacant and old department store building, coupled with a declining population, had city officials scrambling for a solution to revitalize the downtown district. It is hoped that Daiwa’s redevelopment project will assist with the region’s regeneration.
A total of 2,384 apartments in 35 buildings have been developed in the Hokuriku region since 1983, which amounts to approximately 70 apartments per year. In Toyama Prefecture, there have been 445 apartments in 8 buildings built since 2001. Of those, 398 apartments in 7 buildings were in Toyama City.
Daiwa House News Release, March 9, 2017.
The Chunichi Shimbun, March 10, 2017.