Last year, the rumored quiet sale of a 5.5 billion Yen (approx. 50 million USD) apartment in central Tokyo broke price records. Although the sale has not been confirmed, if true, this would make it the most expensive apartment to have ever been sold in Japan, exceeding the previous record of 4.4 billion Yen paid for a penthouse apartment in Domus Minamiazabu during the bubble era in the late 1980s / early 1990s.
The 580 sqm (6,241 sq ft) apartment is one of two apartments occupying the top floor of the 7-story Park Mansion Hinokicho-Koen. The building was developed by Mitsui Fudosan Residential and construction was completed at the end of April 2017.
The luxury residence is located directly across the street from Tokyo Midtown’s Hinokicho Park, and along what could be called Japan’s version of Billionaire’s Row. It replaced the former Vanguard rental apartment building which was built in 1988.
Sales were held completely privately and off-market with apartments offered only to VIP clients.
The building on the northern side is Park Mansion Roppongi which was developed by Mitsui and completed in late 2008. Apartments in this building had an average price of 3,800,000 Yen/sqm when sales began in 2007, with a penthouse priced at 4,930,000 Yen/sqm. The penthouse was the most expensive apartment in Japan at the time. Recent prices in this building have been around 2 ~ 3 million Yen/sqm for units on the lower floors.
On the opposite side of Hinokicho Park is the Kengo Kuma-designed 44-storey Park Court Akasaka Hinokicho Tower, which is also being developed by Mitsui. Completion is due by early 2018. One of the penthouse apartments was priced at 7,354,000 Yen/sqm. All apartments had sold out by early 2016.
During Japan’s asset bubble in the late 1980s and early 1990s, many luxury apartments were priced around 6,000,000 ~ 9,000,000 Yen/sqm.
Source: RBA Times, July 15, 2016.
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