On April 16, Odakyu Real Estate announced that all apartments in the newly-renovated The Peak Azabu Nagasaka condominium had sold out in March.
The 15-year old former rental building, previously known as Azabu Nagasaka Hilltop Residence, was acquired by Odakyu and refurbished into luxury condominiums. The 6-storey building has apartments ranging in size from 146.41 ~ 349.88 sqm (1,575 ~ 3,765 sq.ft), with prices ranging from 200 ~ 800 million Yen (approx. 1.8 ~ 7.2 million USD). The average apartment size was around 227 sqm – remarkably large for Japanese housing standards.
Located in an exclusive residential enclave just a 5 minute walk from Azabu Juban, neighbors include the Bridgestone family estate, Mitsubishi UFJ’s guest house, and, until a few years ago, the president of Softbank.
Full building renovations are becoming quite popular amongst Japan’s major developers as rising construction costs can make it an appealing alternative to building from scratch. The often trotted out anecdote that Japanese only prefer brand-new homes is a myth, with existing apartment sales now exceeding new construction in the capital.
Source: Odakyu Real Estate News Release, April 16, 2019.