Sakishima, a man-made island in Osaka Bay, will soon get its first condominium in over 8 years.
Named ‘Osaka Bay Residence’, the 15-story building will contain 330 two, three and four-bedroom apartments. Apartment sizes will range from 59 ~ 87 sqm (635 ~ 936 sq.ft). Completion is scheduled for early 2021. Apartments are expected to be priced in the 29 ~ 54 million Yen (approx. 273,000 ~ 509,000 USD) range, with the majority of apartments priced around 39 million Yen (approx. 367,000 USD). It is located next door to the Osaka Regional Immigration Bureau and a 3-minute walk from Cosmosquare Station. There are plans for an extension to the subway line to connect Cosmosquare to Yumeshima island (an island that currently has no train access).
Sakishima, along with nearby Yumeshima and Maishima islands, has sat idle for decades, failing to attract development after the collapse of the asset bubble in the 1980s. However, the announcement of the 2025 World Expo to be held on Yumeshima island as well as it being a potential site for a future casino, has reinvigorated the once-limited real estate market on Osaka’s bayfront.
The island was built from landfill in the 1970s. In the late 1980s, Sakishima was touted the region’s up-and-coming technology and innovation centre. Development on the island soon stalled as the economy hit a downturn. Inadequate access and a lack of surrounding developments meant that the island had little appeal for visitors, residents and office tenants. Large tracts of land have been vacant for decades, with several sales attempts by the city falling flat.
The Expo announcement, the possibility of Yumeshima becoming an integrated resort / casino, and a planned extension to the subway line have helped land values around Cosmosquare on Sakishima. In July 2019, rosenka land tax values increased by 4.3%.
Source: The Sankei Shimbun, August 6, 2019.
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