Japan Property Central
The House Minamiazabu
Price Range: 160 million ~1.5 billion Yen
Size Range: 81.21 ~ 412 sqm (873 ~ 4433 sqft)
Average Price: 1,800,000 Yen/sqm
Average Rent: 5,800 ~ 6,400 Yen/sqm/month
Estimated Gross Yield: 3.86 ~ 4.26% pa
The House Minamiazabu is considered to be the best apartment complex in Minato-ku, Tokyo, and possibly Japan. Located in Minamiazabu 5 Chome, it is just a few minutes walk to Arisugawa Park, Hiroo Station and Roppongi Hills. The property was originally the site of the residence of the founder of Seibu Group. The residence was then purchased by Saison Group and became a members-only reception hall which hosted many private events and parties for Japan’s celebrities. When sales first began, apartments were priced from 89 million to 1.27 billion Yen, with the majority of apartments priced in the 200 million Yen range.
Built in 2004, apartments still command high prices. According to President Magazine’s March 2010 issue, average apartment prices in The House Minamiazabu have appreciated by 63.7% since new. The building was ranked second in Tokyo for price increases, with the top spot going to Proud Minamiaoyama. During the peak of the property market in early 2008, apartments in the building were listed for approximately 2,350,000 Yen/sqm. They have since dropped to an average of 1,800,000 Yen/sqm.
Some of the recent sale listings include:
- 3F 2-Bedroom 112.06sqm 198,000,000 Yen
- 4F 2-Bedroom 106.28sqm 166,000,000 Yen
- 4F 3-Bedroom 126.05sqm 275,000,000 Yen
- 9F 3-Bedroom 272.35sqm 698,000,000 Yen (Reduced from 880,000,000 Yen)
- 10F Penthouse 412sqm 1,500,000,000 Yen (Reduced from 1,800,000,000 Yen)
Images:
Sample Floorplans:
9F 3-Bedroom 272.35 sqm (2930 sqft). Price: 698,000,000 Yen.
The 412sqm 1-bedroom penthouse. Price: 1.5 billion Yen.
Location:
Address: 5-2-5, Minami Azabu, Minato-ku, Tokyo
Hibiya Line – Hiroo Station – 4 min walk
Building Details:
Completion: 2004
Construction: 10 stories, 1 basement Reinforced Concrete
Developer: Nomura Corporation
Construction Company: Mitsui Corporation
No. of Units: 119
No. of Carparks: 113
Facilities:
- Concierge Service provided in cooperation with The Hotel Okura.
- 24hr Caretaker
- Partyroom
- Kitchen Studio
- Golf Range
- Guest Suite
Sales Points:
- Name-recognition
- Expat Area
- 3 minute walk to Arisugawa Park and National Azabu Supermarket.
- International School area (Nishimachi International School, Sacred Heart, Montessori, ASIJ & German School Bus Stops)
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Some websites claim the penthouse at The House is the most expensive one-bedroom in the world. It is listed on Sotheby’s Japan at 1.8 billion yen for 412 sqm. I wonder what the floor plan looks like as it is hard to imagine a one-bedroom of this size especially in Tokyo.
It’s great to see it has been tastefully designed with a blend of traditional and contemporary Japanese style (as opposed to the classical Renaissance style that you sometimes see in expensive properties which just seems out of place in Japan).
http://www.japan-sir.jp/en_us/thing/archives/5534
The interior is enviable and it very well could be the most expensive 1LDK, or more like 1LLDDDKK. Although not the largest as one of the penthouses at La Tour Daikanyama was 500sqm with just one bedroom.
Speaking of Renaissance style, there is a penthouse apartment in Roppongi Hills for sale at 880 million Yen in the style you speak of (http://www.kencorp.co.jp/housing/sale/2007025143.html). On a price/sqm basis, it isn’t that much cheaper than Minamiazabu.
Yes that’s the style I was referring to! Personally I find that such decor causes the property value to drop by at least 20%! And I’m sure it’s as costly to produce as tasteful modern Japanese design. Must be a generational gap thing!