Tokyu to start flipping luxury condominiums
This month, Tokyu Land will start sales of condominium units in a 9 year old residential building in Roppongi. The company acquired the former Residia Tower Roppongi, a 27-storey rental-only tower, in 2014 and will soon start selling off the apartments individually as they become vacant.
The revamped building has been re-named ‘Majes Tower Roppongi’. It is across the street from The National Art Center, 200 meters from Tokyo Midtown and 600 meters from Roppongi Hills. Apartment prices will range from 60 ~ 200 million Yen (500,000 ~ 1.66 million USD), with an average price of around 1,630,000 Yen/sqm (1,260 USD/sq.qft).
A 47.88 sqm (515 sq.ft) studio apartment on the 8th floor is listed for 66,100,000 Yen, while a 117.14 sqm (1,260 sq.ft) 2-Bedroom apartment on the 6th floor is listed for 199,600,000 Yen.
Based on average rents, investor-buyers should expect gross yields the 2 ~ 3% range. Just 6 of the 83 apartments will be available for sale during the first round of sales this month. They will be ready for delivery to buyers from early 2016.
Because this was originally built as a rental building, it does not have floating floors (something commonly found in condominiums as a way to provide extra insulation and sound proofing, and allow for easier re-configurations of piping and layout). Ceiling heights are also a maximum of 2,450mm, which is average but a little lower than the 2,500 ~ 2,600mm found in luxury residences.Read more