Nomura Real Estate has announced plans to develop a new brand of low-cost condominium apartments under the new “Ohana” brand. While Nomura’s most well-known “Proud” series of apartment buildings are typically priced from 50 ~ 60 million Yen per apartment, the “Ohana” apartments will be priced between 20 ~ 30 million Yen (255 ~ 385,000 USD) each. They hope to sell over 1000 apartments per year with an annual sales target of 30 billion Yen.

The new Ohana brand is the Hawaiian name for family. The target buyers are young families in their 20s~30s with an annual income of 4 ~ 7 million Yen and who are currently living in rental apartments between 40 ~ 60 square meters.

The apartments will be built in the suburbs or outskirts of Tokyo and will have fairly low maintenance costs. The buildings will be simple in construction, but will be carefully designed for family life.

The first Ohana apartment is being built in Higashimurayama City in West Tokyo. Sales begin at the end of October, 2011. Apartments in Ohana Yasaka Hagiyamacho are priced from 25 ~ 39 million Yen and range in size from 71.18 ~ 92.46 sqm. The 10 story building will have 141 apartments. The nearby Yasaka Station is approximately 45 minutes from Shibuya or Shinjuku.

Source:
The Asahi Shimbun, August 2, 2011

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