Nomura’s Proud Tower Shinonome sells out on 1st day of sales

In what appears to be good news for developers on Tokyo’s bay area, all of the apartments in Nomura Real Estate’s Proud Tower Shinonome Canal Court that went on sale this Monday received purchase applications on the same day.

The 52-storey, 600 unit residential tower is located on a reclaimed island on Tokyo Bay, an area that suffered from a  drop in popularity following the March 11 Tohoku disaster due to its liquefaction risks.

From the first period of sales, all 250 units were sold. The sale prices ranged from 39.9 to 109.9 million Yen (511,000 ~ 1.4 million USD), and apartment sizes ranged from 58.87 to 103.74 sqm (633 ~ 1116 sqft).

Just over 4700 people visited the apartment model rooms from September. The 250 apartments listed for sale received 280 purchase applications, meaning some people missed out on purchasing this time. The average age of the applicants was 39 (54% were in their 30s, and 26% were in their 40s), and 44% of them already lived within Koto-ku.

The next sales period starts mid-February, 2012.

Source: The Nikkei Shimbun, December 12, 2011.

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