Terrace Shibuya Mitake sold out 7 months prior to completion

Although completion is not expected until February 2013, the 128 apartments available for purchase in Terrace Shibuya Mitake have now been sold*.

The new apartment building is in a prime location just one minute from Shibuya station. New and near-new apartments this close to Shibuya station are very limited in number.

There are a total of 196 apartments in the 17-storey building, of which 68 will be given to original landholders from the Mitake Building which once stood on the site. The remaining 128 were sold by the developers.

The first round of sales in March achieved a same-day sellout when the first 90 apartments put up for sale received applications from 197 interested buyers. When there is more than one offer on a unit, a lottery system is used to determine who gets the opportunity to buy it.

Apartments were priced between 37.8 and 184 million Yen (481,500 ~ 2,344,000 USD) and ranged in size from 33.10 to 113.47 sqm (356 ~ 1220 sqft). The majority of apartments were around 60 ~ 70 sqm and priced in the 80 million Yen range.

*All apartments have been put under contracts to purchase, but if a buyer cancels, the unit will be put back on the market.

Nikkei Press Release, July 20, 2012.

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