Mitsui Fudosan Residential have purchased a 8,800 sqm block of land in Harumi 2 Chome from the Tokyo Metropolitan Government for 9 billion Yen (109 million USD). The price works out to approximately 1,023,000 Yen/sqm.

Mitsui recently purchased a 10,200 sqm site on the eastern side of this block from Taiheiyo Cement for 8 billion Yen. Although they have not yet decided on development plans, there is a chance that they will combine the two blocks and built a large-scale residential tower.

Tokyo City put the site up for public tender at the end of October with a minimum bid of 7.066 billion Yen (85.4 million USD). Mitsui’s bid of 9.035 billion Yen was accepted.

The Harumi area is a man-made island that was completed in 1929. It was originally used for port facilities and factories, although these are slowly being replaced by commercial and residential buildings. The south-western end of the island was slated to be the site of the Olympic Stadium for Tokyo’s 2016 Olympic bid, but it’s future use remains undecided.

One of the problems brought up during the Olympic bid was Harumi’s distance from subway stations. The nearest station to the site purchased by Mitsui is Tsukishima, which is at least a 10 minute walk away. Other stations include Kachidoki (16 minutes) and Toyosu (14 minutes).

Mitsubishi Jisho Residence, along with Kajima Corporation, have started work on two 49-storey residential towers on a site to the west of Mitsui’s. The Parkhouse Harumi Towers will contain a total of 1,800 apartments when it is fully complete in 2016.

Tokyo and Chuo-ku are predicting the residential population of Harumi to reach 30,000 in the future, and are working on improving facilities in the area.

Source: The Nikkei Shimbun, November 19, 2012.

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