Mitsui’s new condominium in Shibuya-ku is close to selling out, despite completion being eight months away. Sales in the 21-storey building first began in late 2012, and by the end of the year over 100 of the 142 apartments had contracts on them. As many as 30 ~ 40 potential buyers visit the showroom each weekend, so it seems very possible that the remaining apartments will soon be sold.

The average apartment price is approximately 912,000 Yen/sqm (roughly 10,000 USD/sqm), while the average price for apartments in the second stage of sales is 888,000 Yen/sqm. A 1-bedroom is priced from 41,300,000 Yen, while 2-bedroom apartments start from 48,200,000 Yen.

The building is a 7 minute walk from Shinjuku Central Park. However, one downside is that it is located alongside the busy Yamate-Dori avenue, which is part of the Metropolitan Expressway. This has not bothered buyers as the majority of apartments sold to date have been facing this road. 

The second stage of sales begins in early February. The majority of these apartments will have views towards the Tokyo Government Office and Shinjuku skyline.

One of the main reasons for this building’s popularity is the relative shortage of modern apartments in the surrounding area. The closest comparable property is Park Luxe Hatsudai – a 74-unit condominium developed by Mitsui three years ago. This property also sold out prior to completion. It was a 3 minute walk from Hatsudai Station, so it commanded a higher price (approximately 1,000,000 Yen/sqm). Unlike Park Tower, Park Luxe was primarily a compact-type apartment building where most units were in the 40 sqm (430 sqft) range. Park Tower offers apartments up to 73 sqm (785 sqft) in size.

Read more about Park Tower Shibuya Honcho here.

Source: RBA Times, January 21, 2013.

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