Daiwa House have acquired a 3.6 hectare development site in Ariake, Koto-ku for 42.17 billion Yen (approximately 424 million USD). The land was sold by the Urban Renaissance Agency (UR).

The site is part of the Ariake North District on a man-made island in Tokyo Bay. It has water frontage on two sides and is walking distance to Odaiba.

Although plans have not been announced, it is likely that Daiwa will construct a high-rise residential building along with retail and commercial facilities. *Update: Recent murmurings suggest that Daiwa may build a logistics centre on the site rather than apartments.

The Ariake area is undergoing a transformation with a number of recently completed condominiums and new projects under construction.  In 2010, Sumitomo acquired 11 hectares of waterfront land in Ariake and plan to construct thee high-rise residential towers with 1,500 ~ 2,000 apartments, along with shopping and other retail facilities.  The ‘Ariake Garden City’ project is scheduled to begin construction in June 2014, with completion in late 2016.

If Tokyo is selected to host the 2020 Summer Olympics, Ariake will be the site of volleyball and gymnastics events.

The man-made island was created from a landfill project in 1931. Buildings have a height limit of 120m due to the proximity to Haneda Airport.

Source: The Nikkei Shimbun.

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