Sumitomo Forestry announces new luxury home plans

Sumitomo Forestry Luxury Home 1

Sumitomo Forestry announced a new luxury home design and construction service aimed at wealthy clients who are seeking meticulously designed and well-appointed residences.

A model house in the Komazawa Koen Housing Gallery in Setagaya-ku is scheduled to open on October 17, while pre-inspections are currently available by appointment only. Another model house will open in Nagoya City. Both homes were designed by Design Partner Group.

The Komazawa model house was designed to reflect contemporary and traditional Japanese styles in an urban setting. All rooms open onto a central courtyard which provides light, air flow and a spot for greenery. Interior designer Yukio Hashimoto was in charge of the interiors, with special touches including traditional Japanese plaster, lacquering, gold and silver leaf and shoji sliding doors. 

Sumitomo Forestry Luxury Home 2

Sumitomo will begin accepting orders from January 2015. Construction prices will start from 60 million Yen (555,000 USD). They are expecting orders for around 500 homes per year.

Sumitomo Forestry’s average house construction price is approximately 32 million Yen, or around 245,000 Yen/sqm. The new luxury home offerings will have an average construction price over 300,000 Yen/sqm.

While home construction orders have continued to decline following the increase in the consumption tax rate in April 2014, Sumitomo believes that the market for high-end homes over 60 million Yen has stabilised. High-end home orders accounted for 2.8% of Sumitomo’s revenue in the fiscal year ending in March, 2014. With this new offering, they are expecting it to reach 3.0% by the 2015 fiscal year.

Sources:
The Nikkei Shimbun, October 8, 2014.
Suumo Journal, October 9, 2014.

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