APA Group breaks ground on latest luxury condo

The Conoe Mita Tsunamachi

On April 7, APA Group held the groundbreaking ceremony for their latest luxury condominium project in central Tokyo. The Conoe Mita Tsunamachi is located on a prime corner block along the same street as the Australian Embassy and the members-only Tsunamachi Mitsui Club.

The 9-storey building will contain 45 one and two-bedroom apartments ranging in size from 73 ~ 216 sqm (785 ~ 2,313 sq ft). Completion is expected by July 2017. Bathrooms will be designed to feel like those found in luxury hotels overseas, with natural wood and stone finishes.

Pricing has yet to be announced, although there have been some rumours that the average price could be around 3,000,000 Yen/sqm (2,345 USD/sq ft).

*Update: This building has been converted to a rental-only building. 

APA’s ‘Conoe’ brand of apartments were originally compact, investor-grade apartments, but they have recently introduced ‘The Conoe’ series which caters to the high-end of the market. Their first ‘The Conoe’ project is currently under construction near Daikanyama Station. Apartments in The Conoe Daikanyama have an average price of 1,985,000 Yen/sqm. Sales in the Daikanyama project began in March, with all 35 apartments initially offered for sale receiving purchase applications. An average of 3.3 applications were made on each apartment, with the most popular apartment receiving 23 applications.

APA has designed the Mita Tsunamachi project to an even higher grade and higher price point than the Daikanyama project. They are also planning a Conoe-branded condominium for the Nishiazabu area.

The Mita 2 Chome neighbourhood has long been a wealthy and highly regarded residential area, yet residential options remain quite limited.

Mitsui have historically had a heavy presence in the area, having developed several condominiums over the past 40 years as well as developing the Tsunamachi Mitsui Club in 1913. In early 2016, Mitsui’s Park Mansion Mita Tsunamachi The Forest will be completed. It is located directly behind the Australian Embassy. Apartments had an average price of 2,110,000 Yen/sqm when new, with some apartments priced over 4,000,000 Yen/sqm. All apartments had sold out by December 2014. In 2011, Mitsui completed Park Mansion Mita Hyugazaka which is located across the street from the Australia Embassy. Although the property market was quite depressed at the time, apartments had an average price of 2,150,000 Yen/sqm when new.

Location

Mita 2 Chome, Minato-ku, Tokyo

  • Azabu Juban Station: 8 min walk
  • Akebanebashi Station: 9 min walk
Tsunamachi Mitsui Club
The Tsunamachi Mitsui Club (c1913)
Park Mansion Mita Hyugazaka (2011). Average price when new: 2,150,000 Yen/sqm.
Park Mansion Mita Tsunamachi The Forest (2016). Average price when new: 2,110,000 Yen/sqm.

Source: R.E.Port April 7, 2015.

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