Average price: 2,680,000 Yen/sqm (2,035 USD/sq.ft)
*Update: This building has sold out as of September 2016*
Chiyoda’s Bancho area is about to see another record-setting condominium go on sale next month. Branz The House Ichibancho is currently under construction in Ichibancho. The second round of sales is scheduled to start in early December. 5 apartments will be offered for sale, ranging in price from 275 ~ 540 million Yen (2.25 ~ 4.41 million USD). Prices per square meter will range from 2,257,000 ~ 3,084,000 Yen (1,700 ~ 2,325 USD/sq.ft).
The 3-Bedroom apartments range in size from 121 ~ 175 sqm (1,302 ~ 1,883 sq.ft). Despite the large size and the high price, the apartments only have 1 bathroom each, with no bathroom for the master bedroom. It is quite common for condominiums in Japan to have only one bathroom as developers continue to build for the domestic market only.
The 12-storey building will contain 56 apartments, of which 48 will be offered for sale. Completion is scheduled for November 2016, with apartments ready for delivery to buyers from the end of January 2017.
The building will have a porte-cochere car entrance and a concierge desk. Apartments will have floor heating in the living/dining rooms, master bedrooms and bathrooms.
For a slightly lower price it is possible to buy a high-floor unit in the highly desirable Park Mansion Chidorigafuchi, where a 2-Bedroom, 156 sqm unit on the 11th floor was previously listed for 462,000,000 Yen (3.77 million USD), or 2,946,000 Yen/sqm (2,236 USD/sq.ft). This building is located alongside the Cherry Blossom-lined Chidorigafuchi Moat around the Imperial Palace – arguably one of the most prized locations in Tokyo.
To give a comparison between the pricing of brand new and older apartments, Homat Orient, a 31-year old vintage apartment building located directly on the western side of Branz The House Ichibancho, had a 180.00 sqm, 4-Bedroom unit listed for 278,000,000 Yen (2.27 million USD), or 1,544,000 Yen/sqm (1,170 USD/sq.ft). On a per square meter basis, the Homat apartment is less than half the price of a similarly sized apartment in Branz The House due to the age difference.
Chiyoda’s Bancho area is home to the most expensive residential land in Japan. A government survey site in Rokubancho was valued at 3,150,000 Yen/sqm in 2015, up 6.4% from 2014, and the highest value residential site in the country, while another nearby survey site in Sanbancho was valued at 2,430,000 Yen/sqm (+6.6%), ranking 3rd nationwide.
In September 2013, Mitsubishi Jisho’s ‘The Parkhouse Gran Chidorigafuchi’ sold out 18 months prior to completion. Apartments were priced from 160 to 542 million Yen, with an average price of 2,400,000 Yen/sqm. At the time this was the most expensive new condominium to go on sale in Japan since 2008. The building is located across from the Chidorigafuchi Moat and overlooks the Imperial Palace.
Earlier this month, a high-rise condominium near Tokyo Midtown in Akasaka saw a same-day sellout as 152 apartments priced from 2,730,000 ~ 7,389,000 Yen/sqm (2,100 ~ 5,600 USD/sq.ft) sold out over the first weekend of sales. The 1.5 billion Yen, 203 sqm (2,184 sq.ft) penthouse apartment set a record on a price per square meter basis.
- Hanzomon Station – 3 min walk
- Ichigaya Station – 6 min walk
- Kojimachi Station – 6 min walk
- Chidorigafuchi Moat: 550 meters
- Embassy of the UK: 650 meters
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