Marketing for condo sales in Harumi Flag – the sprawling development that will be temporarily used as the Athlete’s Village for the 2020 Summer Olympics – is off to a strong start with over 1,000 interested buyers visiting the show room over the 10-day Golden Week holiday in late April.
Show room visits are by appointment only, with the sales office currently fully booked through to late June. Many of the visitors are already residents in the Tokyo waterfront district, although there has been higher-than-expected interest from buyers in regional areas. To date, over 15,000 people have registered their interest online.
Sales are scheduled to start in late July or August 2019, with apartments to be released in stages over the new few years. Apartments in the Park Village and Sea Village buildings are expected be priced from 54 ~ 130 million Yen, with average prices ranging from 900,000 ~ 1,300,000 Yen/sqm. Official pricing will be announced in July, and will be based on current feedback from interested buyers.
100 sqm + units
Almost half of the apartments in the mid-rise buildings will range from two to four-bedroom units and will be sized from 60 ~ 150 sqm (646 ~ 1,614 sq.ft). The average apartment size is 84 sqm (904 sq.ft). The average size of a new apartment supplied in Tokyo’s 6 central wards over the past 10 years is just 63 sqm (678 sq.ft), making apartments in this project about 30% larger than normal. The Harumi Flag project will also include around 300 apartments that are over 100 sqm in size. Anything over 100 sqm in Tokyo is considered a premium or luxury apartment due to its scarcity and size.
The project covers an 18-hectare site on the southern end of Harumi Island in Tokyo Bay. It will include 5,632 apartments in 23 residential buildings. 4,145 of those apartments will be offered for sale, while 1,487 will be rental units. Apartments will be ready to move into from March 2023, and will house up to 12,000 residents. Many of the buildings will be completed in time for the 2020 Summer Olympics, providing accommodation to athletes. Once the games have ended, the apartments will be renovated.
Transport is a potential issue with this location as there are no train lines servicing Harumi island. The nearest train station is Kachidoki, which is a 17 ~ 22 minute walk away depending on the building.
The Nikkei Shimbun, April 23, 2019.
Nikkan Gendai, May 9, 2019.
Diamond Online, May 13, 2019.
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