Harumi Flag goes on sale today

Sales in the Harumi Flag Athlete’s Village start today, with applications closing on August 4. The first round of sales will see over 600 apartments on offer.

Apartments in Sea Village and Park Village will be the first to go on sale.

Sea Village has five buildings with 686 apartments. 200 three and four-bedroom apartments will go on sale today. Sizes range from 85 ~ 152 sqm (915 ~ 1,636 sq.ft) and prices range from 75.5 ~ 230 million Yen (approx. 700,000 ~ 2.1 million USD). The majority of apartments are priced in the 86 million Yen (800,000 USD) range.

Park Village, fronting onto Harumi Wharf and the passenger ship terminal, has 1,637 apartments spread over 7 buildings. 389 apartments will go on sale today with prices ranging from 54 ~ 132.4 million Yen (approx. 500,000 ~ 1.23 million USD). The two, three and four-bedroom apartments range in size from 66 ~ 106 sqm (710 ~ 1,141 sq.ft). The majority of apartments are priced in the 64 million Yen (590,000 USD) range.

There will be some apartments sized around 75 sqm and with no water views that will be in the 50 million Yen range. This is about 20% lower than the current market price in other districts on Tokyo Bay. The drawback is the relative distance to the nearest train station. With future residents facing a 20-minute walk or longer to Kachidoki Station, one island over, there are some concerns that this falls well outside of the general preference for no more than a 7 ~ 10 minute walk. The planned bus route may also struggle to cope with 15,000 new residents.

Nevertheless, over 4,500 groups have visited the sales showroom to date, while 22,000 people have registered their interest in the project. 

The majority of the buildings will be completed next year to be used temporarily by athletes competing in the 2020 Summer Olympics. Afterward, apartments will be refurbished, several high-rise towers will be built, and the apartments will be delivered to buyers from 2023.

When complete, Harumi Flag will consist of 23 apartment buildings on a 13-hectare site. There will be 5,632 apartments, of which 4,145 will be for sale and 1,487 will be rental only.

The reason for the early start of pre-sales is due to the time required to sell over 4,000 apartments. The sales office is expecting to sell around 1,000 apartments per year. Tokyo typically sees around 15,000 new apartments offered for sale each year. With this project representing almost a third of the annual supply, dumping all the units on the market at once would not be a wise move.

The average apartment size is around 84 sqm (904 sq.ft), which is considerably larger than Tokyo’s average of 63 sqm (678 sq.ft). 

Source: The Tokyo Shimbun, July 18, 2019.

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