On March 30, Jiji Press reported that off-the-plan sales in Harumi Flag have been temporarily suspended and the sales showroom closed. The large-scale condo complex on a manmade island in Tokyo Bay was initially planned to be used as the Athletes Village for the 2020 Olympics, but the postponement of the games has thrown a wrench into the scheduling of the post-Olympic refurbishment of the apartments.
The 21 buildings sit on a large site in Harumi Island. Construction is expected to be completed this month, with the apartments to house 18,000 Olympic athletes. Once the games are over, the apartments will be refurbished and delivered to buyers. The project will eventually contain 5,632 apartments in 24 buildings, of which 4,145 units will be made available for purchase.
Delivery was originally planned to take place from early 2023 onwards, but the recent decision to delay the Olympics until 2021 means that the buyers are less likely to receive their apartments as scheduled.
The first round of sales began in mid-2019. Of the 940 apartments released for sale so far, 893 had found buyers. The second sales round was scheduled to start at the end of March 2020, but re-scheduled until after June. The latest news indicates that a June sales period might be off the cards until a confirmed delivery date can be determined.
Source: Jiji Press, March 30, 2020.
