The Akasaka/Toranomon district is one part of Tokyo that is beating property price trends, despite the pandemic. It is home to the most expensive residential land in Japan. Exploring the neighborhood will help to explain why it is outperforming the others.
The Homat Royal condominium built in 2012, pictured above, sits atop the most expensive residential land in Japan. According to the most recent Standard Land Price (kijun-chika) valuation as of July 1, 2021, the land was valued at 4,870,000 Yen/sqm, up 3.2% from last year and up 7.5% from 2019. This site is also a survey point for the Government Assessed Land Values (koji-chika) and its value has risen by 96% over the past 10 years.
Right across the street is Hotel Okura’s South Wing annex. Built in 1973 with 388 hotel rooms, it closed its doors for good in September 2020. There are tentative plans to replace it with a 115-meter tall office tower and a 180-meter tall apartment tower in the coming years. In 2019, Hotel Okura re-opened in a newly built 188-meter tall high-rise that replaced their original 1962 modernist hotel building.
Just down the hill from the new Hotel Okura building is the Toranomon Hills redevelopment district. Pictured below is the Toranomon Hills Station Tower – a 265-meter tall, 49 story office and hotel tower designed by OMA. Completion is expected by July 2023.
Below is a new condo with 120 apartments. Still under construction but completely sold out. Ready to move-in from April 2022. Apartments range from 44 ~ 131 sqm (473 ~ 1,410 sq.ft). The 44 sqm one-bedroom apartments were priced around 110 million Yen (approx. US$1 million). The average price when new was around 2.6 million Yen/sqm. Apartments around 100 sqm in size had an average price of around 3 million Yen/sqm. (Apartments over 100 sqm are generally considered a luxury in Japan, and priced accordingly).
Just down the street is Proud Toranomon, a 62-unit condominium that was completed in 2019. When new, apartments had an average price of around 2.3 million Yen/sqm. Resale listings in 2021 have been between 3 ~ 3.2 million Yen/sqm.
Ark Hills Sengokuyama Residence, a 47-story mixed-use office and apartment building designed by Cesar Peli and completed 2012. Residences are on the lower floors, and offices are on the upper floors. Current apartment listings are priced between 3 ~ 4 million Yen/sqm, a 30 ~ 40% increase over the past two years. Despite having 243 apartments, there are just 3 listed for sale as of October 2021.
Construction is progressing on the Toranomon-Azabudai District Redevelopment, due for completion in 2023. The luxurious Aman Residences, Tokyo will adorn the 54th ~ 64th floors of the 330-meter tall landmark tower, with private sales of the 91 apartments already underway. The 8.3-hectare site will also include two 270m and 240m apartment towers, and the British School.
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