An enclave of brand-new luxury detached houses in the Seijo neighborhood in Tokyo went on sale at the end of January, with all five homes selling out. The average price per house was around 230 million Yen (approx. US$2.15 million), with the most expensive home priced at 270 million Yen.
One of the homes received five purchase applications, with the lucky buyer selected via a raffle. The sales page opened in December and received around 4,000 requests from interested buyers.
The developer, Nomura Real Estate Development, will be developing more of these 200 million Yen + housing developments in Tokyo’s 23 wards.
Typically, the build-to-sell market is dominated by developers providing cheap, small and quick builds to cater to the largest demographic possible. Houses are usually around 100 sqm (1,076 sq.ft) in size, and priced from tens of millions of Yen up to the mid 100 million Yen price range. A buyer looking for a new home slightly larger than this would usually have to go to the trouble of finding land and then building on it.
Few of Japan’s big developers have been willing to take a chance on the untapped luxury detached home market. It’s not a simple task, as luxury homes require larger land parcels in the right location, higher construction costs and longer build times.
The three and four-bedroom houses built by Nomura in Seijo had floor sizes ranging from 120 to 170 sqm (1,291 ~ 1,829 sq.ft), and have lot sizes ranging from 150 ~ 173 sqm. Ceiling heights are up to 3 meters, with windows up to 2.7 meters high. Intenza-brand kitchens come with large-sized Miele dishwashers, and bathrooms feature Lixil’s Spage range high-end bath/shower rooms. Central heating and cooling is provided by Mitsubishi’s Aerotech.
Outside, the landscape is in keeping with Seijo’s bylaws about hedges and exterior treatments. The private road within the mini-subdivision has the power cables all buried below-ground.
The sixth and final house in the subdivision will go on sale from February 19 to registered buyers. It is a 137 sqm (1,474 sq.ft) four-bedroom, one-bathroom house and priced at 260 million Yen (approx. US$2.24 million).
The six homes will be ready to move into from April 2022.
Source: Nomura Real Estate Development Press Release, February 3, 2022.
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