Demand for apartments in Harumi Flag has reached such an unprecedented level that the developers have had to quickly implement some changes to quell speculative buyers and satisfy the Tokyo metropolitan government.

Pricing is about 20% to 40% cheaper than other high-rise apartments on Tokyo Bay. This is due to the distance from the station (at least a 20-minute walk), and the fact that the land was sold to the developers by Tokyo for a heavily discounted price in exchange for building the Athlete’s Village. 

In recent sales campaigns, apartments have been over-subscribed. Last February, there were an average of 71.1 applications per apartment, with one apartment receiving 266 applications. Several other apartments were each receiving between 100 ~ 200 applications from buyers. The least popular apartment, one on the 2nd floor, received just 35 applications. The higher the floor, the more popular it was. What has become apparent is that a number of the buyers are speculative investors, some applying for as many as 10 ~ 30 apartments each with the goal of either flipping them for a profit or renting them out in the future. 

The developers did not have any limit or restriction on who or how many apartments an interested buyer could apply for. It has led to rampant speculation that resulted in Tokyo issuing a request to the developers in March to take action. 

In response, the developers are going to provide better bidding chances to buyers who have selected a single preferred apartment, but will still allow investors to apply for and purchase multiple apartments. To date, 2,690 apartments in 17 buildings have been sold. This June, apartments in the two 50-story high-rise towers will go on sale. Already, 2,800 reservations have been made for the showroom with it booked solid until at least mid-May. Over 90% of those reservations are from people living in Tokyo. 

The Asahi Shimbun, April 13, 2023.
NHK, April 12, 2023.