Although the building won’t be ready to move into for another two years, all 482 apartments released in the first round of sales in Tomihisa Cross Comfort Tower sold out instantly during the initial sales period in mid-September.

By early September, the sales office had received over 10,000 inquires and had over 3,000 visits from interested parties. A total of 769 purchase applications were made, providing each apartment with an average of 1.6 applications.

Apartments were priced from 31.9 ~ 170.5 million Yen (323,000 ~ 1.73 million USD) and ranged in size from 36.22 ~ 120.65 sqm (390 ~ 1298 sqft). The average price in this building is around 1 million Yen/sqm (approximately 10,000 USD/sqm or 930 USD/sqft).

Buyers who sign contracts before September 30, 2013, will be able to lock in the current 5% consumption tax rate which is charged on the building portion of the purchase price (it is not charged on the land portion).

The average age of a buyer was 48.8 years and 70% of buyers were aged 40 or over. 20% of buyers already resided in Shinjuku-ku, and 58% already own their own home.

The large-scale development includes a 55-storey condominium tower with 1,093 apartments, a mid-rise residence and several houses. All up, the complex may include as many as 1,230 apartments making it the largest mixed-use complex within the Yamanote Line*.

The project is being developed by Nomura, Mitsui Fudosan, Sekisui House and Hankyu Realty. Completion is expected by May 2015 and apartments should be ready to move-into by the following September.

More details on Tomihisa Cross can be found here.

Tomihisa Cross Interior 2

Who else has seen same-day sellouts?

*Based on condominiums offered for sale between 1993 and 2012.

Source: Mitsui Fudosan Residential Press Release, September 25, 2013.

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