Greater Tokyo's largest apartment development announced
Chiba Prefecture announced the three developers that have been chosen to work on a large-scale apartment project in Makuhari New City in Chiba. Mitsui Fudosan, Mitsubishi Jisho and Nomura Real Estate will begin work on a 180 billion Yen (1.5 billion USD) residential complex with approximately 4,300 apartments. When complete, it will be the largest apartment complex in the greater Tokyo area.
To appeal to young family buyers, prices will kept at affordable levels, with some suggesting they could be around the 40 million Yen (335,000 USD) range. The complex will house as many as 10,000 residents when complete.Read more
Toranomon fast becoming a hotspot of development
The 2020 Summer Olympics and 2027 opening of the new maglev line have helped to spur along some major construction projects in Tokyo, in particular the Toranomon area.
Since the opening of Toranomon Hills in 2014, the Toranomon area is quickly emerging as Tokyo’s newest hub for international business. It is not just an office area, as nearby hotels, hospitals, and serviced apartments are also in the process of being built. There are also plans for a new station along the Hibiya Line that will connect with Toranomon Hills.
Mori Building is the major player in this district, and plans to invest over a trillion Yen in projects in the Toranomon and Roppongi area over the next 10 years.Read more
High-rise apartment trends from 2015 onwards
According to data compiled by the Real Estate Economic Institute, there are currently 262 super high-rise* residential buildings containing 101,450 apartments planned for completion across Japan from 2015 onwards. This is an increase of 75 buildings and 25,910 apartments from last year.
77,824 of the apartments, comprising 76.7% of the total, are located in the greater Tokyo area, and 50,371 apartments (49.7%) are within Tokyo’s 23 wards.
The planning and construction of super high-rise apartment buildings began to increase in the late 1990s. High-rise apartment buildings have remained steadily popular with buyers, and have retained relatively strong re-sale values.
However, the downturn in the property market following the collapse of Lehman Brothers in late 2008 saw developers limit the supply of new construction. As a result, the annual supply of apartments went from 35,609 in 2009 to 17,967 in 2010. The Tohoku tsunami and earthquake in 2011 saw a number of projects in the Tohoku and Kanto regions delayed, and new supply dropped to 13,321 apartments.Read more
APA Group breaks ground on latest luxury condo
On April 7, APA Group held the groundbreaking ceremony for their latest luxury condominium project in central Tokyo. The Conoe Mita Tsunamachi is located on a prime corner block along the same street as the Australian Embassy and the members-only Tsunamachi Mitsui Club.
The 9-storey building will contain 45 one and two-bedroom apartments ranging in size from 73 ~ 216 sqm (785 ~ 2,313 sq ft). Completion is expected by July 2017. Bathrooms will be designed to feel like those found in luxury hotels overseas, with natural wood and stone finishes.Read more
Details of Akasaka’s 44-storey condominium announced
Details on Park Court Akasaka Hinokicho The Tower (previously the Akasaka 9 Chome Tower Project) have just been released. The 170m tall, 44-storey condominium, which was designed by Nikken and famed architect Kengo Kuma, is currently under construction on the northern side of Tokyo Midtown.
The high-rise will contain 322 apartments, of which just 163 (50%) will be available for sale. The remainder will go to landholders and participants of the development. The two and three-bedroom apartments will range in size from 57.61 ~ 203.96 sqm (620 ~ 2,195 sq ft). Layouts are cleverly designed and do not contain any windowless bedrooms that you may find in cheaper developments. The largest apartment, a 203 sqm penthouse, includes two full bathrooms, while the rest of the apartments have 1 bathroom.
Sales will begin in September October November 2015 . Prices have yet to be announced, but with apartments in other recent high-rises in Akasaka selling for around 2,000,000 Yen/sqm, it is likely that we will see comparative pricing in this new project. There have been rumours that apartments could be priced as high as 3,000,000 Yen/sqm.Read more
Meguro Station high-rise residential development draws huge interest
The large redevelopment on the eastern side of Meguro Station is garnering a large amount of attention with the sales office overwhelmed with inquiries. Tours of the sales showroom are now booked solid for the next two months. The sales office received 18,000 requests for property brochures, three times the number they had anticipated. Many of the inquiries were from prospective buyers in their 30s and 40s. A third of the inquiries were from residents in Shinagawa, Meguro and Minato-ku.
The model room opened in early April, and the first round of sales is scheduled to start in early June. Apartments will be offered for sale in stages, with almost 40% of the apartments being offered in the first round. Interested buyers will be required to submit applications during the sales periods, with lucky buyers selected via a lottery-type system.
The 80 billion Yen project includes two residential towers containing 940 apartments and a 27-storey office tower. Tokyo Tatemono, Daiichi Life Insurance, Taisei Kensetsu and Takenaka Corporation are the four developers.Read more