Park Court Jingumae (Leasehold)

Average Price: 950,000 Yen/sqm
Size Range: 37.09 ~ 169.94 sqm (399 ~ 1828 sqft)

Location: Jingumae, Shibuya-ku

 ABOUT

Note: Monthly building management, repair fund fees, land rent and demolition fund fees are approximately 1691 Yen/sqm (based on apartment’s internal floor area). These monthly fees are almost four times what you would pay for most apartments in Tokyo.

The building is located in one of the best areas in Tokyo. Situated on a huge site and overlooking the greenery of Togo Shrine (a popular spot for weddings), the apartment is just minutes from Harajuku’s crowded shopping street – Takeshita Dori, and minutes from Omotesando’s luxury shopping avenue. The units overlooking the greenery of Togo Shrine are priced much higher than units on the other side of the building.

When new, apartments were priced between 28.04 ~ 290 million Yen, or approximately 1,090,000 Yen/sqm.

Leasehold Land

The land belongs to Tokyo City and is being leased to the apartment owners until March 31, 2061. The lease is not renewable. At the end of the lease term, the building must be demolished and the vacant land must be returned to the landowner.

Generally speaking, it is much easier to obtain a mortgage for a freehold apartment vs. a leasehold one.

Reselling a leasehold apartment may also more difficult than selling a freehold one, in part this may be due to the difficulty for potential buyers to obtain financing. While freehold apartments will always retain land value, the value of a leasehold apartment will eventually diminish to zero.

There is also land rent which each unit holder must pay to the landowner each month. The land rent for apartment in this building ranges from 40,750 ~ 186,690 Yen/Month which is somewhat high.

Click here to read more about leasehold and freehold land in Japan.

Over the legal height limit

Although the building was built to the correct codes at the time, a recent change to building heights in the Harajuku area means that if the building ever needs to be rebuilt, it cannot be rebuilt to its current 16 storeys. Instead, the new maximum height would be approximately 9 stories.

This would be a significant downgrade for unit owners on high floors. There are also doubts over whether the units could be built to the same size, meaning unit owners could end up with a smaller unit.

 LOCATION

1-4-20 Jingumae, Shibuya-ku, Tokyo
Harajuku Sta. – 8 min walk
Meiji-jingumae Sta. – 6 min walk
Omotesando Sta. – 12 min walk

 BUILDING DETAILS
Completion: March 2009
No. of units: 385
Construction: 16 Stories
Construction Company: Takenaka Corporation
Developers: Mitsui Fudosan Residential and Tokyu Fuodsan
Carparking: 246 spaces
Land size: 13,452.16 sqm
Land ownership: Fixed-term leasehold (expires in 2061)
 IMAGES

Park Court Jingumae Interior 1

 FLOOR PLANS
^ 2F 1-Bedroom 40.54 sqm (436 sqft) + 5.98 sqm balcony.
^ 15F 3-Bedroom 2-Bathroom 158.04 sqm (1701 sqft) + 11.34 sqm balcony.
Park Court Jingumae 16F Floorplan
^ 16F 3-Bedroom 2-Bathroom 197.69 sqm (2127 sqft) + 11.17 sqm balcony.
 APARTMENTS PREVIOUSLY LISTED FOR SALE

The following is a list of apartments that were listed for sale in the past, or that have sold. Please understand that these apartments may no longer be available for sale.

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