Should you buy into the Olympics hype for Tokyo's bayside areas?
Don't let the Olympics overshadow your thought process when buying.
Short-sighted buyers who buy under the hype of the Olympics could possibly find themselves in a difficult position after the games have finished.
Since the Olympics announcement last week, the real estate industry has been in a state of excitement as buyers scramble to buy apartments near the action. But the Olympics are still 7 years away and the event only lasts a few weeks. Can this excitement be sustained and what will happen to property prices after the games are over?Read more
The Parkhouse Harumi Towers sees a surge in interest following Olympics announcement
The sales office at The Parkhouse Harumi Towers was abuzz with activity on Sunday after it was announced that Tokyo was chosen to host the 2020 Summer Olympics. The twin high-rise condominiums are located on the same island in Tokyo Bay that will be the site of the Athletes Village.
On a normal weekend, the sales office receives around 30 visitors, and make 4 or 5 sales. On Sunday, however, as many as 60 people visited the showroom and 10 purchase agreements were signed.Read more
Mitsui's new high-rise in Harumi
Mitsui Fudosan Residential have announced plans for a new condominium to be built on the site next-door to The Parkhouse Harumi Towers in Tokyo's bayside Harumi area.
The project is currently called the Chuo-ku Harumi 2 Chome Project (the official name was later announced as Park Tower Harumi). Construction was scheduled to begin in July 2014 with completion by June 2017, however in mid-2015 it was announced that the expected completion date has been delayed until June 2018. Sales have also been postponed.
*Update: Sales promotion activity re-started again in December 2016, with sales scheduled to start in June 2017. Completion is now scheduled for May 2019, with apartments ready for delivery by September 2019.
The 49 48-storey condominium will be 180m 178m tall and contain 1,120 1,084 apartments. Read more
Sumitomo announces new high-rises for Harumi
Sumitomo have announced the name of their high-rise condominium project in Harumi, Chuo-ku. 'Deux Tours Canal & Spa' will be two 51-storey residential towers with 1,450 apartments.
The 1 ~ 4-bedroom apartments will range in size from 44.67 to 123.77 sqm (480 ~ 1331 sqft). Sales are scheduled to begin at the end of November 2013. The buildings will be complete in September 2015, and ready to move-into by March 2016.Read more
Sales in Harumi Towers off to a good start
Sales of apartments in Mitsubishi Jisho and Kajima Corporation's latest waterfront development project, The Park House Harumi Towers Krono Residence, are off to a good start this month with 288 of the 320 apartments initially available receiving purchase applications. A total of 377 applications were made on those 288 apartments.
Located in the bayfront Harumi area, Krono Residence will have 883 apartments over 49 floors. The next round of sales begins at the end of April. Another tower residence is scheduled to be built right next door to Krono and the two towers will have over 1,800 apartments.
The sales office and showroom was opened in January and received over 3,500 visitors. The most popular units were a 79 sqm 3-Bedroom apartment priced in the 50 million Yen range, and a 42 sqm 1-Bedroom priced in the 20 million Yen range. The purchase applications on some of these units exceeded availability five-fold. The majority of apartments were priced in the 52 million Yen range, with the most expensive unit sold being 199.8 million Yen penthouse apartment.
Buyers were in their 30s and 40s and consisted mostly of 2 member households. Many were moving out of other high-rise residences.
Source: Shukan Jutaku, April 17, 2012.