Central Tokyo’s luxury apartment market reaches new highs

Tokyo Midtown

Although sales are sluggish in suburban areas, a sales war is erupting between Japan’s top property developers as they battle to out-do each other with luxurious residential projects in Tokyo’s centre. The battleground is Tokyo’s Minato Ward, in wealthy neighbourhoods where prices have always been relatively high.

Many of these new condominium developments are located in the vicinity of Tokyo Midtown – a mixed-use office, retail, hotel and rental apartment complex in the Akasaka/Roppongi district. 

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High demand for luxury apartments in Tokyo

The market for luxury apartments in Tokyo has seen a rapid improvement and is at a point where some are comparing it to the mini bubble that occurred prior to the Lehman collapse in 2008.

In June 2014, Mori’s latest high-rise project – Toranomon Hills – was completed. The 52-storey building contains office space, the Andaz Hotel and 172 apartments. Approximately 70 of the apartments were offered for sale with an average price of around 3,000,0000 Yen/sqm, making this the most expensive apartment building in Japan. The sales office was inundated with inquiries prior to sale and lucky apartment buyers were selected by a raffle-type system. All apartments sold out.

Although it is difficult to say that the new apartment market is doing well across the board, the number of luxury developments seeing same-day sellouts is increasing. The share of new apartments priced over 60 million Yen is also rising. In 2013, they accounted for 19.8% of the new apartment supply, up 6.7 points from 2000. The contract rate for new apartments in October hit a five year low of 63.3% in greater Tokyo, but the contract rate for new apartments priced over 100 million Yen has remained over 70% for the past five months. For new apartments in the 200 ~ 300 million Yen range, the contract rate has been between 75% ~ 100%.

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Park Court Akasaka The Tower 28F

2-Bedrooms + Den + 1 Bathroom, 108.11 sqm
Akasaka, Minato-ku, Tokyo
SOLD

Description: 

*This apartment sold in November 2014 and is no longer available*

Park Court Akasaka The Tower is a 43-storey high rise condominium located in the northern part of Akasaka. Features include a roof terrace, resident lounge, concierge service, guest suite and library.

This is a 2-Bedroom apartment with a den on the 28th floor. It is north facing. There is floor heating in the living and dining room.

The building is managed by Mitsui Fudosan Residential Service. Carparking is not included with this apartment but may be rented for 35,000 ~ 71,000 Yen/month (subject to availability). Small pets are negotiable.

The land ownership share for this apartment is approximately 11.31 sqm.

Nearby development:

Although the discussion was only raised in early 2014, there is talk of redeveloping a block containing several buildings to the north-west of Park Court Akasaka The Tower.

Location:

4-14-14 Akasaka, Minato-ku, Tokyo

  • Akasaka Sacas: 550 meters
  • Maruetsu Petit Akasaka Supermarket: 900 meters
  • Tokyo Midtown: 1,000 meters
  • Hinokicho Park: 800 meters

Floorplan:

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Where are the most luxurious apartments in Tokyo?

Of the 383,418 apartments supplied in Tokyo’s 23-ku between 1998 ~ 2009, just 2% were priced over 100 million Yen.

The most well-known luxury apartments are those in Roppongi Hills and Tokyo Midtown. Apartments in Roppongi Hills were never offered for sale (the ones that appear on the resale market were originally given to landholders as part of the redevelopment while Mori Building rents out the rest). In Tokyo Midtown, apartments are only available for rent and cannot be purchased.

Some of the ultra high-end condominiums in Tokyo include Toranomon Hills Residence (where apartments may range in price from 3,000,000 ~ 4,500,000 Yen/sqm), The House Minamiazabu (which previously had a 1-bedroom penthouse listed for 1.5 billion Yen), and Mitsui Fudosan’s “Park Mansion” series of apartments. 

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The Parkhouse Gran Chidorigafuchi

The Parkhouse Gran Chidorigafuchi 1

Average price: 2.8 ~ 3.8 million Yen/sqm
Size range: 72.26 ~ 179.17 sqm (778 ~ 1928 sqft)

Location: Sanbancho, Chiyoda-ku

 ABOUT

All 22 apartments offered for sale in this building sold out on the first day of sales in September 2013.

The Parkhouse Gran Chidorigafuchi is the 3rd offering of Mitsubishi Jisho Residence’s new ‘Gran’ series of apartments, which are the most luxurious of their condominiums.

When sales first began in 2013, the average apartment price was 2.4 million Yen/sqm, making this the most expensive apartment building to be offered for sale across Japan since 2008. Apartments were priced from 160 ~ 540 million Yen.

51 of the 73 apartments are owned by the original landholder – a construction/real estate company and available for rent only. The remaining 22 apartments were sold by the developer in 2013 to individual buyers and may sometimes appear for re-sale or rent.

The property is located just across the street from the Imperial Castle moat. The Chidorigafuchi area is famous for its beautiful cherry blossom trees which line the moat.

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Mitsubishi’s latest offering set to be Japan’s most expensive apartments

Mitsubishi Jisho Residence announced that they will begin sales of apartments in The Parkhouse Grand Chidorigafuchi in early September.

With an average price of 2.4 million Yen/sqm, apartments in The Parkhouse will be the most expensive apartments to be released for sale across Japan since 2008. According to Mitusbishi Jisho’s president, the pricing reflects the premium location of the building and was decided prior to the recent spate of good news about Tokyo’s property market.

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