Japan’s most expensive apartment building reaches completion in Roppongi
Last year, the rumored quiet sale of a 5.5 billion Yen (approx. 50 million USD) apartment in central Tokyo broke price records. Although the sale has not been confirmed, if true, this would make it the most expensive apartment to have ever been sold in Japan, exceeding the previous record of 4.4 billion Yen paid for a penthouse apartment in Domus Minamiazabu during the bubble era in the late 1980s / early 1990s.
The 580 sqm (6,241 sq ft) apartment is one of two apartments occupying the top floor of the 7-story Park Mansion Hinokicho-Koen. The building was developed by Mitsui Fudosan Residential and construction was completed at the end of April 2017.Read more
Roppongi land sells for 15 billion Yen (135 million USD)
A 2,200 sqm development site in Roppongi was sold by the local finance bureau at a public tender sale in February. The land sold to Mori Building for a reported 15.01 billion Yen (approx. 135.6 million USD). A total of 10 buyers submitted bids on the property.
This sale price works out to approximately 6,823,000 Yen/sqm, or 5,730 USD/sq ft. The potential price per buildable square meter is around 1,365,000 ~ 1,705,000 Yen/sqm, or approximately 1,145 ~ 1,430 USD/sq ft.Read more
Roppongi development site up for public tender
A 2,200 square meter block of land in Roppongi will go up for public sale by the local finance bureau next month. The government-owned property was previously used to provide subsidised housing for government employees.
The property is located next-door to the Embassy of Saudi Arabia and 50 meters south of Izumi Garden. The land value was estimated at around 7.3 billion Yen back in 2011. Land prices around this area have risen between 15 ~ 30% since then, which could mean that the current land value is closer to 8 ~ 9.5 billion Yen (approx. 77 ~ 92 million USD).Read more
875-room hotel complex planned for Roppongi
APA Group, a major Japanese developer and hotel operator, has acquired a hotel development site in Roppongi 2 Chome in central Tokyo.
The 1,800 sqm site is located a 6 minute walk from Roppongi Station and a 3 minute walk from Roppongi Itchome Station.
The project will result in a total of six ‘APA Hotel’ branded hotels to be built along the stretch of land fronting onto Roppongi Street. One of the hotels, the APA Hotel Roppongi Itchome Eki-Mae, is already completed and operating. The additional five hotel buildings will result in 875 hotel rooms.Read more
53-storey hotel and residential complex for Nishiazabu
Redevelopment discussions are moving forward for a prime site located directly across the street from Roppongi Hills. Although details are still under discussion, the project could be a mixed-use tower containing a 100-room hotel and 370 rental and condominium-type apartments.
According to a 2015 Investor Relations publication by Nomura Real Estate, the development may include a 53-storey tower with construction scheduled to start in 2018 and be completed by as early as 2022. It is possible that government allowances could result in a taller building than previously proposed.Read more
Forest Terrace Toriizaka
ROPPONGI, MINATO-KU, TOKYO
BUILT IN 2015 | 53 UNITS | 8 FLOORS
| SIZE RANGE: | 104.20 ~ 236.19 m² (1,121 ~ 2,541 ft²) |
| AVERAGE PRICE: | ¥4,500,000/m² |
Tokyu to start flipping luxury condominiums
This month, Tokyu Land will start sales of condominium units in a 9 year old residential building in Roppongi. The company acquired the former Residia Tower Roppongi, a 27-storey rental-only tower, in 2014 and will soon start selling off the apartments individually as they become vacant.
The revamped building has been re-named ‘Majes Tower Roppongi’. It is across the street from The National Art Center, 200 meters from Tokyo Midtown and 600 meters from Roppongi Hills. Apartment prices will range from 60 ~ 200 million Yen (500,000 ~ 1.66 million USD), with an average price of around 1,630,000 Yen/sqm (1,260 USD/sq.qft).
A 47.88 sqm (515 sq.ft) studio apartment on the 8th floor is listed for 66,100,000 Yen, while a 117.14 sqm (1,260 sq.ft) 2-Bedroom apartment on the 6th floor is listed for 199,600,000 Yen.
Based on average rents, investor-buyers should expect gross yields the 2 ~ 3% range. Just 6 of the 83 apartments will be available for sale during the first round of sales this month. They will be ready for delivery to buyers from early 2016.
Because this was originally built as a rental building, it does not have floating floors (something commonly found in condominiums as a way to provide extra insulation and sound proofing, and allow for easier re-configurations of piping and layout). Ceiling heights are also a maximum of 2,450mm, which is average but a little lower than the 2,500 ~ 2,600mm found in luxury residences.Read more