Skyz Tower & Garden

Skyz Tower & Garden 1

Average price: 850,000 Yen/sqm
Size range: 52.25 ~ 130.92 sqm (562 ~ 1409 sqft)

Area: Toyosu, Koto-ku

 ABOUT

Sales began in July 2013. By March 2014, all apartments had sold out.

Skyz Tower & Garden is a 44-storey ‘tri-star’ shaped condominium on Tokyo’s man-made island of Shin-Toyosu. Although completion was scheduled for the end of August 2014, the apartments were not ready to move into until late March 2015.

When new, apartments were priced from 37.58 ~ 139.98 million Yen, with an average price of approximately 755,000 Yen/sqm. South-east corner apartments were priced at around 850,000 Yen/sqm when new, while the less popular west-facing apartments were around 700,000 Yen/sqm. The 12 penthouse apartments were priced around 1,015,000 Yen/sqm.

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A snapshot of Tokyo Bay’s newest condominiums

The man-made islands on Tokyo Bay have been undergoing a slow gentrification over the past 10 years or so as factories and warehouses are gradually being replaced by high-rise apartment buildings and shopping malls.

The islands are already home to some large-scale redevelopments, including The Tokyo Towers (2008) and Triton Square (2001), while many more projects are in the pipeline.

This area was usually thought of as a cheaper alternative to apartment living in the more central areas in Tokyo, while still offering an easy commute. However, prices in some apartments can now be as high as those in Minato-ku. The growing popularity of the area, however, does not mean every project is guaranteed strong sales.

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Skyz Tower in Toyosu to be a test of market conditions

With the total number of new apartments released for sale in May up 50% from last year, and a contract rate of 78.1% in greater Tokyo, there are strong expectations that Abenomics will lead to increased property values.  Major banks increased their 10 year fixed mortgage rates for the second month in a row. With rising interest rates and an expectation of rising real estate prices, buyers are feeling added pressure to purchase.

Normally the summer season is a slow one for apartment sales, but with an expected increase in consumption tax next year the last minute rush from buyers is expected to continue throughout the summer. However, the recent correction in the stock market at the end of May might have cast some doubt over the chance of a prolonged recovery in apartment sales.

One new condominium that could be a barometer of market conditions is Skyz Tower & Garden in Toyosu, Koto-ku.

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Skyz Tower & Garden to begin sales in July

Sales of apartments in Skyz Tower & Garden in Toyosu are scheduled to begin in July. This is part of the ‘Tokyo Wonderful Project’ redevelopment of a 32,000 sqm site that was once a Tepco-owned thermal power station.

The 150m tall condominium will contain 1,110 apartments ranging in size from 53.25 to 130.92 sqm (573 ~ 1408 sqft) and priced from 35 to 139 million Yen. A 74.50 sqm 3-bedroom apartment will be priced around 55 million Yen (738,000 Yen/sqm), and some apartments will be priced over 100 million Yen. Over 10,000 inquiries have been made prior to the opening of the showroom this coming weekend. 

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