Instant sell-out in The Parkhouse Gran Minamiaoyama
The latest and most luxurious condominium development under construction in Omotesando saw a same-day sellout over the weekend.
Apartments in The Parkhouse Gran Minamiaoyama were priced from 150 ~ 770 million Yen, with an average price of 2,300,000 Yen/sqm. To date this has been the most expensive condominium offered for sale in central Tokyo this year.
Despite the high price tag, a total of 193 purchase applications were made on the 20 apartments offered for sale, with an average of 9.6 applications per apartment. The most popular apartment received as many as 63 applications. Read more
Sales start on Omotesando’s latest luxury condo next month
Mitsubishi Jisho Residence have announced details on their latest ‘The Parkhouse Gran’ series of condominiums. The Parkhouse Gran Minamiaoyama is currently under construction just 400 meters south-east of Omotesando Station and 200 meters from the Prada Boutique. This is a site we have been watching for some time now.
Sales are scheduled to start in early June. Of the 101 apartments, only 20 will be made available for sale, with 81 going to landholders and participants of the project. Given the very prestigious and exclusive location, and the extremely limited supply of apartments, we are expecting this project to see a same-day sellout. The sales schedule has yet to be announced, but we would expect apartments to be offered for sale under a lottery-type system where interested buyers submit applications during a short sales campaign, with lucky buyers selected from a raffle at the end.
Pricing has yet to be announced, but going by other recent luxury developments in central Tokyo, we are expecting apartments to be priced between 2 ~ 3 million Yen/sqm (1,530 ~ 2,300 USD/sq ft). A 23-year old residential building further down the street has refurbished apartments listed for around 1.8 million Yen/sqm, while 30 ~ 50 year old apartments in the Omotesando area can start from around 1 million Yen/sqm.Read more