Tokyo Bay’s largest retail complex to open in 2020
Sumitomo Realty & Development has released details on their mega retail project for Ariake island in Tokyo Bay.
Sales in the Tokyo Bay Triple Tower Project to start in April
Sumitomo has started advertising City Towers Tokyo Bay (previously called the Tokyo Bay Triple Tower Project) - a large-scale three-tower condominium with over 1,500 apartments under construction on the man-made Ariake island in Tokyo Bay.
Sales were scheduled to start in late April 2017 but have been delayed until late May. Apartments are priced from 34 ~ 150 million Yen and above. The 43 sqm one bedroom apartments are to be priced from 34 million Yen, 54 ~ 55 sqm two bedroom apartments to be priced from 44 million Yen, and 70 sqm three bedroom apartments to be priced from 59 million Yen.
The average price per square meter is around 1,000,000 Yen which is almost 40% higher than the average resale price of existing apartments in the area (722,000 Yen/sqm in 2017).
Tokyo’s bayside islands struggling with apartment and population boom
Residents in Tokyo’s bayside islands in Chuo-ku and Koto-ku are growing increasingly concerned about whether the current transport infrastructure and schools can cope with the growing population. Over the past several years, the area has been undergoing a transformation from what was once heavy industrial areas and shipyards into islands crowded with high-rise residential towers.
The development boom is not the direct result of the coming Olympic games, although the announcement did lead to a flurry of sales from buyers excited by the news.
The Athlete’s Village is expected to be built on Harumi Island - about 1 kilometre from Kachidoki Station on the Oedo Line. It will need to house approximately 17,000 people for the Olympic games, with the housing converted for either rental or sale post-games. Read more
Tokyo bayside apartment bubble to burst after Olympics?
There are currently 149 large-scale apartment buildings (those with a total floor space of over 10,000 sqm) planned in Tokyo's 23 wards. Of those, several projects located in the bayside area are of a major scale with a floor space of over 100,000 sqm.
What impact could this future supply have on the apartment market on these manmade islands in Tokyo Bay?Read more
Possible new subway line to connect Harumi and Ginza
Chuo-ku will soon begin investigating the possibility of creating a new subway line to link Tokyo's bayside areas, including Harumi, to the Ginza district.
The manmade islands are currently going through a construction boom with a number of high-rise apartment towers under construction. The Athletes' Village for the 2020 Olympics is expected to boost the population by 12,000 after the Olympics are finished and the apartments are made available to the public.Read more
New development in Kachidoki to have over 3,000 apartments
The proposed Kachidoki East District Development on the man-made island of Kachidoki in Tokyo Bay will have over 3,000 apartments when completed, making it the largest residential project in Japan.
The development includes three residential towers with a total of 3,020 apartments. This will be larger in scale than the nearby 'The Tokyo Towers' which has 2,794 apartments. Read more
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