More details on the Kenyan Embassy land purchase in Tokyo are coming to light. According to Kenya’s , the Ministry decided to purchase a plot of land with two ageing buildings in Yakumo, Meguro-ku, from an individual owner at an unusally high price (1.6 billion JPY).
The seller, who was previously leasing the land and buildings to the Embassy, carried out his own property background check and personally drew up the contract documents.
The Embassy is located in Yakumo, Meguro-ku and is a low-rise residential area. The plot of land is a ‘flag’ type plot of land which means it is surrounded by houses on all sides and only has access to the street via a narrow driveway. These types of plots are cheaper per-square-meter than plots with wide street frontage.
From street maps, the total size of the land would be approximately 1400sqm (15,000 sqft). In the neighborhood, market land prices for smaller parcels of land are approximately 800,000 JPY/sqm (74,300 JPY/sqft) which would put the market price of the Kenyan Embassy’s land at around 1.1 billion JPY. For very large blocks of land, per-square-meter market prices can sometimes be lower than smaller blocks as there are fewer buyers in the higher price range. Also, given the narrow street frontage and distance from the station, the actual value may be much lower.