Mitsui’s new high-rise in Harumi

Mitsui Fudosan Residential have announced plans for a new condominium to be built on the site next-door to The Parkhouse Harumi Towers in Tokyo’s bayside Harumi area.

The project is currently called the Chuo-ku Harumi 2 Chome Project (the official name was later announced as Park Tower Harumi).  Construction was scheduled to begin in July 2014 with completion by June 2017, however in mid-2015 it was announced that the expected completion date has been delayed until June 2018. Sales have also been postponed.

*Update: Sales promotion activity re-started again in December 2016, with sales scheduled to start in June 2017. Completion is now scheduled for May 2019, with apartments ready for delivery by September 2019.

The 49 48-storey condominium will be 180m 178m tall and contain 1,120 1,084 apartments. 

Mitsui purchased the two blocks of canal-front land for a combined cost of 17 billion Yen. The total area is 19,161 sqm, which works out to a cost of 887,200 Yen/sqm.  One block previously belonged to Taiheiyo Cement while the other belonged to the Tokyo Metropolitan Government.

Apartments in the neighbouring The Parkhouse Harumi Towers (169 ~ 175m tall) have been priced around 770,000 Yen per square meter when new. The Krono Residence is scheduled for completion by November 2013, while its twin – Tiaro Residence – will be complete by April 2016. The two towers will have 1,744 apartments.

The Harumi area is a man-made island that was completed in 1929. It was originally used for port facilities and factories, although these are slowly being replaced by commercial and residential buildings. The south-western end of the island will be home to the Athlete’s Village for the 2020 Olympics.

One of the problems brought up during the Olympic bid was Harumi’s distance from subway stations. The nearest station to the site purchased by Mitsui is Tsukishima, which is at least a 10 minute walk away. Other stations include Kachidoki (16 minutes) and Toyosu (14 minutes). Distance to transport is a very important factor for future apartment value.

Tokyo City is estimating the residential population of Harumi to reach 30,000 in the future and the area is seeing a number of large residential projects with as many as 8,000 new apartments currently in the pipe line.

Source: Kensetsu News, July 12, 2013.

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