Japan’s top business district is about to get its very first apartment development. Mitsubishi Jisho announced on April 14 that luxury serviced apartment operator, The Ascott Limited, will occupy part of a new high-rise development in Otemachi 1 Chome.
While the Singaporean company already operates Citidines and Somerset serviced apartments throughout Tokyo, this will be their first ‘Ascott The Residence’ branded property in Japan. The residence will cater to domestic and foreign business people looking for long-stay accommodation. The apartments should begin taking guests from early 2017.
Mitsubishi are looking at turning the Otemachi area into an international business hub. While you may find residential options in business centres in other major cities across the world, the Marunouchi and Otemachi area has been solely a commercial zone (with the exception of short-stay hotels).
Construction of Building A (22 storeys) in the Otemachi 1-1 Project began last year. Construction of Building B (29 storeys) will begin in 2014. Ascott will operate 130 serviced apartments on floors 22 ~ 29, while lower floors will be reserved for office space.
Building occupants will have direct access to Otemachi Station, which is serviced by five subway lines.
Their are currently just two people registered as living in Otemachi in April 2014, while six residents are registered in Marunouchi. The daytime worker population for these two areas, however, is around 180,000.
The property will be located directly across the street from the Imperial Castle’s moat.
Mr. Lee Chee Koon, CEO of Ascott, said they are anticipating an expansion in their operations in Japan due to the improving economy. Ascott has serviced apartments in 83 cities across 23 countries.
SankeiBiz, April 15, 2014.
Mitsubishi Jisho Press Release, April 14, 2014.