The large redevelopment on the eastern side of Meguro Station is garnering a large amount of attention with the sales office overwhelmed with inquiries. Tours of the sales showroom are now booked solid for the next two months. The sales office received 18,000 requests for property brochures, three times the number they had anticipated. Many of the inquiries were from prospective buyers in their 30s and 40s. A third of the inquiries were from residents in Shinagawa, Meguro and Minato-ku.
The model room opened in early April, and the first round of sales is scheduled to start in early June. Apartments will be offered for sale in stages, with almost 40% of the apartments being offered in the first round. Interested buyers will be required to submit applications during the sales periods, with lucky buyers selected via a lottery-type system.
The 80 billion Yen project includes two residential towers containing 940 apartments and a 27-storey office tower. Tokyo Tatemono, Daiichi Life Insurance, Taisei Kensetsu and Takenaka Corporation are the four developers.
Of the 940 apartments, 279 will go to original landholders while the remaining 661 will be made available for sale. The North Residence will contain 524 apartments (including 204 apartments for landholders), while the South Residence will contain 416 apartments (including 75 apartments for landholders).
Apartments will range in size from 30 ~ 150 sqm (323 ~ 1,615 sq ft), and will be priced from approximately 50 ~ 400 million Yen (416,000 ~ 3,330,000 USD). Many of the apartments will be priced over 100 million Yen. As a guide, a 63 sqm (678 sq ft) apartment will have a price of around 115 million Yen (957,000 USD), or around 1,825,000 Yen/sqm (1,410 USD/sq ft). See below for the latest details on pricing.
Apartments on floors 30 and higher will be ‘premium residences’ and interiors will be finished using higher grade materials than apartments on lower floors.
Construction is scheduled to be completed by December 2017.
The project covers a 2.3 hectare site which once housed a bus depot and several low-rise buildings. In 2005, re-development discussions began, and in 2012 a redevelopment committee was established.
In the past 10 years, there have only been 14 condominium towers developed within a 1 minute walk of a station on the Yamanote Loop Line in Tokyo.
Penthouse apartments are priced from 269 ~ 459 million Yen, with an average price of around 2,845,000 Yen/sqm. ‘Premium Floor’ apartments on floors 30 and higher have an average price of 2,435,000 Yen/sqm, while lower floor ‘normal’ apartments have an average price of 2,010,000 Yen/sqm.
Re-Port, April 2, 2015.
The Asahi Shimbun, April 2, 2015.
TV Tokyo, April 2, 2015.