Mitsubishi Jisho Residence have announced details on their latest ‘The Parkhouse Gran’ series of condominiums. The Parkhouse Gran Minamiaoyama is currently under construction just 400 meters south-east of Omotesando Station and 200 meters from the Prada Boutique. This is a site we have been watching for some time now.
Sales are scheduled to start in early June. Of the 101 apartments, only 20 will be made available for sale, with 81 going to landholders and participants of the project. Given the very prestigious and exclusive location, and the extremely limited supply of apartments, we are expecting this project to see a same-day sellout. The sales schedule has yet to be announced, but we would expect apartments to be offered for sale under a lottery-type system where interested buyers submit applications during a short sales campaign, with lucky buyers selected from a raffle at the end.
Pricing has yet to be announced, but going by other recent luxury developments in central Tokyo, we are expecting apartments to be priced between 2 ~ 3 million Yen/sqm (1,530 ~ 2,300 USD/sq ft). A 23-year old residential building further down the street has refurbished apartments listed for around 1.8 million Yen/sqm, while 30 ~ 50 year old apartments in the Omotesando area can start from around 1 million Yen/sqm.
Apartments will range in size from 60.21 ~ 222.37 sqm (648 ~ 2,393 sq ft). Balconies and roof terraces will be relatively small (5 ~ 16 sqm balconies and some apartments with a 14 sqm roof terrace). Car parking is limited to 66 spaces, of which 50 will be flat-type parking and 15 will be machine parking.
Features include doorman and concierge. Cafe services will be provided co-operation with the Anniversary Cafe.
Completion is scheduled for August 2016, with apartments ready for delivery from November 2016.
Although the name is very similar, this project should not be confused with The Parkhouse Gran Minamiaoyama Takagicho, which was 1 month away from completion when serious construction defects were discovered, forcing the developer to halt construction. The Takagicho project is in Minamiaoyama 7 Chome, which is less convenient and further from Omotesando. Compensation was paid to buyers and the building is currently being demolished.
Along with Mitsui’s Park Mansion, Mitsubishi’s The Parkhouse Gran is one of the most luxurious condominium brands in Japan. The brand was introduced in 2013 and they have already completed two projects – The Parkhouse Gran Sanbancho and The Parkhouse Gran Chidorigafuchi in Chiyoda-ku. Prices in Chidorigafuchi were around 2.4 million Yen/sqm when sales began in 2013, which made it the most expensive apartment building in Japan since 2008. A lot has changed in the past two years, with a number of older high-rise buildings also seeing similar prices on re-sales. Apartments in Toranomon Hills Residence are now around 4 million Yen/sqm.
- Omotesando Station – 4 minute walk
- Miyuki Dori Street: 180 meters
- Prada Boutique: 200 meters
- Nezu Museum: 170 meters
- Omotesando Hills: 800 meters