Tokyu Land Corporation have seen strong demand for a 29-storey condominium tower currently under construction in Yokohama’s Minato Mirai waterfront area.
Branz Tower Minato Mirai’s sales office received over 6,000 inquiries before sales started, and all 150 apartments offered for sale in the first round of sales last month received purchase applications on the first day. An average of 2.4 applications were made on each apartment, with the most popular apartment receiving 19 applications. The building is now 75% sold.
Apartments were priced from 45.7 ~ 228.7 million Yen, with an average price of around 1,330,000 Yen/sqm.
This is the first condominium to be built in the Minato Mirai 21 District in over 7 years. This is a planned development district with population controls. The residential population is capped at 10,000 people, which limits residential developments. The population in 2014 was 7,700.
The 228-unit building is located a two minute walk from Minato Mirai Station on the Minatomirai Line and is a 20 minute walk from Yokohama Station. Completion is scheduled for January 2017, with apartments ready for delivery from February 2017.
Tokyu are also building a 17-storey, 78m tall office tower directly on the south-eastern side of the apartment building, with completion due in July 2017.
The Asahi Shimbun, June 30, 2015.
Suumo Journal, March 19, 2015.