Brillia Towers Meguro, a large-scale, mixed office and residential project under construction near Meguro Station in Tokyo, has sold out this month. The project is scheduled for completion by late 2017 / early 2018.
The two residential towers will contain 940 apartments. 279 of those will go to original landowners, while the remaining 661 were made available for sale.
Sales began in early June 2015. The sales office had already received 23,000 requests for property brochures before the first round of sales. The model room, which opened in early April, could only be visited by appointment and was booked out two months in advance. Over 9,000 groups visited the model room.
As is the case with almost all new developments in Tokyo, apartments were released for sale in stages and via a lottery-type system. During each stage, interested buyers can submit purchase applications. If there is more than one application per apartment, the lucky buyer is selected from a raffle.
- July 2015: 603 apartments were offered for sale and received 2,050 purchase applications. The most popular apartment received 43 applications.
- August 2015: 38 apartments were released for sale and received 224 purchase applications. The most popular apartment received 33 applications.
- October 2015: Final 20 apartments are offered for sale and sold out.
Apartments were priced comparatively high, with average prices ranging from 1,700,000 ~ 2,900,000 Yen/sqm (1,310 ~ 2,240 USD/sq.ft). Approximately 40% of the purchase applications were made by residents from Tokyo’s Minato, Chiyoda and Shinagawa Wards.
The 80 billion Yen project is being developed by Tokyo Tatemono, Daichi Life Insurance, Taisei Kensetsu and Takenaka Corporation.