Park Court Akasaka Hinokicho The Tower sells-out despite record-high pricing

Park Court Akasaka Hinokicho The Tower 1

All apartments initially offered for sale in the Kengo Kuma-designed Park Court Akasaka Hinokicho The Tower, currently under construction near Tokyo Midtown, have sold out during the first stage of sales held over the past weekend. The building is now 93% sold. Over 1,000 bookings were made to visit the sales office’s showroom in the lead up to the first round of sales.

Prices started from 155.6 million Yen (1.26 million USD) for a 57 sqm (613 sq.ft) 1-Bedroom unit, up to 1.5 billion Yen (12.2 million USD) for a 203 sqm (2,184 sq.ft), 3-Bedroom penthouse apartment. With a price of 7,354,000 Yen/sqm (5,500 USD/sq.ft), the 203 sqm apartment could possibly be the most expensive apartment to go on sale in Japan since the bubble era of the 1980s. Even penthouse apartments in Roppongi Hills have only reached 4 ~ 5 million Yen/sqm in recent years, while apartments in the Toranomon Hills complex are around 4 million Yen/sqm. Despite the strong pricing in the building, only the 203 sqm penthouse unit has two full bathrooms, while the rest of the apartments in the building have 1 bathroom each.

Park Court Akasaka Hinokicho The Tower is a 170m tall, 44-storey apartment tower being developed by Mitsui Fudosan Residential. It is due for completion in February 2018 with apartments to be delivered to buyers from late April 2018. The luxury residential tower is located on the northern side of Tokyo Midtown (a mixed-use development containing a 248m tall office tower, retail, restaurants, the Ritz Carlton Hotel, and rental apartments) and will be connected to Midtown’s outdoor area via a green bridge located behind 21_21 Design Sight.

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Park Court Akasaka Hinokicho The Tower View Lounge

Park Court Akasaka Hinokicho The Tower 1

152 apartments were offered for sale on November 7 and 8, 2015, representing 93% of the apartments to be made available for sale in the building. 289 purchase applications were made on these 152 apartments. As is the case with most new apartment sales, the units are offered for sale via a lottery-type system. If several applications are made on an apartment, the lucky buyer is selected via a raffle. The most popular apartment was a 1-Bedroom, 65 sqm apartment priced at 170 million Yen (1.38 million USD), which received 18 purchase applications.

Of the 322 apartments in total, only 163 will be available for purchase, with the remainder going to original landholders (125 units) and participants of the developer (34 units). The remaining 11 apartments will be made available for sale at a future date. This will include several ‘premium floor’ apartments, which are 3-Bed, 1-Bath units, which may be priced at over 500 million Yen each.

The building will feature a front desk with concierge service, a gym (a rarity in most condominiums), view lounge and party room. Car parking is very limited in this building, with just 103 spaces for the 322 apartments. Only 13 of those spaces are flat parking, while the rest are machine parking.

Although the 1.5 billion Yen apartment may set a new record based on the price per square meter, there have been several penthouse units in recent years that have sold for higher prices, including a 700 sqm penthouse in Harajuku that sold a few years ago for around 1.6 billion Yen, and a 900 sqm penthouse in Roppongi that was rumoured to have sold for around 3 billion Yen earlier this year. There is currently a 221 sqm, 1-Bedroom penthouse in Roppongi Hills Residence listed for 980 million Yen (7.95 million USD), or  4,434,000 Yen/sqm (3,345 USD/sq.ft).

The 1.5 billion Yen Penthouse:

203A (44F Penthouse) 3-Bedrooms + 2 Bathrooms, 203.96 sqm (2,195 sq ft) + 22.53 sqm balcony. Price: 1,500,000,000 Yen (7,354,000 Yen/sqm).

A 710 million Yen 3-Bedroom apartment:

Park Court Akasaka Hinokicho The Tower 40F Floorplan
40F 3-Bedrooms + 1 Bathroom, 150.50 sqm (1,619 sq.ft) + 15.10 sqm balcony. Price: 710,000,000 Yen (4,718,000 Yen/sqm).

Other sale listings in this building:

  • #702 1-Bedroom 57.61 sqm 152,200,000 Yen (2,642,000 Yen/sqm)
  • #902 1-Bedroom 57.61 sqm 154,200,000 Yen (2,677,000 Yen/sqm)
  • 40F 3-Bedroom 150.50 sqm 710,000,000 Yen (4,718,000 Yen/sqm)
  • #4102 3-Bedroom 136.83 sqm 580,000,000 Yen (4,239,000 Yen/sqm)

 

Location:

Akasaka 9 Chome, Minato-ku, Tokyo

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