A 2,200 sqm development site in Roppongi was sold by the local finance bureau at a public tender sale in February. The land sold to Mori Building for a reported 15.01 billion Yen (approx. 135.6 million USD). A total of 10 buyers submitted bids on the property.
This sale price works out to approximately 6,823,000 Yen/sqm, or 5,730 USD/sq ft. The potential price per buildable square meter is around 1,365,000 ~ 1,705,000 Yen/sqm, or approximately 1,145 ~ 1,430 USD/sq ft.
The property includes the 33-year old Roppongi Jutaku housing complex, which is expected to be demolished.
Earlier this year Mori announced details on their planned redevelopment of the adjoining Toranomon-Azabudai District which covers a 8.1 hectare site and is due to completion in 2022. It is possible that this recently purchased property may be added to the development.
The Kentsu Shinbun, February 22, 2017.
The Toyo Keizai Shimbun, April 11, 2017.