Japan’s first privately-developed condominium to be redeveloped

After 61 years, Japan’s first privately-developed condominium – Yotsuya Co-Plus – is going to be redeveloped. On May 30, all apartment owners in the 28-unit building voted in favor of redevelopment. Redevelopment discussions first began back in 2006.

Yotsuya Co-Plus was completed in October 1956. The 5-storey building had apartments ranging from 50 ~ 75 sqm (538 ~ 807 sq ft) in size. 24 of the 28 apartments were two-story maisonette-type units. When new, a 3-bedroom apartment would have sold for 2,330,000 Yen, which was about 20 times the annual salary of a university graduate and more than double the average cost of a detached house at the time. Home loans were also not very common in those days, so the developer offered the apartments for sale under monthly installment plans.

More than half of the apartments are currently owned by either the original owners or their heirs. In the past 30 years there have only been 2 reported resales in the building. 

A 3-Bedroom apartment.

Although the building had no elevator, it did have a dust shoot on each floor and an on-site caretaker. The building also had an owners association from the very start, which was unusual at the time since the obligation to create owners associations in apartment buildings was not introduced until 1963.

In recent years the building had suffered from water leaks and other issues. An earthquake resistant inspection in 2014 found that the concrete had degraded significantly and retrofitting would cost a significant amount.

Residents who want to receive an apartment in the new building of the same size as their original apartment will need to pay around 20 million Yen (approx. 180,000 USD) each to cover reconstruction costs. The majority of the apartment owners plan to move into the new building when it is completed.

Demolition of the building is scheduled to start in September 2017 with completion of the new building by late June 2019.

OLD BUILDINGNEW BUILDING
Construction5-storey6-storey + 1 basement
Floor area2,290 sqm3,751 sqm
No. of units2851

 

The developer of the new project, Asahi Kasei Fudosan Residence, will be selling 28 of the 51 apartments. The apartments to be offered for sale will be one and two bedroom units ranging from 38 ~ 55 sqm (409 ~ 592 sq ft).

In 2015 it was announced that the 62-year old Miyamasuzaka Building / Miyamasuzaka Apaato near Shibuya Station would be redeveloped. At 11-storeys, this was Japan’s first high-rise condominium when completed in 1953. It was developed by the Tokyo Metropolitan Government Bureau.

There are over 40,000 apartments across Japan in buildings over 50 years old. In 10 years time, this number is expected to reach 630,000 apartments.

Location

 

Sources:
The Mainichi Shimbun, May 30, 2017.
The Kensetsu Tsushin Shimbun, May 31, 2017.

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