Sales in the Tokyo Bay Triple Tower Project to start in April

Sumitomo has started advertising City Towers Tokyo Bay (previously called the Tokyo Bay Triple Tower Project) – a large-scale three-tower condominium with over 1,500 apartments under construction on the man-made Ariake island in Tokyo Bay.

Sales were scheduled to start in late April 2017 but have been delayed until late May. Apartments are priced from 34 ~ 150 million Yen and above. The 43 sqm one bedroom apartments are to be priced from 34 million Yen, 54 ~ 55 sqm two bedroom apartments to be priced from 44 million Yen, and 70 sqm three bedroom apartments to be priced from 59 million Yen.

The average price per square meter is around 1,000,000 Yen which is almost 40% higher than the average resale price of existing apartments in the area (722,000 Yen/sqm in 2017).

Sumitomo announces 100 billion Yen project for Ariake

Ariake Garden City 1

New details have been released regarding Sumitomo’s plans for three high-rise towers in Ariake, Tokyo. Ariake Garden City (Ariake North 3-1 District Plan) is a 100,000 sqm site located just north of Ariake and Kokusaitenjijo Stations on a man-made island in Tokyo Bay.

Sumitomo plan to build apartments (City Towers Tokyo Bay), a hotel, commercial and office facilities. Planning approval is expected to be granted in March 2016, with construction starting on the first phase of the project in October 2016. The entire project is expected to be completed in 2026 and has an estimated project cost of around 102.8 billion Yen (837 million USD), including land acquisition.

High-rise condo in Ariake bans AirBnb hosts

Brillia Mare Ariake
Brillia Mare Ariake – the first high-rise in Japan to ban AirBnb rentals.

The growing number of apartment owners or tenants leasing out their properties on AirBnb in Tokyo is becoming a cause for concern for owners’ associations.

The board of directors of Brillia Mare Ariake, a 33-storey condominium in Tokyo Bay, have taken steps to curb the conspicuous number of private short-term rentals in the building. According to a post on Brillia Mare Ariake’s management blog, the rise in holiday letting or short-term rental listings, including share-houses, in the building had the board of directors worried. Of particular concern was the use of the building’s facilities, such as the pool and spa, by a large number of short-term guests and visitors that are unaware of building rules. The increase in the number of strangers using the building’s facilities was also considered to pose a risk to property values.

Should you buy into the Olympics hype for Tokyo’s bayside areas?

Don’t let the Olympics overshadow your thought process when buying. 

Short-sighted buyers who buy under the hype of the Olympics could possibly find themselves in a difficult position after the games have finished.

Since the Olympics announcement last week, the real estate industry has been in a state of excitement as buyers scramble to buy apartments near the action. But the Olympics are still 7 years away and the event only lasts a few weeks. Can this excitement be sustained and what will happen to property prices after the games are over?

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