Marketing for condo sales in Harumi Flag – the sprawling development that will be temporarily used as the Athlete’s Village for the 2020 Summer Olympics – is off to a strong start with over 1,000 interested buyers visiting the show room over the 10-day Golden Week holiday in late April.
Official sales marketing for the Athlete’s Village in Tokyo’s Harumi Island was announced last week. The Athlete’s Village will be completed in time for the 2020 Tokyo Olympics, with the buildings to be converted into a mix of condo-type and rental-type apartments afterwards. Some additional buildings will be completed after the Olympics have finished.
The Tokyo government is aiming to have the No. 2 Arterial Road completed by 2022. This road will connect the man-made islands of Kachidoki, Harumi, Shin-Toyosu and Ariake with Shimbashi and provide more convenient access for trucks to access the new fish market and logistics facilities on the islands.
The opening of the road will be two years later than originally planned due to the delayed relocation of the Tsukiji Fish Market to Shin-Toyosu island. Part of the No. 2 road will need to pass through the fish market’s old location in Tsukiji, which means buildings will need to be demolished.
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Price when new: 46 ~ 230 million Yen (1,000,000 Yen/sqm)
Size range: 42.53 ~ 121.16 sqm (458 ~ 1,304 sq.ft)
Area: Harumi, Chuo-ku
Sales began in June 2017.
Park Tower Harumi is a 48-storey high-rise apartment building under construction on the man-made island of Harumi in Tokyo Bay. Mitsui Fudosan Residential acquired the site for 1.7 billion Yen, or 887,200 Yen/sqm.
The building will contain 1,076 apartments. Facilities will include concierge, laundry room, a hyperbaric oxygen capsule, share cycles, indoor/outdoor camping facilities and several resident lounges.
Apartments on the top floor are priced from 1,500,000 ~ 1,815,000 Yen/sqm depending on direction, with south-east and south-west facing apartments having the highest prices. Apartments over 100 sqm in size are considered ‘Premium’ apartments and are located on the top 2 floors of the building.
2 bedroom apartments are priced from 56 million Yen, and 3 bedroom apartments are priced from 64 million Yen.
Because the building is a little far from transport, a shuttle bus will operate on certain times between the building and Tsukishima.
Completion is scheduled for May 2019 with apartments ready for delivery to buyers from September 2019. Construction was originally scheduled to be completed by June 2017, however the completion date has since been delayed by 2 years.
The northern side of the site was a former cement factory. This site is also earmarked for a potential redevelopment in the future.
Harumi Island was reclaimed in 1929 and originally used for port facilities and factories. The south-western end of the island will be home to the Athlete’s Village for the 2020 Tokyo Olympics. After the Olympics, the Village will be converted into residential apartments for rent or sale.
The Tokyo Metropolitan Government announced the model plan for the 2020 Summer Olympics Athletes’ Village in Harumi, Chuo-ku, Tokyo.
There are plans for 22 residential buildings ranging from 14 ~ 17 stories. After the games, the apartments will be sold off as either rental apartment or condominiums. Two 50-storey high-rise apartment towers will also be built after the games, along with a school and retail facilities. A total of 6,000 apartments will be supplied.
Chuo-ku will soon begin investigating the possibility of creating a new subway line to link Tokyo’s bayside areas, including Harumi, to the Ginza district.
The manmade islands are currently going through a construction boom with a number of high-rise apartment towers under construction. The Athletes’ Village for the 2020 Olympics is expected to boost the population by 12,000 after the Olympics are finished and the apartments are made available to the public.
The bayside area in Chuo-ku, Tokyo, including Kachidoki and Harumi, is seeing a surge in development and high demand from buyers following the Olympic announcement several months ago. But there are concerns that the current infrastructure may not cope with the rising population, which is expected to grow by 30% in coming years.
Large supply of apartments in the pipeline
Developers are now racing ahead to build new condominiums in bayside sites that had previously laid dormant for several decades.
In October, Tokyo Kantei published a report focusing on the existing apartment stock that lies within an 8km radius of the man-made island of Harumi in Tokyo Bay.
According to the data, there were 10,195 existing apartment buildings containing 540,057 apartments within 8km of Harumi. 40.5% of Tokyo’s 23-ku apartment stock is located within this zone. Current estimates show another 10,000 apartments are expected to be supplied in the bayside area in the next few years.
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?
The sales office at The Parkhouse Harumi Towers was abuzz with activity on Sunday after it was announced that Tokyo was chosen to host the 2020 Summer Olympics. The twin high-rise condominiums are located on the same island in Tokyo Bay that will be the site of the Athletes Village.
On a normal weekend, the sales office receives around 30 visitors, and make 4 or 5 sales. On Sunday, however, as many as 60 people visited the showroom and 10 purchase agreements were signed.