Proud Minamiazabu Sold Out

All 88 apartments in Nomura’s ‘Proud Minamiazabu’ condominium have sold prior to completion.

The 7-storey building is adjacent to the French Embassy in the exclusive Minamiazabu 4 Chome residential neighbourhood. This is a leasehold building, which means apartment owners do not own a share of the land. The land is leased from the Embassy under a 60 year fixed-term. At the end of the term, the land and building must be returned to the Embassy.

Azabudai Parkhouse (Leasehold)

azabudai-parkhouse-ex2

Price when new: 65 – 840 million JPY
Size range: 45 – 325 sqm (484 – 3500 sqft)
Average price/sqm: 1,720,000 JPY

Note: This building in on leasehold land. 

*Update: As of April 2012, the developer suspended sales of apartments in this building. View more here.*

Azabudai Parkhouse has a 51 year fixed land lease – the land is leased from the Tokyo American Club. At the end of the lease, the building must be demolished and returned to the landowner. The fact that this is a leasehold property was not mentioned anywhere on the English section of the Azabudai Parkhouse website, and was only mentioned in the Japanese-text building outline page.

Each unit owner must pay monthly land rent of 5,582~14,815 JPY to the landowner, and an initial upfront payment 2.8~7.4 million JPY.

Freehold vs. Leasehold: The different types of land ownership in Japan

There are two main types of land rights in Japan – freehold and leasehold. Leasehold is broken into two types – surface rights and right to lease.

– Freehold (Shoyuken): The absolute ownership of land and building.

– Surface Rights (Chijoken): The land is leased, while owners of the building and units have the right to buy/sell as they please. This form is most commonly found on land used for apartment buildings.

– Right to Lease (Chinshakuken): The land is leased, while owners of the building and units must attain the landowner’s approval before they can transfer or sublease. Also, before rebuilding the structure on the land, the landowner’s permission must be obtained. This form of leasehold is mainly used for land designed for individual houses, but not often for apartment buildings.

www.np.com.ua

www.np.com.ua