Strong pre-sales in Shinjuku’s 60-storey apartment building

The Parkhouse Nishishinjuku Tower 60 1

On February 23, Mitsubishi Jisho Residence announced that all 325 apartments initially offered for sale in The Parkhouse Nishishinjuku Tower 60 have received purchase applications. The building, which won’t be completed for another 2.5 years, is now 40% sold.

Apartments were offered for sale from February 14th ~ 22nd. A total of 713 applications were made on the 325 apartments, with lucky buyers selected from a raffle. The most popular apartment received 14 applications. Approximately 2,000 groups visited the sales office and 8,000 requests were made for sales brochures.

Geo Gyoen Naitomachi

Geo Gyoen Naitomachi 1

Average price: 1,500,000 Yen/sqm
Size range: 51.02 ~ 112.14 sqm (549 ~ 1,207 sqft)

Area: Naitomachi, Shinjuku-ku

 ABOUT

Geo Gyoen Naitomachi is located approximately 70 meters east of the Shinjuku Gyoen National Garden (300 meters from the park entrance) and 800 meters north of the National Stadium (which is being redeveloped for the 2020 Summer Olympics).

West facing apartments on higher floors may have views of the park and the Shinjuku skyline. The neighbourhood located between Geo Gyoen Naitomachi and the Shinjuku Gyoen National Garden has building height limits in place.

Sales began in November 2014 and all new apartments had sold out by September 2015. When new, apartments were priced from 58.9 ~ 199.8 million Yen, with an average price of around 1,400,000 Yen/sqm. East-facing apartments on the low floors without views of the park had an average price of around 1,070,000 Yen/sqm when new, while west-facing apartments on high floors with views had an average price of around 1,560,000 Yen/sqm. Apartments over 100 sqm had an average price of 1,700,000 Yen/sqm.

60-storey apartment building for Nishi-Shinjuku

A new high-rise apartment building is planned for Nishi Shinjuku. At 60-storeys, it will be the tallest apartment building in Japan (based on the number of floors). Construction work is set to begin in January 2014, with completion scheduled for 2017.

The Nishi Shinjuku 5 Chome Centre North District redevelopment site was originally a densely crowded neighbourhood of wooden houses. The area posed a fire and safety hazard and many of the older homes were not earthquake resistant. Of the 92 low-rise buildings to be demolished, 83 (92%) were not fireproof.

Local residents, wanting to redevelop their neighbourhood, banded together in 1997 to form a redevelopment association to hasten the development of the area.

La Tour Shinjuku Grand

Average price: 1,183,000 Yen/sqm
Size range: 38.98 ~ 194.98 sqm (419 ~ 2098 sqft)

Average rent: 4990 Yen/sqm/month
Estimated Yield: 5.06% pa

 ABOUT

La Tour Shinjuku Grand is the latest addition to Sumitomo’s La Tour Series of rental apartments. The special feature for this property is high ceilings. The ceiling height in each apartment is 3.7 meters, which is far higher than the standard 2.4m ceilings found in most Japanese apartments. The high ceilings are not wasted as some apartments come with lofts to maximize the usable space. The building is not big on amenities as it only has the standard concierge service and gym (no swimming pool). Residents also have free internet access.

Shinjuku’s latest luxury rental tower is home to Japan’s first infinity rooftop pool

The brand new Park Habio Shinjuku Eastside Tower is the first rental building in Japan to have a rooftop infinity swimming pool for residents [As pointed out by a reader, Atago Green Hills Forest Tower (2001) has a rooftop pool on the 42nd floor]. Located on the 32nd floor, the infinity pool will have a commanding view of the Shinjuku skyline. There is also a bar lounge and rooftop terrace which can be used for residents to hold catered private parties. Other facilities include an indoor golf range, fully-equipped gym and karaoke room.

More Taiwanese buying Japanese real estate since 3-11?

According to Taiwanese media reports, the number of Taiwanese buying real estate in Japan is steadily increasing.

In 2010, one of Taiwan’s largest real estate agencies, Sinyi Realty, established a branch in Japan. The China Times reported that in the 7 months following the Tohoku disaster, Sinyi sold 68 Japanese properties to Taiwanese buyers with a total value of 2.75 billion Yen (35 million USD).

The company president said that buyers were actually more fearful of a stockmarket crash than an earthquake, so they are seeing an increasing number of Taiwanese who view purchasing Japanese real estate as a way of managing their funds. Of the 68 properties, 39 were in brand new developments. This highlights the trend of Taiwanese buyers to prefer new over older apartments. The president also said that approximately 50 Taiwanese travel to Japan each month to view properties.

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