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).

Tokyo’s bayside islands struggling with apartment and population boom

Kachidoki Harumi 2

Residents in Tokyo’s bayside islands in Chuo-ku and Koto-ku are growing increasingly concerned about whether the current transport infrastructure and schools can cope with the growing population. Over the past several years, the area has been undergoing a transformation from what was once heavy industrial areas and shipyards into islands crowded with high-rise residential towers.

The development boom is not the direct result of the coming Olympic games, although the announcement did lead to a flurry of sales from buyers excited by the news.

The Athlete’s Village is expected to be built on Harumi Island – about 1 kilometre from Kachidoki Station on the Oedo Line. It will need to house approximately 17,000 people for the Olympic games, with the housing converted for either rental or sale post-games. 

Possible new subway line to connect Harumi and Ginza

Tokyo bayside new subway line

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.

New development in Kachidoki to have over 3,000 apartments

Kachidoki East District Redevelopment 1The proposed Kachidoki East District Development on the man-made island of Kachidoki in Tokyo Bay will have over 3,000 apartments when completed, making it the largest residential project in Japan.

The development includes three residential towers with a total of 3,020 apartments. This will be larger in scale than the nearby ‘The Tokyo Towers’ which has 2,794 apartments. 

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?

Sales in Harumi Towers off to a good start

Sales of apartments in Mitsubishi Jisho and Kajima Corporation’s latest waterfront development project, The Park House Harumi Towers Krono Residence, are off to a good start this month with 288 of the 320 apartments initially available receiving purchase applications. A total of 377 applications were made on those 288 apartments.

Located in the bayfront Harumi area, Krono Residence will have 883 apartments over 49 floors. The next round of sales begins at the end of April. Another tower residence is scheduled to be built right next door to Krono and the two towers will have over 1,800 apartments.

The sales office and showroom was opened in January and received over 3,500 visitors. The most popular units were a 79 sqm 3-Bedroom apartment priced in the 50 million Yen range, and a 42 sqm 1-Bedroom priced in the 20 million Yen range. The purchase applications on some of these units exceeded availability five-fold. The majority of apartments were priced in the 52 million Yen range, with the most expensive unit sold being 199.8 million Yen penthouse apartment.

Buyers were in their 30s and 40s and consisted mostly of 2 member households. Many were moving out of other high-rise residences.

Source: Shukan Jutaku, April 17, 2012.

Nomura’s Proud Tower Shinonome sells out on 1st day of sales

In what appears to be good news for developers on Tokyo’s bay area, all of the apartments in Nomura Real Estate’s Proud Tower Shinonome Canal Court that went on sale this Monday received purchase applications on the same day.

The 52-storey, 600 unit residential tower is located on a reclaimed island on Tokyo Bay, an area that suffered from a  drop in popularity following the March 11 Tohoku disaster due to its liquefaction risks.

100 billion Yen redevelopment project for Toyosu area

Mitsui Fudosan will be embarking on a large-scale redevelopment of Koto-ku’s Toyosu area from next year. The 100 billion Yen (1.3 billion USD) project on one of Tokyo Bay’s reclaimed islands will cover a 47,400 sqm site. The project will include two high-rise office buildings (31 and 22 stories) as well as retail facilities. Due to the nature of the site, measures will be taken to strengthen the ground against liquefaction and the building will be built using “seishin” (vibration-control) construction. Completion is scheduled for 2016 and Mitsui Fudosan will be contributing 90 billion Yen in capital.

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