The updated price comparison of condominiums and offices in Asian countries.

Poste date: Thursday, April 23, 2015

The price of condominiums and offices in Japan is looking comparatively cheap in the international market.

According to a private research organization, the price of a newly-built condominium in Tokyo as of April 1, 2015 is less than half price of the same in Hong Kong when converted into Japanese Yen. Influenced by the weakening Yen, Japan market is looking quite attractive internationally, and this is resulting to an increase in inflow of overseas investment funds to Japan.

The Japan Real Estate Institute (Minato-ku, Tokyo) announced on May 28^th that as of April 1^st, the price index of newly-built condominiums in Hong Kong are equivalent to 234.9 when Tokyo is considered 100. This outcome shows an approximate 20% increase in difference between the two cities as compared to the figure recorded 6 months ago, on October 1^st, 2014. The luxurious condominiums in Tokyo are also cheaper than those in Shanghai, Taipei, and Singapore.

The number of investments from Hong Kong and Taiwan has increased by twenty times since 2010 based on a figure disclosed by a private company. They believe it is due to the weakening yen as well as expectations influenced by the 2020 Tokyo Olympic Games.

Source : Japan Real Estate Institute　　

Office rents in Tokyo are also looking quite affordable in the international market. The price index as of April 1^st for office rent in Hong Kong and London are equivalent to 185.2 and 151.5 respectively while the same in Tokyo is 100.

Office rents in Tokyo, London, New York, and Hong Kong all declined after the Lehman shock. They have all begun to recover upwards, except for Japan, where the upturn trend of recovery is quite slow.

Exterior of Grand Suite Azabudai Hilltop Tower

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Grand Suite Azabudai Hilltop Tower

Luxury tower residence on Azabudai hill with a view of the Tokyo American Club below. The redevelopment site of Mori Building's Toranomon and Azabudai project is just in front of the building. So, it’s located in a truly remarkable area. 24-hour manned management. Garbage dumpster on each floo. Common facilities: 26th floor Sky Lounge, 4th floor Lounge, 1st floor Guest room.

JPY 228,000,000 - 698,000,000

Exterior of Ichigaya Homes

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Ichigaya Homes

Ichigaya Homes is a 12-storey apartment building completed in October 1976. The nearest station is an 8-minute walk from Shinjuku-Gyoenmae Station on the Tokyo Metro Marunouchi Line and also a 9-minute walk from Akebonobashi Station on the Toei Shinjuku Line. Facing the intersection of Yasukuni Dori and Gaien Nishi Dori (Tomihisacho Nishi), which is well established and expanded roads, the area is within easy reach of Shinjuku Station, one of Tokyo's most vibrant stations, as well as the Shinjuku 3-chome shopping area and the Yotsuya area. It is also within walking distance of Shinjuku Gyoen, which offers a rich natural environment and seasonal beauty, despite being in the heart of the city.

JPY 75,000,000

Exterior of Park Court Azabujuban the Tower

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Park Court Azabujuban the Tower

It is one of the Park Court branded luxury condominium apartments sold by Mitsui Fudosan Residential Co.,Ltd. Completed by Taisei Corporation. It is surrounded by busy and active Roppongi area, urban constructions such as Tokyo Tower and Tokyo Midtown, and rich nature of Arisugawa-no-miya Memorial Park within a walking distance. Hotel-like front desk services and common facilities such as guest rooms and various lounges are attractive. The dwelling units are mostly from 1LDK to 3LDK having 440 units in total. There are many embassies in the neighborhood giving very international atmosphere to the area. Azabujuban Shopping Street, where many old and modern stores are coexisting along sophisticated townscape, is within a living area. Supermarkets are close and support everyday life in the area. The refined locality and nicely designed facility give it the impression of Mansion House beyond the ordinary condo image making high quality urban life possible.

JPY 236,000,000 - 238,000,000

Exterior of AKASAKA FLORA BLDG.

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AKASAKA FLORA BLDG.

Akasaka Flora Building, steel-framed reinforced concrete structure, 8 storied structured with 1 basement floor, total numbers of the units 15 was built in November 1981. The nearest station, Tameike-sannno stn. on the Tokyo Metro Namboku & Ginza line, is only 1-minute walk away, Akasaka stn. on the Tokyo Metro Chiyoda line, is a 6-minute, and Akasaka-mitsuke stn. on the Tokyo Metro Marunouchi & Ginza line is a 11-minute. There are office or commercial buildings, residential condominiums, restaurants or cafes are dotted in the neighborhood. It is allowed to use as office, and the building had a major repairment in 2020.

JPY 28,900,000

Exterior of Green Park Harajuku

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Green Park Harajuku

Green Park Harajuku is a 5-story reinforced concrete building with 2 basement floors, built in June 1977, with a total of 8 units, located in Sendagaya 3-chome, Shibuya-ku, Tokyo. It is a 7-minute walk from Harajuku Station on the JR Yamanote Line, a 4-minute walk from Kitasando Station on the Tokyo Metro Fukutoshin Line, and an 8-minute walk from Meijijingumae Station on the Tokyo Metro Chiyoda Line, making it an attractive property with good transportation access. This low-rise vintage apartment is located in a quiet residential area while being within walking distance of the cutting edge of fashion in Harajuku and Omotesando. Seven-Eleven Harajuku Gaien Store is about 210m away, Sendaya Nakayoshien Kindergarten is about 270m away, Shibuya Ward Sendaya Elementary School is about 300m away, Meiji Jingu Shrine is about 1.2km away, and many other convenience stores and coffee shops are scattered throughout the area.

JPY 110,000,000

Exterior of Roi Vert Omotesando

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Roi Vert Omotesando

Roi Vert Omotesand is 5 storied condominium with 17 units in total, built in November 1997, developed by Tokyo Tatemono Co, and bult by Toda Corporation. Located in a quiet residential area in Jingumae 3-chome, it is about an 8-minute walk from Omotesando Station on the Tokyo Metro Ginza, Chiyoda and Hanzomon Lines, and about an 11-minute walk from Harajuku Station on the JR Yamanote Line. The unit has separate storage room for exclusive usage right, parking spaces are available. It is allowed to keep pets. As part of the building's repair history, major repair work has been carried out in February 2016, and home delivery lockers replaced in March 2019.

JPY 228,800,000

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