CapitaLand in JV to build prime Tokyo property
Residential complex will be 24-storey building in Minato ward
BYZEINAB YUSUF SAIWALLA PRINT |EMAIL THIS ARTICLE
The Parkhouse Nishi-Azabu Residence will occupy a 32,625 sq ft site and have 190 units ranging from studios to three-bedroom apartments - PHOTO: CAPITALAND
CAPITALAND announced yesterday that it will be part of a joint venture to develop The Parkhouse Nishi-Azabu Residence, a residential project in Tokyo.
Together with Mitsubishi Jisho Residence (MJR) - a wholly-owned subsidiary of Mitsubishi Estate Co Ltd (MEC) - and SECOM Home Life Co Ltd (a wholly-owned subsidiary of SECOM), the joint venture will see the construction of a 24-storey building in Tokyo's Minato ward. When completed, it is expected to be the tallest residential building in the Nishi-Azabu area.
Strategically located in a prestigious residential area popular with diplomats, senior executives and expatriates, the 32,625 square foot site will have 190 units ranging from studios to three-bedroom apartments.
CapitaLand had pledged a 20 per cent investment in the project while MJR and SECOM hold 70 and 10 per cent shares respectively.
On September 4, Mitsubishi Jisho Residence launched the sales gallery for The Parkhouse Nishiazabu Residence condominium. The developer is promoting, in collaboration with Mercedes Benz, a new service for residents of the building called “Premium Owner’s Support.” This includes car sharing and chauffeur services and is said to be a first in the industry.
Mercedes Benz will have several cars parked in the building’s car park and residents have to option to borrow the cars to drive themselves, or can use a chauffeur. Residents will also be invited to Mercedes Benz events, such as test drives of new cars and various parties.
Visitors to the apartment showroom in Aoyama will also be driven to and from the construction site in the newest Mercedes S Class.
The Parkhouse Nishiazabu Residence is being developed by Mitsubishi in a joint venture with CapitaLand and SECOM Home Life Co. At 24 stories, it will be the first building over 19 stories built in the Nishazabu 1 ~ 4 Chome address since 1970.
The modelroom opens later this month and sales are scheduled to begin by the end of November. The 190 apartments range in size from 42.01 to 124.47 sqm (452 ~ 1,342 sqft) and are priced from 40 ~ 290 million Yen (510,000 ~ 3,700,000 USD). Approximately 80% of apartments are priced over 100 million Yen (1.27 million USD). There are 41 different floor plans, and three will be on display at the showroom gallery, including the 124 sqm ‘President Suite’ with 4 meter ceilings, walnut and ash veneers, limestone floors and Dornbracht faucets. This apartment, with just one bedroom, is priced at 290 million Yen (2,340,000 Yen/sqm). The price per square meter is higher than what you could pay for an apartment in Roppongi Hills, or Mori’s new Ark Hills Sengokuyama.
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