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City Developments expands portfolio in Japan

By Esther Hoon

/ CDL |

October 20, 2016 12:00 PM SGT

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City Developments continues its expansion in Japan with the acquisition of a freehold prime residential project in central Tokyo. The company, through its special purpose company, Iconique Tokutei Mokuteki Kaisha, has acquired a 20% stake in Park Court Aoyama The Tower from developer Mitsui Fudosan Group.

The project has a total gross development value of over ¥50 billion (about $668 million). It is located in the Aoyama area, one of Tokyo’s most popular entertainment and residential districts, within the Minato ward. Minato ward is the centre of business activities where many multinational corporations’ offices and foreign embassies are located. The project is close to Aoyama-itchõme Station, which is linked to the Ginza, Hanzõmon and Toei õedo Lines.

Park Court Aoyama The Tower offers a total of 163 one- to three-bedroom residential units ranging from 389 sq ft to 3,789 sq ft in its 26-storey building. Highend domestic buyers and foreigners are expected to be the primary target groups. Facilities in the project include a swimming pool, gym, sky lounge, private garden and 93 parking lots.

Prices for the first batch of 55 units start from ¥178.8 million for a one-bedroom unit, ¥199.4 million for a two-bedroom unit and ¥271 million for a three-bedroom unit.

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