By AKIFUMI NAGAHASHI/ Staff Writer
July 19, 2023 at 17:59 JST
An image of two skyscraper apartment buildings called Sky Duo at the Harumi Flag area, which housed athletes during the Tokyo Olympics and Paralympics held in 2021 (Provided by Mitsui Fudosan Co.)
New luxury apartments on the site that housed athletes during the Tokyo Olympics and Paralympics attracted a flurry of prospective buyers, with an average of 15.3 applications per unit.
Ten companies that include Mitsui Fudosan Co. received 8,790 applications for the 537 units available in two high-rise buildings at Harumi Flag in Tokyo’s Chuo Ward, the companies reported on July 18.
The apartments are in demand thanks to their affordability compared to the surrounding market prices and despite their location in the popular bay area.
“My impression is that there was a rush (of applications) for the affordable units, including from investors,” said Shogo Fujita, an apartment adviser familiar with the area.
“With the current low interest rates making it easy to take out a home loan, apartment prices in central Tokyo will not decrease,” he said. “I expect to see similar competitive interest in future sales.”
The construction of two 50-story condominiums called Sky Duo started after the Tokyo Games held in 2021, and they were not used as part of the athletes' village. New residents are expected to move in starting in the autumn of 2025.
Of the 1,455 units in both buildings, around 40 percent were put on the market.
Three-bedroom apartments priced between 60 million yen ($430,000) and 70 million yen saw particularly high demand.
Apartments on the top floor generated the highest interest, with a remarkable 142 applications per unit. The units are popular due to their special features, according to Mitsui Fudosan.
In previous sales, investors and real estate agencies looking to flip the properties also applied for multiple units.
In this round of sales, measures were taken to prioritize households that will actually live in the apartments.
The measures include limiting applications to a maximum of two units per individual and doubling the chances of winning for those who applied for a property as their “first choice.”
However, the company has not disclosed the actual competition rate considering these measures.
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