IPC Corporation is looking to develop its sixth condominium project in Japan with the acquisition of a land parcel in Oiso, Kanagawa prefecture.
According to a media report, the Oiso project will comprise of 75 units housed in a three-storey tower. It is located approximately 60km south-west of Tokyo.
With a total cost of around 2.48 billion yen (S$39.3 million), which will be funded through internal resources, the development is expected to be completed by the third quarter of next year.
The report noted that the project was pre-sold to a Japanese property firm, with full payment to be made upon the completion of the project and the delivery of units.
Excluding the Oiso development, IPC has completed a total of four condo projects in Japan since mid-2009.
The fifth development, an 85-unit project, is located in Oppama, also in Kanagawa prefecture. It is currently under construction and slated for completion by the end of Q1 2013.
“The company is continuously evaluating property projects in Japan to purchase, develop, and re-sell, as well as for income producing purposes, in particular business hotels,” said IPC.
Image: IPC Corporation’s property development project in Uraga, Kanagawa Prefecture, Japan.
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