Property heavyweight City Developments Limited (CDL) plans to build luxury condominiums on a freehold land site in Tokyo’s upscale Shirokane area, media reports said.
Valued at JPY30.5 billion (S$360 million), the 16,815 sqm plot was acquired from Seiko Holdings. Also included in the sale is the 81-year old mansion of Kintaro Hattori, the watch manufacturer’s founder.
The new properties will be built around the historical residence (pictured), which will be preserved, said Nikkei Report.
This is CDL’s first residential project in Japan, and the planned luxury condos are in line with the company’s overseas expansion strategy.
Aside from this project, the Singapore-based developer is also looking forward to the opening of its new hotel in Ginza this December.
CDL is bullish on Tokyo’s property market revival and expects growth opportunities over the coming years leading up to the 2020 Olympic Games.
Photo by CDL
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
