Park Court Aoyama The Tower sits on a prime freehold site within Minato ward in Tokyo. Source: CDL
City Developments Limited (CDL) has acquired a 20 percent stake in a prime residential project in Tokyo from Japanese developer Mitsui Fudosan Residential.
Strategically located in the prestigious area of Aoyama within Minato ward, Park Court Aoyama The Tower has a total gross development value of more than 50 billion yen (S$666 million) and is targeted at wealthy local and foreign buyers.
The 26-storey tower comprises 163 apartments with facilities including a swimming pool, sky lounge, gym, 93 parking lots and a private garden. Unit sizes range between 389 sq ft and 3,789 sq ft.
Showflat previews have begun and prices for the first 55 units to be launched will start from 178.8 million yen (S$2.38 million) for a one-bedroom unit to 271 million yen (S$3.6 million) for a three-bedroom unit.
CDL Deputy Chief Executive Officer Sherman Kwek said the investment is in line with the company’s diversification strategy to accelerate overseas expansion.
“Japan’s real estate sector, in particular within Tokyo, is experiencing a strong boom in its residential market with robust demand for well-located condominiums in the central five wards. In land-scarce Tokyo, this is a rare opportunity to participate in a prime freehold residential development,” he added.
Park Court Aoyama The Tower is CDL’s second collaboration with Mitsui Fudosan Group, the first being in 2011 when CDL’s hospitality subsidiary Millennium & Copthorne Hotels (M&C) purchased a prime site in Ginza to build its first flagship hotel in Japan. The site was developed into the 329-room Millennium Mitsui Garden Hotel Tokyo that is currently managed by Mitsui Fudosan Group.
The group, including M&C and CDL Hospitality Trusts, has invested more than 50 billion yen (S$666 million) in two residential developments and three hotels in Tokyo to date.
Looking ahead, CDL said it will continue “to source for attractive opportunities in Japan and endeavour to further broaden its residential, office and hospitality presence there”.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
