The most expensive condominium sold last year in Tokyo was the 203.96-sqm (2,195 sqft) penthouse in the “Park Court Akasaka Hinokicho The Tower” development, which sold for 1.5 billion yen ($12.7 million).
The Park Court Akasaka Hinokicho Tower is a 170-meter, 44-story luxury residential development that is being built in Tokyo Midtown. That price works out to about 7,354,000 yen per square meter or $683,922 per square feet. This is according to the Real Estate Economic Research Institute (REI, 不動産経済研究所).
Luxury Condominium Sales Leap in 2015
According to the REI, there were a total of 1,688 condominiums sold in the greater Tokyo area last year with a minimum sales price of 100 million yen ($849,000), an increase of 85.9% compared to 2014, when 780 100-million-yen-plus units were sold. The highest number of 100-million-yen-plus condominiums ever sold in a year was 3,079 units in 1990.
This minimum-100-million-yen price range represents about 4.2% of the 40,449 condominiums sold in the greater Tokyo area in 2015. The average sales price of a condo sold in greater Tokyo last year was 55,180,000 yen ($467,000).
The Park Court Akasaka Hinokicho Tower
The Park Court Akasaka Hinokicho Tower, designed by Kengo Kuma, is located in the 9-chome block of Akasaka on the north side of Tokyo Midtown, one of Japan’s premiere high-end mixed-use developments. Tokyo Midtown is home to the Ritz-Carlton Tokyo, the Suntory Museum of Art, highstreet storefronts and restaurants, bilingual medical facilities, and a 10,000-sqm landscaped park.
The Park Court Akasaka Hinokicho Tower is slated to be completed in February 2018 but all 324 units offered for sale have already been sold. According to Japanese media sources, the developer was flooded with over 1,000 applications for the several hundred 2- to 3-bedroom units being sold.
When completed, the tower residence will offer residents direct access to Hinokichou Park in Tokyo Midtown via an adjoining bridge. The residence offers a birds-eye view of Hinokochou Park below as well as 360-degree views of the metropolis.
As with many modern high-end residential developments in Japan, the Park Court Akasaka Hinokicho Tower will offer concierge services, a gym, sky lounge (promising views of Mt. Fuji!) and a party room, as well as on-site parking. Also, as with many modern residential tower developments, the building sill use base-isolation and vibration control technology for earthquake resistance.
The Penthouse
The penthouse that was sold in the Park Court Akasaka Hinokicho Tower was advertised with these specifications: 3LDK +WTC + 2WIC + SIC + S + TR. The floor plan looks like this:
Let’s breakdown this alphabet soup:
3LDK means that that it has 3 bedrooms, in addition to a living room, dining room, and kitchen. Note that the living/dining/kitchen area is labeled as being about 47.9 square meters, which is about the size of many entire apartments in Japan.
WTC stands for walk-through-closet, as opposed to the 2WIC or two walk-in-closets. Apparently, one can walk directly from the WTC directly to one of the balconies.
SIC stands for “shoes-in-closet” custom-built shoe-storage closets.
S stands for “storage” and TR stands for trunk room.
No shortage of storage here.
Also, the penthouse has two bathrooms (which is one more than any of the other units in the building offers).
Model Rooms
As the building is not yet complete, there are no images of the finished product, but the developer has model rooms on view. The following are images of model rooms in the building, not necessarily of the penthouse mentioned above.
Top photo: Park Court Akasaka Hinokicho The Tower model room
You may also be interested in: Sales to Start for Western Japan’s Most Expensive Apartment and The Priciest 100sqm+ Condos Listed for Sale in the Last 15 Years
One thought on "The Most Expensive Apartment Sold in Tokyo in 2015"