Demand Soars for Tokyo 2020 Olympic Village Apartments to be Repurposed as Private Condominiums

It will be months before the 2020 Summer Olympic Games are due to bring intense international focus on Tokyo, but buyers interested in purchasing apartments in the Athletes Village aren’t waiting.

HARUMI FLAG

The buildings that will be used to host the Tokyo 2020 Olympic Athletes Village will be renovated after the Olympic and Paralympic games and sold as condominiums to the public. This is a massive 13.9 hectare project that will be re-branded as HARUMI FLAG, and is being jointly developed by ten major developers, including Mitusi Fudosan Residential, Nomura Real Estate, and Sumitomo Real Estate.

The site will become a new residential sub-division housing 12,000 people in 5,632 apartments (4,145 condominiums and 1,487 rental units) spread over 23 residential buildings, ranging from 14- to 18-stories, and one commercial facility. The development will including landscaped parks, childcare facilities, shops, and other commercial facilities.

HARUMI FLAG. Image: Mitsui Fudosann

The HARUMI FLAG development will be located about a 21-min walk from Kachidoki Station on the Toei Oedo line. It will be divided into five districts, and will be designed to take full advantage of its location on Tokyo Bay, facing the shore. Many of the apartments will offer views of the Rainbow Bridge and Tokyo Tower.

The developer consortium hopes that HARUMI FLAG will become Tokyo’s flagship residential development.

Apparently, condominium buyers are liking what they see.

In May 2019, (Phase I of sales), 600-units in HARUMI FLAG were released for sale to the public. This was the highest number of apartments offered for sale at a single project site, so far this year. A total of 1,543 applications were received, and for the most popular apartments in the development, the application ratio was 71:1, meaning that 71 applications were received for a single apartment. The average application ratio was 2.57 applications per unit.

Phase 1, 2nd Period Sales Started on Nov 22nd

On November 22nd, the developer consortium opened Phase 1, 2nd period sales by releasing another 340 units for sale.

HARUMI FLAG consists of five districts:

  • PORT VILLAGE
    • Rental apartments (including senior housing and a share house), childcare facilities, nursing care facilities
    • 4 buildings, 1,487 units
  • SEA VILLAGE
    • Condominiums – For Sale
    • 5 buildings, 686 units
  • SUN VILLAGE
    • Condominiums – For Sale and stores
    • 7 buildings, 1,882 units
  • PARK VILLAGE
    • Condominiums – For Sale and stores
    • 7 buildings, 1,637 units
  • Commercial facilities
    • 1 building

In Phase 1, 2nd period sales, apartments in the SEA VILLAGE (119 units), PARK VILLAGE (221 units), and PARK CORE (the courtyard area of PARK VILLAGE) will be offered to potential buyers.

Condominiums in SEA VILLAGE, PARK  VILLAGE, and the PARK CORE will be offered for sale in Phase 1, 2nd period sales, which started on November 22, 2019.

Price

Apartments in SEA VILLAGE range in price from ¥75.7 million ($697,000) for a 3LD (3-bedroom apartment) to ¥119 million ($1,095,000) for a 4LD (4-bedroom). SEA VILLAGE apartments are waterfront-facing apartments.

Apartments in PARK VILLAGE range in price from ¥54.2 million for a 2LDK (2-bedroom) to ¥173,800,000 ($1.6 million) for a 3LDK (3-bedroom).

Units in SUN VILLAGE will be put up for sale in early January 2020.

The project will include large open spaces and plazas, including the CENTER CORE, which will have a diameter of 100-meters. Image: HARUMI FLAG

Apartment floor plans

Below are some sample floor plans of units that are on sale in this sales period.

Sea Village, Building A, 4LD (102.48-sqm)

 

4LDK unit in SEA VILLAGE. Image: Mitsui Fudosan

PARK VILLAGE, E building, 3LDK (105.31-sqm), penthouse unit with roof balcony

3LDK penthouse unit in PARK VILLAGE. Image: Mitsui Fudosan


Source: Mitsui Fudosan press release, November 19, 2019 (in Japanese)

You may also be interested in: