The move-in date for buyers of the HARUMI FLAG apartments that are to be converted from the athletes’ village to residential use after the Tokyo 2020 Olympic games is to be delayed by about a year. This is according to the Yomiuri newspaper.
The Tokyo Olympics, which were scheduled to take place between July 24 and August 9 this year, have been postponed to the summer 2021 due to the coronavirus pandemic.
After the completion of the Olympic games, the athletes’ village will be converted into what the developers hope will be Tokyo’s flagship residential development and to be re-branded as HARUMI FLAG, a sprawling 13.9 hectare residential and commercial sub-division. The consortium of developers includes many of Japan’s leading real estate companies: Mitusi Fudosan Residential, Nomura Real Estate, and Sumitomo Real Estate.
HARUMI FLAG is slated to 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.
The planned move-in date for residents was to be March 2023. However, the Tokyo Metropolitan Government informed the operator of HARUMI FLAG just this month that the city wanted to use the athletes’ village in the one-year period that the Olympic games are to be delayed.
About 940 units in the HARUMI FLAG residential buildings have already been contracted for sale and the developers have now started notifying buyers of the postponement of the move-in date.
The Yomiuri reports that according to people who have contracted to buy units in HARUMI FLAG, buyers are being given until the end of this year to decide whether to continue with their purchase. Those who decide to cancel will have their deposit returned in full.
The HARUMI FLAG development is located in Chou Ward and is about a 21-min walk from Kachidoki Station on the Toei Oedo line. Chou Ward authorities plan to push back the opening of elementary and junior high schools serving the HARUMI FLAG development from the spring of 2023 to the following year.
Source: Mainichi newspaper, June 22, 2020
Lead photo: CGI rendering of the HARUMI FLAG development via Mitsui Fudosan
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