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 general public, with sales to start in May 2019.
This is according to an announcement on October 31st by a consortium of 11 developers working on the project, including Mitsui Fudosan Residential. The Olympic Village site will be converted into a new residential sub-division capable of housing 12,000 people in 5,600 apartments spread over 23 residential buildings, ranging from 14- to 18-stories, and one commercial facility.
The overhauling of the 13.9 hectare site in the Harumi 5-Chome neighborhood in Chuo Ward is one of Tokyo’s biggest re-development projects in the run-up of the 2020 Games and thereafter. Post-Olympics, the development will be branded HARUMI FLAG, emphasizing the developers’ goal of it being the flagship development for all of Tokyo.
Model Rooms to Open in May 2019
Condominium model rooms are expected to be open for viewing and sales at the end of May 2019. Of a total of 5,632 total units, 4,145 will be offered for sale and 1,487 for lease. Renovation of the existing mid-range tower is slated for completion in the fall of 2022 and construction of the residential tower is scheduled for the spring of 2024, with people expected to be able to start moving in around the spring of 2023.
Expected price and market effect
The condominiums are expected to fetch something in the range of ¥2,700,000 to ¥2,800,000 per tsubo (3.3 square meters) and to be offered in large lots to the public.
Some observers in the local market have expressed concerns about the spillover effect on other developments located near Tokyo Bay, especially if all 4,000+ units were to be offered for sale at once. Sales of new construction in the area, at the popular ¥3,500,000+ per tsubo (3.3 square meter) price point, for example, would be severely affected.
However, representatives of the HARUMI FLAG development have said that units will be released for sale over several years, with an eye to preserving a balance in the market.
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.
Other project features include:
- A modern Japanese architectural style.
- Aligning the symmetry of the buildings to the skyline.
- Planting 100 varieties of 3,900 trees.
- Careful attention to detail, including extra-wide corridors to better accommodate wheelchairs and slope gradients that exceed the regulatory requirements for barrier-free living.
- 51 common rooms, including a book room, sports bar, kids room, craft room, and so on.
- Car sharing and bicycle sharing services.
- In the area offering leased units, a share house, senior housing, and a nursing care facility will also be built.
One of the developers’ selling points for HARUMI FLAG is distance to various city center locations, including Ginza (2.5-km), Tokyo Station (3.3-km), and Toyosu (2.1-km).
However, currently, the Harumi 5-Chome neighborhood does not have direct rail access to the city center. A Bus Rapid Transit (BRT) system is in the works to shuttle athletes (and in the future, commuters) back and forth from the mainland, but delays in construction (and whether the BRT will operate as efficiently as planned) could detract from the desirability of Harumi 5-Chome as a residential area.
When completed the BRT will directly connect HARUMI FLAG to Shinbashi and Toranomon. There are also plans to increase the number of trains running through Shinbashi, especially during the morning peak.
For more information on this project, please see: If you build it, will buyers come? The Tokyo 2020 Olympic Village Building Boom
Sources: Nikkei Shinbun, October 31, 2018 and HARUMI FLAG