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Tokyo’s priciest new condos since ’08 set for sale

JIJI

Mitsubishi Jisho Residence Co. said Monday it will launch sales of new luxury condominiums with the costliest floor space since the so-called Lehman shock in 2008.

The 14-story condominium building, called Parkhouse Gran Chidorigafuchi and located in central Tokyo’s Chiyoda Ward, will have 73 residential units. Mitsubishi Jisho Residence, an affiliate of Mitsubishi Estate Co., will begin sales of the first group of 22 units in early September.

The average price per “tsubo,” the standard property measurement in Japan, will be some ¥8 million, the highest of any condominiums put on sale in the country since the global economic downturn triggered by the September 2008 collapse of U.S. investment bank Lehman Brothers, according to Mitsubishi Jisho Residence.

One tsubo is equivalent to about 3.3 sq. meters.

The 73 units will have between 72 sq. meters and 179 sq. meters of floor space, with prices set from ¥160 million to below ¥550 million per unit.

Buyers will be able to move into the condos in late May 2015.

The building stands on a prime location near Chidorigafuchi pond, which is part of the Imperial Palace. All of the condominiums offer views of the palace, according to the company. The area around the pond is a popular cherry blossom viewing spot.

Osamu Segawa, vice president of Mitsubishi Jisho Residence, told a press conference that the start of sales will fortunately coincide with improving economic activities backed by Prime Minister Shinzo Abe’s economic policies, dubbed “Abenomics.”

“We’re getting many inquiries,” Segawa said. “I think sales will prove good.”