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One of the most desirable properties in Tokyo is Chateau Mita, located in Minato Ward within walking distance of several embassies and Tokyo Tower and less than 10 minutes from four subway stations. The apartment building was constructed in 1964 and by 2000 there were persistent problems with plumbing and wiring, so the resident-owners decided to rebuild the eight-story structure in 2010.

Because of the choice location, two major real estate developers became involved and when work was finished last year, the building, now dubbed The Residence Mita, had added 16 stories and 175 units. Those units were sold to offset the renovation cost for existing residents, not to mention make money for the developers. They sold out immediately at an average price of more than ¥100 million, and the highest at ¥270 million.

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