OSAKA (Kyodo) Nearly all 465 units in Japan's tallest condominium building, which was just finished Tuesday, have been sold despite the economic downturn, according to the building's developers.
Less than 10 of the condos in the 209-meter tower in Osaka's Kitahama district remain unsold. The average price was ¥67 million. The 303-sq.-meter unit on the top floor went for ¥580 million, said the developers, including Sanyo Homes Co.
The Kitahama Tower & Plaza comprises a 54-story building with residential units from the 12th floor up and an adjacent six-story shopping plaza. The developers began handing over the keys to the condos Tuesday.
The complex was erected on the former site of a Mitsukoshi department store.
The initial cluster of 260 condos in the tower went on sale in fall 2007 and sold out the first day, according to the Real Estate Economic Institute, which monitors the condo market.
Some 22,000 condominiums were put on sale last year in Osaka and five neighboring prefectures in the Kinki region, far below the 30,000 to 40,000 average since 1994.
