Thursday, September 15, 2005

Condo Oversupply Feared in Tokyo's Bay Area - Rents to Dip

The post-industrial landscape of Tokyo's inner-city waterfront (Minato-ku and Koto-ku) is being transformed by the construction of large condominium developments. Tokyo Kantei reports that the number of new condos in the Shinagawa area alone has exceeded 12,000 units in ten developments in the past two and a half years.
The largest buyers include REITs and private real estate funds, converting originally built-for-sale developments to rental condos. Many individual buyers are also expected to put their new purchases on the rental market. The rush of new supply is expected to put downward pressure on rents.

Recent large condo developments in the Tokyo Bay Area:
(These are the very slick and well-produced official websites for the projects, by the way)

Cosmopolis Shinagawa (Recruit Cosmos, 2004, 590 units)
World City Towers (Sumitomo RE, 2004, 2,000 units)
Capital Mark Tower (Tokyu RE, 2005, 880 units)
Bay Crest Tower (Gold Crest, 2005, 600 units)
Park Tower Shinagawa Bayward (Mitsui Fudosan, 2006, 300 units)
Shibaura Island (Mitsui Fudosan, 2007, 2,000 units)
The Tokyo Towers (Orix RE, 2008, 2,000 units)
and many more...

Full Story - Nikkan Kogyo Shimbun: Condo Oversupply Feared in Tokyo's Bay Area - Rents to Dip

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