Ultra luxury residential projects to watch out for in Japan

A project slated for 2023 is expected to house a unit worth around USD160m.

Most of the luxury condominium towers that were recently launched in Tokyo were centred around Minato. According to Savills, the most recent one is Toranomon Hills Residential Tower, which opened in early 2022. 

This property is rumoured to house a unit priced well over JPY10 billion (approx. USD80m) - the most expensive condominium unit in Japan. 

Here’s more from Savills:

In 2023, the highly anticipated Toranomon-Azabudai project is expected to further propel the growth of the ultra-luxury residential market in Minato with plans to introduce 1,400 residential units in its two main residential towers. Furthermore, the main 330-metre tower of the project will house 91 hotel-branded residences affiliated with Aman on its top floors. The most expensive unit is rumoured to be on the market for JPY20 billion (approx. USD160m) - easily exceeding the most expensive unit recorded to date. 

Comprehensive developments like these have the necessary infrastructure and amenities prepared to ensure that high unit prices can be targeted. This small district appears to keep setting new records for Japan’s most expensive residential unit.

Another project likely to house ultra-luxury units is the Mita 1-Chome project. The project will be developed by Mitsui Fudosan and Mitsubishi Estate and is expected to be completed in May 2025. The project will feature multiple buildings with over 1,000 residential units. Given the size of the development, the large players involved, and the prime location, it is likely that the development will feature ultra-luxury units, adding to Minato’s stock and solidifying the ward’s status as a premier residential area. 

There are some developments outside of Minato as well. For instance, MARQ Omotesando One, which was developed by BPEA Real Estate, is in Shibuya and was completed in November 2021. However, while the site’s proximity to Harajuku, Shibuya, and Omotesando can be attractive, the neighbourhood is not typically considered to be a luxury residential area.

Additionally, in 2020, The Kita was also built near Kitasando, an area slightly north of Harajuku. The architect of the project is Kengo Kuma, who designed the Japan National Stadium for the Tokyo 2020 Olympics. By The Kita, Park Court Jingu Kitasando The Tower is also under construction and slated for completion in 2023. 

Elsewhere, Mitsubishi Estate is reported to have acquired the negotiation rights to purchase a portion of the land occupied by the British Embassy in Tokyo and seems to be evaluating the possibility of building ultra-luxury condominiums on the site. Although the details have not been revealed, considering its prime location directly west of the imperial palace, the project could potentially see condominiums of very high calibre built on the site.

Furthermore, while not technically a condominium, Mitsubishi Estate also plans to add about 50 rental residential units on some of the high floors in Torch Tower, which is expected to be the tallest building in Japan after its completion in 2027. The rents for the most expensive units are likely to be well over JPY5 million a month - comparable to other ultra-luxury residences. 

Beyond the capital, Osaka has also seen some developments in the luxury sector. In 2024, Tokyo Tatemono and Hotel Properties Limited are expected to complete the One Dojima Project, which comprises the 466-unit Brillia Tower and the 178-room Four Seasons Hotel Osaka. The development site is proximate to Umeda and should benefit from the other redevelopment projects around the area.