A new generation of luxury apartment towers has sprung up in the Japanese capital Tokyo as developers and governments seek to build more housing for the growing number of people living in the country’s overcrowded cities.
But despite an increase in the number of apartments being built, the boom has had a silver-lining for some residents who say the boom in luxury apartments has been a blessing.
In one of the most recent projects in the Tokyo district of Minato Ward, the luxury apartment complex was set up by an American company, Yamaguchi-Gumi, as part of the development of an apartment block.
The development of the building, which is to include a luxury hotel, a gym and a rooftop restaurant, has sparked a surge in interest in apartments in the area.
“I thought it was a little strange, but it’s become a really nice place,” said Risa Kanemoto, who owns a large business in the district.
“It’s not that I don’t have to work, but I can also go out and enjoy the outdoors,” she added.
The new development was designed to be a community centre, and the first of its kind in the city.
“We wanted to give the area a more cosmopolitan feel, which means that people can live together, have a more open space, a better atmosphere,” said Yamagumi President, Masahiro Yamamoto.
“And we wanted to make it possible to enjoy the natural beauty of the area.”
Yamaguchi – the Japanese term for the company – was founded in the US in 1984 and now has offices in Tokyo and Hong Kong.
“Its a real pleasure to work with the Yamaguri group, to have the opportunity to design and build our projects in Tokyo,” said Mr Yamamoto, adding that the project will “make a difference for our city”.
Yamagono, a luxury apartment building that opened in March, has attracted a lot of interest.
“People from the US, Canada, Europe, the UK, Australia and New Zealand have visited our apartments and have asked us what we could offer them,” said a spokeswoman for Yamagoda-Gumpert, the company building the building.
“They all expressed their desire to live in a high-end residential building.
And now, in just a couple of years, we have a huge number of new apartments in our area.”
A new generation Of luxury apartmentsIn the past two years, more than 300 luxury apartment buildings have opened in Tokyo.
“The number of luxury apartments is increasing every year,” said Masahiko Yamagami, who is the chief executive of Yamaguda-Gempert.
“If the demand is there, we can build the project at any time.
In 2016, the building at the corner of Oda-gun and Oda streets in central Tokyo sold for nearly $1 million, bringing the total number of such apartments to more than 3,000.””
If we don’t get enough demand, we will close our facilities.”
In 2016, the building at the corner of Oda-gun and Oda streets in central Tokyo sold for nearly $1 million, bringing the total number of such apartments to more than 3,000.
“With the building opening, we’ve become a household name, so it’s been really nice,” said Mitsuki Sakamoto, who lives in the same building.
Yasuo Build is one of a handful of luxury buildings that have opened since the boom started.””
I love living in a building like this, because it’s so cosmopolitan.”
Yasuo Build is one of a handful of luxury buildings that have opened since the boom started.
“In Tokyo, we are seeing a boom in high-rise apartment buildings, especially in the new high-rises,” said Yoshimasa Hasegawa, a spokesman for the Tokyo Metropolitan Government.
“Yasuno Build has become the most popular luxury apartment project in the region.”
A recent report by Mizuho Research found that the number in Japan of luxury housing has risen by nearly 50 per cent over the past three years.
“This trend is due to the fact that the market has opened up more and more properties and that demand has increased,” the report said.
“To maintain this trend, there is an urgent need to make the development process easier for developers and builders, especially for the first phase.”
Mr Haseegawa added that he hoped that more projects would be built.
“As a developer and a builder, we need to get better at the development and marketing process,” he said.