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Mori Building begins construction on ¥400B luxury resi scheme in Tokyo

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Mori Building begins construction on ¥400B luxury resi scheme in Tokyo

Work on Mori Building Co. Ltd.'s 550-unit ¥400 billion luxury residential development project in Tokyo is afoot, with the developer intending to sell units from ¥1 billion apiece and lease for upward of ¥1 million on a monthly basis, Bloomberg News reported.

From an interview with Executive Managing Officer Hideto Oba, the news outlet noted that the scheme includes three buildings, one of which is a 54-level structure, in the central district of Toranomon.

Of the total, Mori will offer 160 units as fully furnished serviced apartments, while the remaining 390 units will be sold or placed for rent. The planned ¥1 billion sale and ¥1 million rent prices are for a "considerable number" of apartments, Oba said, declining to give a specific number.

The development is expected to be completed in about 2020, according to the Dec. 4 report.

As of Dec. 1, US$1 was equivalent to ¥112.86.