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Report: ¥200B residential project planned in Tokyo

A¥200 billion residential project is planned in Tokyo's Shinjuku Ward, accordingto a report from the Nikkei Asian Review.

unit Nomura Real Estate Development, TokyoTatemono Co. Ltd., SumitomoCorp. and Shutoken Funen Kenchiku Kosha plan to develop two65-story condominium towers on a nearly five-hectare site, the report said. Thetowers are slated to be 235 meters tall.

Constructionis slated to begin in fiscal 2019, and completion is expected in fiscal 2026.The project will have 3,200 units, making it one of the largest residentialdevelopments in the country.

Thedevelopment is part of a trend spurred by increasing demand ahead of the 2020Olympics in the city, the news outlet said.