Luxury Tokyo penthouse sold for over $65 million in booming market
A Tokyo penthouse developed by Swedish buyout firm
EQT AB
has sold for about ¥9.5 billion ($67 million), shedding light on the cost of buying into the city's booming
high-end property market
.
The four-bedroom apartment at
Marq Omotesando One
, a luxury low-rise development near the bustling shopping district of Harajuku, went for more than ¥50 million per tsubo, the highest on record in Japan by that measure, EQT said in a statement.
A tsubo is a Japanese unit of measurement that equates to 3.3 square meters, amounting to a sale price of about ¥9.5 billion for the 625-plus square-meter property, according to Bloomberg calculations.
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The Marq One penthouse stretches across the entire fourth floor of the property, with a spa room, three terraces and a private rooftop and pool. The condo is accessible via a private elevator from the garage, and amenities include a 24-hour concierge service with a valet.
While the buyer wasn't disclosed, the price is a peek into the opaque world of luxury real estate sales in Japan. High-end properties in Tokyo have become more prevalent in recent years, as developers seek to tap rising demand from local and foreign buyers for higher returns. Sales are often limited to certain clients, with pricing kept under wraps.
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Home prices in Tokyo have been on a broad upward trend, driven by rising construction costs and a limited supply of new buildings. Sales of luxury properties in popular developments like Azabudai Hills' Aman Residences and Mita Garden Hills have also skewed average prices higher.
EQT developed and finished building the 14-unit property in 2021, before selling the apartments in phases. One unit is still available for sale.
The per-tsubo price exceeds the ¥44 million that a penthouse at the Aman in Azabudai Hills reportedly went for last year. That apartment is still the most expensive sold in Japan at a reported ¥30 billion.
Prices of prime properties — defined as in the top 5% of the market — jumped more than 50% in Tokyo in the five years to June 2024, a time when values fell in Hong Kong, New York and London, according to real estate consultancy Knight Frank. Tokyo still offers a relative bargain for high-end property, with $1 million buying more than twice the amount of luxury living space than
Hong Kong
did in 2024, Knight Frank data show.
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