Tokyu Land, a major developer based in Tokyo, has launched a new business domain in a residential condominium sector. It is an acquisition and renovation of existing condominium for sale.
Tokyu Land developed (the exact word – flipped) MAJES Tower Roppongi, located 4 minutes away from Roppongi Station. The 27 story condominium with 83 units was originally built in 2006 – seems “little early” for a major flip of condominium.
It seems that a strategy behind Tokyu Land is “adding a further value“. Over the last 3 years, there is a surge in property price and transaction in Tokyo and Tokyo Land refitted the condominium with more luxury ambience/touch so its valuation (price) can be appreciated in a long run.
Before/after photos below:
From the press release
The unit is ranging from 42SQM to 118SQM with a price range of JPY 60 million to 200 million.
According to Japan Property Central – its gross income gain will be 2-3% range. It seems this is more of a capital gain targeted investment.