City Developments Limited (CDL) has acquired a prime freehold land site in Tokyo for 30.5 billion yen (S$355.5 million) from Seiko Holdings Corporation (Seiko). This was achieved with a U.S. based investment firm through a jointly established Japanese special purpose company. The 16,815 sq m parcel of land is located in the prestigious residential enclave of the Shirokane area in Tokyo’s Minato ward where numerous foreign embassies are situated and many multinational corporations are based. Currently the site houses a 1,340 sq mansion which used to be the former residence of Seiko’s founder, Kintaro Hattori. Built in 1933, the mansion was allegedly where the Constitution of Japan was drafted. This is CDL’s first landmark acquisition of land for real estate residential development in Japan. CDL Executive Chairman Kwek Leng Beng said the acquisition is in line with CDL’s strategy to accelerate overseas expansion to supplement its existing operations. “In land-scarce Japan, this is an extremely rare opportunity to acquire a sought-after property that is situated on a substantial prime freehold land. Often, such a sizable piece of real estate would take years or even decades to assemble and amalgamate,” he said. Details of the redevelopment were not revealed but the developer is likely to build luxury homes on the site which has a long history dating back to the Edo period and Meiji period. “We see potential to develop luxurious, high-end condominiums on this site and plan to conserve Mr Kintaro Hattori’s former residence which has rich heritage and immense historical significance. We look forward to applying our expertise towards creating an iconic residential development,” Kwek added.
Posted on: Fri, 03 Oct 2014 17:45:01 +0000
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