Mitsubishi banks on Shibuya growth

The Shibuya ward in Central Tokyo is the centre of youth fashion and culture in Japan, and its namesake intersection in front of Shibuya station reflects the profile of modern Japan. The neighbourhood is also a major commercial and business centre, and has benefited from a government-led initiative to rejuvenate the areas surrounding Shibuya station.
Shibuya ward in Tokyo is a major commercial and business centre, and is undergoing a government-led initiative to rejuvenate the areas surrounding Shibuya station
There has been an increase in demand for new hotel developments to meet the expected increase in tourist arrivals leading up to next year’s Olympic Games. This is making it difficult for property developers to secure new sites for residential developments. Excluding the Tokyo Bay area, new residential projects in central Tokyo neighbourhoods will be limited, says Kentaro Sato, director of international residential business (Japan) at JLL.
Investment foothold in Shibuya
For international investors, this means it is likely there are only a handful of new residential developments they can snap up to capitalise on the growth in the city. One new project already on the market is The Parkhouse Urbance Shibuya by international property giant Mitsubishi Estate Residence, a business arm of the Mitsubishi Group conglomerate.
The freehold development is a six-minute walk from Shibuya station and is close to the popular Yoyogi Park. It comprises 84 apartments across 14 floors, and units comprise one- and two-bedders of 337 sq ft to 697 sq ft. The development is expected to be completed by July next year.
The project is about 60% sold and just 31 units are available for sale. However, only 10 units have been allocated for sale to international buyers. So far, most of the international buyers have come from Hong Kong, China, Taiwan, and Singapore, says Sato.
The Parkhouse Urbance Shibuya comprises a total of 84 one- and two-bedroom units (Picture: Mitsubishi Estate Residence)
“This project is centrally located in the vibrant Shibuya area, which is filled with department stores and restaurants. Most residents in this area are...