CDL acquires 20% stake in a $668m Japan prime housing project

The property is located in central Tokyo.

City Developments Limited (CDL), through its established special purpose company, Iconique Tokutei Mokuteki Kaisha, has signed an agreement with Mitsui Fudosan Residential Co., to acquire a 20% stake in a prime residential project in Tokyo.

Mitsui Fudosan Residential Co., is responsible for the residential property development and sales of Mitsui Fudosan Group.

Mitsui Fudosan Group, a long-time partner of Capitaland for over 40 years,  is one of Japan’s largest integrated real estate developers with more than 70 years of experience.

Named Park Court Aoyama The Tower, the project has a total gross development value of over JPY 50 billion (approximately S$668 million).

Strategically located in the prestigious area of Aoyama within Minato ward, Park Court Aoyama The Tower sits on a prime freehold land site.

Aoyama is one of Tokyo’s most popular entertainment and residential areas, well known for its fashion houses, restaurants and shopping. Minato ward is the centre of business activities where many multinational corporations’ offices and foreign embassies are situated.

Residential units in Aoyama are thus highly desirable among both locals and expatriates.

Park Court Aoyama The Tower is within a short walking distance to the Aoyama-itchōme Station which is connected to the Ginza, Hanzōmon and Toei Ōedo Lines. Residents will also have convenient access to the cafes, restaurants, stores, museums and offices within the well-known Tokyo Midtown urban district, a short walk from the project.