Mitsubishi Estate Co. broke ground on April 14 to build a 150,000m2 multi-use complex in Otemachi, Tokyo, which will have the first residential spaces in the area. 130 serviced apartments will be developed to serve mainly long term business travelers from abroad. One of the largest developers in Japan intends to enhance international competitiveness of the district by creating the business-friendly environment for global enterprises. The building is designed by Mitsubishi Jisho Sekkei Inc. and Takenaka Corp. is in charge of construction. The complex is slated for completion in January 2017.
The Ascott Ltd, Singapore-based global leader in serviced apartments will bring the first of its most luxurious series, “Ascott the Residence” to Japan. Besides the premier residential space, the large scaled development tentatively called “Otemachi 1-1 Building B Project” will house other life-assisting functions such as hospitals and educational facilities. The project is one of Mitsubishi Estate’s flagship series of the wholesale redevelopment plan in Otemachi-Marunouchi district.
President of Mitsubishi, Hirotaka Sugiyama said at the press conference that it is a part of the government’s growth strategy to expand residences in urban area of Tokyo. CEO Lee Chee Koon of the Ascott confidently addressed that once completed, Ascott the Residence Marunouchi will be a leader in serviced apartments in Japan. (2014/04/15)