#Japan #Tokyo #Asakusa #Meitetsu #Tosei

Meitetsu Urban Development and Tosei's Joint Venture in Asakusa

In a significant collaboration, Meitetsu Urban Development Co., based in Nagoya, has announced that it will partner with Tosei Corporation, headquartered in Tokyo, to develop a new residential complex in Asakusa, Tokyo. This exciting project, known as the "Asakusa Project" (tentative name), is a result of an investment agreement formed in May 2024. The partnership aims to promote joint business efforts in the Tokyo metropolitan area, enhancing the residential landscape within this culturally rich district.

Joint Investment in the Asakusa Project

The Asakusa Project will feature a new condominium, with Meitetsu transferring a portion of its stake to Tosei, effectively converting the venture into a joint endeavor. This agreement follows a strategic partnership aimed at fostering collaborative development opportunities. As part of this initiative, both companies are focused on contributing to community development in the Nagoya area while sharing resources and expertise, ranging from real estate technology projects to private fund ventures.

Prime Location with Excellent Access

One of the most appealing aspects of the Asakusa Project is its outstanding connectivity. The location is within an eight-minute walk of four rail stations, including the Tobu Skytree Line, Tokyo Metro Ginza Line, Toei Subway Asakusa Line, and Tsukuba Express. This favorable transportation access allows residents to enjoy the bustling life of Tokyo while being close to the traditional charm of Asakusa.

Traditionally known for its historic landmarks like Sensoji Temple and Sumida Park, Asakusa provides a unique blend of urban convenience and cultural richness. With the Asakusa Project, the design aims to celebrate this heritage; the common areas will feature traditional Japanese craftsmanship and motifs reminiscent of the Sumida River fireworks that the area is famous for.

Project Specifications

The Asakusa Project will comprise a total of 61 residential units, primarily designed for singles and dual-income households. The apartments will range from 30 to 50 square meters with configurations of 1LDK to 2LDK. Special attention has been given to planning to maximize the site’s potential, including the addition of a rooftop terrace that offers stunning views of the Sumida River and an opportunity to partake in seasonal fireworks displays.

Property Overview:

• - Project Name: Asakusa Project (tentative name)
• - Location: 6 Chome, Asakusa, Taito City, Tokyo (exact address to be confirmed)
• - Transportation:

- 8 minutes walk from Tobu Skytree Line "Asakusa" Station
- 9 minutes walk from Tokyo Metro Ginza Line "Asakusa" Station
- 11 minutes walk from Toei Subway Asakusa Line "Asakusa" Station
- 11 minutes walk from Tsukuba Express "Asakusa" Station

• - Structure & Scale: Reinforced concrete, 14 stories
• - Completion Date (Projected): March 2026
• - Total Floor Area: 3,322.16 square meters (approx. 1,004.95 tsubo)
• - Total Units: 61

About the Companies

Meitetsu Urban Development Co.

• - Url: Meitetsu Urban Development
• - CEO: Hiroshi Hibino
• - Headquarters: 4-8-18 Meieki, Nakamura-ku, Nagoya, Japan
• - Business Areas: Land and property transactions, leasing, management, consulting, evaluations, and housing development.

Tosei Corporation

• - Url: Tosei Corporation
• - CEO: Seiichiro Yamaguchi
• - Headquarters: 4-5-4 Shibaura, Minato-ku, Tokyo, Japan
• - Business Areas: Real estate redevelopment, development, leasing, fund consulting, property management, and hotel operations.

This joint venture not only represents a strong investment in the vibrant Asakusa area but also signifies the commitment of both companies to innovate and thrive within the competitive Tokyo real estate market.