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SG Japan to build $1.2m Olympic complex

Property Here - Friday, July 26, 2013

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Ahead of the 2020 Olympics, Tokyo has unveiled plans to build an Olympic Village to house participating athletes. The move is expected to benefit several developers.

“It would have quite a positive impact for the construction and the real estate market,” said Yoji Otani, Tokyo-based analyst at Deutsche Securities. “Construction companies would be able to receive huge orders and the government's investment in the Tokyo Bay area will help boost land values there.”

The International Olympic Committee (IOC) is only expected to announce the 2020 Games host in September, and Tokyo is now likely a front-runner ahead of Madrid and Istanbul.

The JPY95.4 billion (S$1.22 billion) project sited on a 44ha plot is set to become the city's largest housing complex in 42 years. Kenichi Kimura, the head of finances for the city's bid in the Tokyo Metropolitan Government, said the project will be financed by various developers.

Documents show that the housing complex will be located in the middle of two main competition zones, featuring 10,860 residential units spread across 24 buildings, along with dining halls, training gyms, parks and seaside restaurants.

Meanwhile, the government will spend JPY153.8 billion (S$1.96 billion) for renovations as well as new construction at 11 sites, added Kimura. The Olympic Games is expected to give positive economic effects “to the construction and real estate sectors first”.



Nikki De Guzman, Junior Reporter at PropertyGuru, edited this story. To contact her about this or other stories email nikki@allproperty.com.sg