February 15, 2017 5:00 pm JST

Luxury serviced apartments to open in Tokyo's Otemachi

Long-term foreign visitors can call Japanese capital's financial district home

KEIGO IWAMOTO, Nikkei staff writer

The view from an Ascott Marunouchi Tokyo serviced apartment in Tokyo's Otemachi district, as seen on Feb. 13.

TOKYO -- Want to live next to the Imperial Palace and walk just a few blocks to work? A luxury serviced apartment complex is set to open in Tokyo's Otemachi business district for the first time in late March.

Ascott Japan -- a unit of Ascott, the world's leading serviced apartment operator out of Singapore -- unveiled the 130-unit Ascott Marunouchi Tokyo on Monday. Each apartment is equipped with a washer-dryer, kitchenette, oven, coffee machine and tableware.

The more expensive apartments are located on the top floor, where a 91-sq.-meter flat -- living room, bedroom and tatami-floored seating area -- cost about 67,000 yen ($585) per night and 930,000 yen per month. The windows offer a view of central Tokyo. Occupancy is limited to two people.

Ascott Marunouchi will occupy the 22nd through 29th floors of the Otemachi Park Building, a 29-story tower completed by Mitsubishi Estate on Monday.

There are six other room types. A one-night stay for a standard studio with an area of more than 38 sq. meters costs about 55,000 yen. The monthly charge would be upward of 600,000 yen. Serviced apartments are said to be cheaper than hotels for medium- and long-term visitors.

Otemachi is where many of Japan's largest banks and trading houses have their headquarters, as well as being home to major newspapers, including Nikkei Inc. Although best known as a commercial center, Otemachi has recently expanded its attractions to include luxury hotels such as the Aman Tokyo and Hoshinoya Tokyo.

Historically, the name of the district comes from "Otemon," which means the great gate of Edo Castle. It was a coveted piece of real estate for feudal lords, who constructed lavish residences close to the center of power.

The greater Marunouchi area -- Marunouchi, Otemachi and Yurakucho -- is visited by some 1.6 million foreign tourists a year, and many foreigners already work there.

Mitsubishi Estate Co., Ltd.

Japan

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