A high-rise apartment tower under construction in Osaka’s Umeda district is set to become the region’s largest high-end rental building. The 56-story, 191-meter-tall building will have 836 rental apartments. Completion is scheduled for early 2022.
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The developer, Sumitomo Realty & Development, is anticipating that this project will provide long-term stable revenue, preferring consistent rental returns over the short-term sales revenue that a condo would bring in.
The tower will be a 5-minute walk from JR Osaka Station. It is expected to be one of Sumitomo’s La Tour series of high-end rentals. Targeted tenant profiles include both corporate leases for executive employee transfers and expats.
Floors four through eight will have a 202-room hotel, with rental apartments on floors nine through 56.
For more on this story visit Japan Property Central.