Tokyo’s Chiyoda Ward requested that Mitsubishi Estate Residence include a clause prohibiting resale for 5 years after handover in a condominium it is planning in the ward. The property is planned to be rebuilt from approximately 100 units to approximately 200 units, and the same policy is to be applied to future development projects in the ward.
Chiyoda Ward requested that condominiums planned in the ward include a five-year resale prohibition clause to curb resales. The properties are projects involving Mitsubishi Estate Residence, and this is the first time the ward has made a request for an individual property.
The property covered by the request is planned to be rebuilt from a condominium with approximately 100 units to one with approximately 200 units. Construction is scheduled to begin in 2030, with completion planned for 2036. The request also calls for a clause prohibiting resale for 5 years after handover and a ban on purchasing multiple units under the same name.
Based on this request, the ward intends to apply the same policy to condominiums developed in the ward in the future. It is expected to apply mainly to projects requiring coordination with the ward, such as urban redevelopment projects, but not to purely private condominiums.
The ward’s aim is to curb real estate transactions for speculative purposes, and it has indicated a policy of strengthening resale-prevention measures in conjunction with existing requests from industry associations.