City Developments Limited (CDL), through its established special purpose company, Iconique Tokutei Mokuteki Kaisha, has signed an agreement with Mitsui Fudosan Residential Co.,Ltd, that is responsible for the residential property development and sales of Mitsui Fudosan Group, to acquire a 20% stake in a prime residential project in Tokyo1. Mitsui Fudosan Group is one of Japan’s largest integrated real estate developers with more than 70 years of experience in property development across the residential, commercial, retail, hotel and logistics segments.

Named Park Court Aoyama The Tower, the project has a total gross development value of over JPY 50 billion (approximately S$668 million2). Strategically located in the prestigious area of Aoyama within Minato ward, Park Court Aoyama The Tower sits on a prime freehold land site. Aoyama is one of Tokyo’s most popular entertainment and residential areas, well known for its fashion houses, restaurants and shopping. Minato ward is the centre of business activities where many multinational corporations’ offices and foreign embassies are situated. Residential units in Aoyama are thus highly desirable among both locals and expatriates.

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