Upmarket developer SC Global Developments has acquired a prime commercial property in Tokyo's bustling Ginza district.
The recently completed freehold block is a stone's throw from the Higashi Ginza metro station at the intersection of two major streets, Showa Dori and Harumi Dori.
SC Global said yesterday that the acquisition of Ginza 12, as the 12-storey building is known, was a rare opportunity to secure a premium asset in one of Japan's most sought-after locations.
It declined to reveal the price of the block, which has a gross floor area of 7,785 sq ft, or information on the yield.
Ginza 12 comprises 13 levels - including a basement - with 13 leasable units, or one per floor.
A range of speciality food and beverage operators serving yakitori, organic food, steak, sushi and Italian cuisine have already leased 10 of these units.
"The Ginza development is set to become a foodie's paradise, with leases already secured with two renowned and respected Michelin-star restaurant operators," SC Global said.
One of them is Mr Kenji Takahashi, owner-chef of the Yoshifuku eatery, which received its first Michelin star this year.
The other tenant is the team behind sushi restaurant Kamakura Izumi, which won its first Michelin star in 2013.
"Ginza is a fascinating place and we are overjoyed to have some exceptional Michelin-star restaurant operators on board, as we unveil our first property in one of the most luxurious shopping districts in the world," said SC Global Developments chairman and chief executive Simon Cheong.
He noted that the deal marked a new chapter in the group's geographical diversification.
SC Global said it plans to continue this strategy with the acquisition of prime sites in the region.
SC Global's completed developments include iconic architectural landmark Sculptura Ardmore; Seven Palms; Sentosa Cove, Singapore's only beachfront condominium development; The Marq on Paterson Hill; Hilltops; and Martin No. 38, which is conceptualised on the appeal of trendy warehouse lofts.