Keihan Real Estate launches Osaka’s The High Horie in Singapore

/ EdgeProp Singapore |

November 22, 2019 1:00 PM SGT

SINGAPORE (EDGEPROP) - On Oct 19, Japanese property developer Keihan Real Estate held a preview in Singapore for one of its residential projects – The High Horie, to be located in the trendy Nishi ward in Osaka, Japan.

The project is a 12-storey residential development that sits on a 10,918 sq ft site. It has 141 units comprising studios, one-bedroom and two-bedroom units. With sizes ranging from 325 sq ft to 798 sq ft, the freehold development also features meeting rooms and open spaces. It is expected to be completed in 1Q2021.

The High Horie is a freehold residential development in Osaka by Keihan Real Estate (Pictures: Keihan Real Estate)

Indicative prices for the units at The High Horie are said to range from $385,000 to $1.2 million. The developer had intended to put aside half the units for international buyers.

At least 10 potential buyers had registered their interest in the project following last month’s preview, says real estate services company JLL’s director of international residential projects Kentaro Sato. JLL is the exclusive international marketing agency for The High Horie, which will be launched in Singapore on Nov 23.

This is the first time Keihan is marketing one of its projects in Singapore

Project developer Keihan Real Estate is the property development arm of conglomerate Keihan Group in Japan. The group had its origins as Keihan Electric Railway in 1906, providing rail services in Osaka, Kyoto and Shiga prefectures. Today, the corporation has 50 different businesses under its umbrella including transportation services, real estate development, retail distribution and leisure services.

The real estate arm acquires and develops sites along the railway lines managed by Keihan Group. According to its FY2018 annual report, real estate sales and development projects contributed ¥113 billion or 33.4% of the company’s operating revenue.

Keihan Real Estate has since developed high-end condominiums and houses in major Japanese cities like Tokyo, Sapporo, Kobe, Osaka, Fukuoka, and Okinawa.

Prices are expected to start from $385,000 for a studio unit

“Osaka is one of the fastest growing cities in Japan, yet average property prices in the city are about 70% that of Tokyo,” says JLL’s Sato. Given the unit types and location of The High Horie, he reckons the project will attract singles or couples working in Osaka. It is also likely to appeal to those involved in freelance work or small business owners who want facilities such as private meeting rooms and lounges where they can meet up with their clients, he adds.

The Nishi ward is a trendy residential neighbourhood located close to popular shopping and entertainment districts Shinsaibashi and Namba. The area is also well connected by major arterial roads and well served by amenities such as public transport and hospitals, says Keihan Real Estate spokeswoman Mayuko Takahashi.

Given that Nishi ward is a popular residential district – particularly with those in their 30s and 40s – average land prices has also increased 25.4% since 2018, notes Takahashi. That’s the highest land price increase in the whole of Osaka, she adds.

Keihan develops high-end condominiums and landed houses in the major cities in Japan

“Over the past few years, property prices in central Osaka have also increased by about 5% each year,” says JLL’s Sato. Osaka is the second largest metropolitan area in Japan and the second largest economy after Tokyo, he adds. “As the city prepares to host the 2025 World Expo, there will be lots of construction work to boost its economy.”

Osaka has also been identified as one of the “candidate cities” for the development of an integrated resort with casino in Japan. “If that happens, the economy of Osaka is also expected to benefit,” notes Sato.