property
New 38-Story Tower Brings 280 Apartments to Odaiba Next Year
Construction of the 38-storey Odaiba Bay Residences will add 280 units starting next year and alter supply patterns across the waterfront district.
How we reported this
Developers filed plans this week for a 38-storey apartment tower at the eastern edge of Odaiba that will contain 280 units when it opens in late 2028.
The project arrives as Tokyo Bay area vacancies have edged up to 6.8 percent in the second quarter, according to data from the Tokyo Real Estate Association, while average asking rents for new-build units have held steady near 4,200 yen per square metre. Local buyers and investors now face a clearer picture of how additional stock will affect prices and availability along the artificial island’s limited shoreline.
Site and neighbourhood ties
The tower will rise on a 1.4-hectare parcel two blocks south of Aqua City Odaiba and directly opposite the entrance to Odaiba Kaihin Park. Residents will walk five minutes to the Yurikamome line’s Odaiba-kaihin Koen station and share the same block with the ongoing Palette Town redevelopment that converted the former Mega Web exhibition hall into mixed retail and office space last year. These anchors already draw daily foot traffic from central Tokyo and neighbouring Minato ward, giving the new building immediate access to established retail and transport nodes.
Planners have aligned the project with the Tokyo Metropolitan Government’s 2024 waterfront density guidelines that encourage taller structures on reclaimed land in exchange for expanded public promenade space along the breakwater. The scheme adds 420 metres of new waterfront walkway, linking the tower’s ground floor to the existing path that runs past the Fuji TV building and continues toward the Rainbow Bridge toll plaza.
Price signals and next steps
Units will range from 58-square-metre one-bedroom flats priced from 72 million yen to 142-square-metre three-bedroom residences listed at 165 million yen, figures released in the developer’s preliminary sales brochure. Comparable recent sales at the nearby The Tower Odaiba, completed in 2023, averaged 1.05 million yen per square metre, giving the new building a modest 8 percent premium that reflects higher floor-to-ceiling heights and direct park views. Sales registration opens on 15 September 2026 through Mitsui Fudosan Realty’s Odaiba sales centre on Daiba 1-chome.
Prospective buyers should monitor the September sales launch and compare the tower’s strata fees, set at 18,500 yen monthly for a typical two-bedroom unit, against current listings at the adjacent Grand Pacific Le Daiba hotel residences. Those who register early will receive priority allocation for the 42 parking spaces, a scarce resource on the island where street parking remains restricted under the Odaiba traffic control ordinance.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.