This article first appeared in City & Country, The Edge Malaysia Weekly on April 10, 2023 - April 16, 2023

Japan-based property developer Keihan Real Estate Co Ltd is poised to launch The Fine Tower Osaka Higobashi in Nishi-ku, Osaka, this month. In Malaysia, the high-rise apartment tower will be launched in collaboration with JLL Property Services (Malaysia) Sdn Bhd on April 15 and 16.

The development is the latest addition to the developer’s Fine condominium series. Keihan Real Estate director Takashi Imanaga says, in terms of design concept, the tower offers a façade and finishing that are modern-classical.

“The tower’s design matches the atmosphere of the [surrounding] area, where there are many properties that have Western architecture. With our latest tower, the area [will have an atmosphere that is] a mix of modern and retro-nostalgic,” Imanaga tells City & Country in an email interview.

“Keihan Real Estate has a successful track record of developing our Fine condominium series not only in our home ground, which is the Osaka region, but also in other cities such as Tokyo and Sapporo.”

Keihan Real Estate is a subsidiary of Keihan Holdings, which is listed on the Prime Market of the Tokyo Stock Exchange. Keihan Holdings started its business in 1906 with railway development, connecting Kyoto and Osaka. It now has more than 50 companies in transportation and property development as well as hotel, retail and leisure facility operations.

The 34-storey Fine Tower Osaka Higobashi occupies a 1,989.37 sq m freehold tract and will comprise 197 apartments, which will come in three layouts: 42 sq m, one-bedroom units; 56 sq m, two-bedroom units; and 106 sq m, three-bedroom units.

The selling prices will range from ¥44.1 million to ¥245.2 million (RM1.46 million to RM8.12 million) and the maintenance fee is inclusive of a sinking fund of ¥19,180 to ¥50,310.

The units will be equipped with oak main doors and the common corridors will be fitted with carpets. The lobby and elevator area will feature two-layered granite walls and black marble, showcasing a high-end living standard, says Imanaga.

The development will also have 550 sq m of green space. Imanaga says selected trees and plants were chosen to showcase Japan’s four seasons. Facilities at The Fine Tower Osaka Higobashi include a garden with a fountain that will be lit up at night, a residents’ lounge and a party room.

To ensure the safety of residents, Imanaga says, the building will have a seismic isolation structure, which minimises earthquake damages and after-effects. He adds that Keihan Kind Co Ltd, a subsidiary of Keihan Holdings, will be in charge of the maintenance and management of the tower.

The developer is targeting both local and international buyers for The Fine Tower Osaka Higobashi. Jones Lang LaSalle KK (Japan) director of capital markets Meg Tang says the majority of Japanese property buyers have been owner-occupiers.

“For this project, however, we see quite an equal number of buyers who are owner-occupiers and investors because of its prime location and the potential for growth in the area. Nishi-ku has been gaining popularity because prices there are still reasonable among the central wards of Japan and yet it has good connectivity,” she says.

Tang adds that there has been no new supply of residential properties in the area for the past few years. “Comparable properties would be those completed from 2013 to 2017, which are currently reselling at a similar per sq m rate as this project. Compared to similar projects in Yodoyabashi East, The Fine Tower Osaka Higobashi would be 12% to 18% more expensive.”

Meanwhile, JLL head of sales (international residential) Chong Shu Ling says the local consultancy firm provides rental schemes for Malaysian buyers. “A third-party company that JLL has been working with for more than nine years will provide bilingual rental support services. Both guaranteed and non-guaranteed rental schemes are available for interested Malaysian buyers.”

The area in which The Fine Tower Osaka Higobashi is being developed is adjacent to established neighbourhoods such as Yodoyabashi, Nakanoshima and Umeda, which Japanese authorities have listed as urban renewal areas.

Nishi-ku comprises mainly office and residential properties, says Jones Lang LaSalle’s Tang. “Though it’s within walking distance of Osaka’s financial district of Yodoyabashi, Nishi-ku has a more tranquil, liveable environment. There are classic and old-school shops and buildings nearby that have been converted into trendy businesses. To the south of the property, there are many eateries ranging from street food to three-Michelin star restaurants.

“To the north is Nakanoshima, an area comprising public facilities and commercial components along the Tosahori River. There are also museums, a convention hall, hospitals and city offices in the area,” Tang adds.

Aside from these amenities, the area will also witness the development of the new Naniwasuji Line, an underground heavy rail line under construction that will run north-south through Osaka. One of its stations will be a six-minute walk from The Fine Tower Osaka Higobashi.

JLL’s Chong says the new line is being developed by West Japan Railway Co and Nankai Electric Railway Co Ltd to connect the Yamatoji Line and Nankai Main Line with the Shin-Osaka bullet-train station.

“It will provide direct access from Kansai International Airport to Umeda as well as Shin-Osaka Station connecting gateways for overseas and domestic travel. Currently, to go from Kansai International Airport to hotels in Umeda, you would have to change trains at Namba. With the new train line, there will be no need to change trains, which would shorten travel time,” she says.

Other means of travelling include the Osaka Metro Yotsubashi Line (Higobashi Station), which is a four-minute walk away; the Osaka Metro Midosuji Line (Yodoyabashi Station), which is a nine-minute walk away; and the Keihan Line (Nakanoshima Station), which is about 10 minutes’ walk away.

Chong says the Japanese property market has been self-sustaining during the pandemic. “Now that Japanese borders are open, more international travel and attention are returning to Osaka. Based on data from the Japan National Tourism Organisation, Osaka was the most visited prefecture for leisure and sightseeing in 2019. Osaka is also undergoing infrastructure upgrades to welcome international events in 2025, such as the World Expo and a potentially integrated resort with a casino. So, we’re expecting positive growth in the area.”

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