• By The Financial District

Buyers Of Tokyo Olympic Village Condos Sue Developers Over Handover Delay

A group of people who purchased condominiums to be converted from the athletes village for the Tokyo Olympics and Paralympics have taken the developers to court, saying they will incur additional costs due to a prospective one-year delay in the handover of the properties.

Photo Insert: The Tokyo 2020 Olympic Village buildings in the Harumi District facing Tokyo Bay.

In the lawsuit filed with the Tokyo District Court on Friday, the 29 plaintiffs are demanding that Mitsui Fudosan Co. and the other developers of the condominiums hand over the properties by March 2023, as stipulated in their contracts, or pay them a total of 80 million yen ($700,000) in compensation.

The properties are part of the Harumi Flag complex being developed on an artificial island in Tokyo Bay. With more than 20 apartment buildings, a shopping facility, and schools, the 13-hectare reclaimed site is expected to become a new town with a population of 12,000.

The plaintiffs bought the condominiums in 2019 when 940 units were put on sale. They were set to move into their new homes in late March 2023 after the developers complete the refurbishment of the athlete village following the 2020 Tokyo Games.

But the coronavirus pandemic forced a one-year postponement of the games and the developers subsequently decided to delay the handover of the units, possibly by around a year.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

A delay would leave the purchasers liable for additional rent. "I have been looking forward to moving into the condo," one of the plaintiffs, a man in his 50s, told a press conference after filing the lawsuit. "I want the developers to try their best to quicken the handover, even by a month."

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