The in-demand site caught up in the 2017 Sekisui House scandal has been purchased by Asahi Kasei Realty & Residence Corporation.

The 2000 square meter riverside property, in a prime location near Tokyo’s Gotanda Station, has been sold to real estate developer Asahi Kasei Realty & Residence Corporation, for an “undisclosed amount”. 

This was the property hit by the Sekisui House scandal in 2017, which saw the Osaka-based developer Sekisui House lose more than ¥5.55 billion after falling victim to a land scam group, who impersonated the owner of the property and fled with the money. The fraudsters have since been tracked down and arrested. 

The property had been in the same family since the early 1900s, operating as a ryokan in a former red light district. The previous owner, who passed away in 2017, had refused to sell, despite the interest of many property developers. 

Asahi Kasei is planning either a residential or office tower for the site.  

Sources: TV Asahi, Japan Property Central, Japan Times,

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