You are here

Why billionaire is building own house in Tokyo

City sees a luxury housing shortage amid a wealth boom
Tuesday, September 30, 2014 - 00:00
BT_20140930_MIKI30_1292473.jpg
Mr Mikitani: The founder of online retailer Rakuten is building a house costing 2.3 billion yen, including land cost. - PHOTO: BLOOMBERG

[TOKYO] Billionaire Hiroshi Mikitani, Japan's fourth- richest man, is building a house in central Tokyo that is estimated to cost at least 2.3 billion yen (S$26.8 million), underscoring a shortage in the city's luxury housing market. The two-storey house is on an 880-square-metre (9,472-square-