The city is serious about constructing a new Olympic village.
Olympic fans out there will enjoy this one: Japan’s largest city, Tokyo, is seriously stepping up its game to host the 2020 Summer Games.
According to a report on Blomberg.com, the city is prepared to construct the largest housing complex in 42 years — the eventual housing for Olympians if it wins the Olympic bid.
The project is valued at a staggering $958 million and spreads across 109 acres of land. Separately, the Japanese Government is planning to spend 158 billion yen on other related construction projects.
On Sept. 7, the International Olympic Committee will announce its selection for the 2020 Games. Tokyo is ahead of rival cities Istanbul, Turkey and Madrid, Spain.
“It would have quite a positive impact for the construction and the real estate market,” said Yoji Otani, an analyst for Deutsche Securities Inc. “Construction companies would be able to receive huge orders and the government’s investment in the Tokyo Bay area will help boost land values there.”