Hong Kong’s MindWorks Properties Expands Into Japan With Tokyo Apartment Buy

MindWorks Properties has acquired a multi-family asset in central Tokyo to mark the Hong Kong-based firm’s entry into Japan real estate.

The apartment block, called Haven Shibaura, is in Minato ward’s Shibaura district near Keio University, the real estate arm of venture capital firm MindWorks said Monday in a release. No details were disclosed about the seller or transaction value.

Haven Shibaura is managed by Matsuri Technologies, an operator of apartments nationwide, and was completed in February of this year in collaboration with developer Upper House Club Japan. MindWorks has also invested in multi-family in Hong Kong through its backing of residential startup Dash Living.

“We are thrilled to expand our footprint in the Asia Pacific region with this acquisition,” said MindWorks Properties partner Tong Lynn Yu. “Japan’s real estate market presents unique opportunities that we are poised to capitalise on for sustained growth.”

District’s Resurgence

Situated just west of the Port of Tokyo’s Shibaura terminal, Haven Shibaura enjoys proximity to the Mita, Tamachi and Shibaura-futo metro stations. An apartment listings site advertises monthly rents of JPY 192,000 ($1,338) for two-bedroom units measuring 26 square metres (280 square feet).

“With the surrounding area of Tamachi station and segments of Shibaura district undergoing redevelopment, including a surge in new office spaces, this property’s location is particularly appealing to corporate employees seeking convenient accommodation,” MindWorks said.

The Hong Kong firm led a $10 million pre-Series A funding round for Dash Living in 2019 and teamed with US builder Hines to acquire the Butterfly on Prat hotel in 2021.

The property in Kowloon’s Tsim Sha Tsui area reopened in 2023 as Dash on Prat under the management of the rental housing operator led by founder Aaron Lee.

Billion-Dollar Shop

MindWorks, which manages more than $1.6 billion in net asset value across its funds, was founded by David Chang, whose father, Lister Chang, is the scion of the family behind Hong Kong’s Kwong On Bank (acquired by DBS in 1999) and now-defunct Houng Sun Construction.

Lister Chang co-founded Fine Products Microelectronics in Taiwan and later became a venture capitalist in California’s Bay Area.

Among MindWorks’ other investments in the region, the company has taken a stake in logistics firm Lalamove, as well as Hong Kong-based fintech Qupital. The firm is also a backer of Singapore property listings site 99.co and online furniture platform Collov.com.