Olympic delay spells limbo on Athletes' Village

It is just one of the headaches caused by postponement of 2020 Games

TOKYO: Hundreds of luxury apartments overlooking Tokyo Bay that were due to be converted from the Athletes' Village have already been sold -- just one of the many headaches caused by the historic postponement of the Tokyo Olympics.

Touted by developers as a "flagship neighbourhood for urban lifestyles", the buildings housing the 11,000 competitors were to be hastily repurposed into more than 4,000 condos with stunning city views, some carrying a price tag of 170 million yen.

The decision to postpone the Games by up to a year has pitched buyers into uncertainty, according to Zoe Ward, director of Tokyo Property Central, with close to 900 units already snapped up.

"Even if it's not a financial hit, it's going to be a big inconvenience to them," Ward told AFP.

She added that buyers would now be scouring the small print of their contracts to see if they can pull out without losing their deposits -- usually around five percent.

"The wording they put in the contract is pretty vague, it normally says natural disasters or anything outside the sellers' control so it might fall under that category," said the property expert.

One buyer, a man in his 30s, had been planning to move into the development in March 2023 with his wife and children and told AFP there were "many, many scenarios" that could now arise.

However, he was relatively zen about the delay given the unprecedented coronavirus situation.

"I'm not so stupid as to see the coronavirus effect as being a problem on the same level as a construction defect. I would say it can't be helped. I'm sure the selling side is facing a hard time," said the man, who declined to be named.