Mitsui Fudosan and Oakwood (Asia Pacific) Introduce the Second Serviced Apartments to be Managed by Joint Venture "Oakwood Japan"
"Oakwood Residence Roppongi T-Cube" Opens in January 2004

December 12, 2003
Mitsui Fudosan Co., Ltd.

“Oakwood Residence Roppongi T-Cube” will launch operations in January of next year as the second serviced apartments to be managed by “Oakwood Japan,” a serviced apartment management company jointly established by Mitsui Fudosan and Oakwood (Asia Pacific). The apartments that were completed in October of this year are located on high floor levels (from the 22nd to 26th floors) of “Roppongi T-Cube,” a huge joint project between Japanese and South Korean capital.

“Oakwood Residence Roppongi T-Cube” boasts an excellent location offering superb views of the urban nightscape from 100m above the ground in Roppongi. The entire space from the common to private areas has been designed to the very last detail to suit the lifestyles and tastes of top executives of foreign companies. The famed international town of Roppongi, located in the heart of Tokyo, is undergoing a dramatic transformation due to several giant urban development projects.

The common areas are designed with special consideration to residents’ privacy-with the entrance completely separated from the office entrance, and two dedicated elevators going directly to the 22nd floor where the reception desk is located. Superb amenities are also provided, including the residents-only “Oak Lounge” with a two-story atrium and a fitness gym with various training machines.

As for the private areas, the apartment types come in a wide variety ranging from the main one-bedroom type (from about 65 m2 to below 90 m2) and the studio type (55 m2) to the three-bedroom type (over 130 m2). The total coordination of the interior including the lounge has been undertaken by Misawa Associates (President: Ryoichi Misawa), which is highly reputed for its high-quality apartment design and layout. Misawa Associates has combined natural and artificial materials to create an ambience that is urban yet tranquil. Oakwood has also provided consultation on the furnishings in the apartments, including the linens, cookware, furniture and home electronics.

Oakwood Japan’s first serviced apartments, “Oakwood Residence Azabujyuban,” which launched operations in October of last year, are almost fully occupied at present. We will also aim at achieving full occupancy in “Oakwood Residence Roppongi T-Cube” by making maximum use of Oakwood’s long-accumulated know-how and our experience of operating the Azabujyuban apartments.

As part of our multi-faceted approach to the leased housing business, Mitsui Fudosan has been engaging in the serviced apartments business, which has grown into one of the essential urban infrastructure functions. To meet the needs of the changing society, including the diversifying values of individuals, lifestyles, and family structures, we are committed to strive further to build the leased housing business into one of the core pillars of our housing business.

< Reference >
Oakwood Asia Pacific was founded in Singapore in 1997 as a joint venture between the U.S.-based, Oakwood Worldwide and Colony Capital, an international investment firm. Oakwood Worldwide, founded in 1960 and headquartered in Los Angeles, is a global leader in serviced apartments with more than 20,000 units located throughout North America, Asia and Europe.

[ Attached Material ]

<Attachment 1> Property Location

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<Attachment 2> Property Outline

Location	1-1 Roppongi 3-chome, Minato-ku, Tokyo (lot number)
Access	Directly connected with Roppongi 1-Chome Station on the Eidan Namboku Line; a 7-minute walk from Tameike-Sanno Station on the Eidan Ginza Line; and a 7-minute walk from Roppongi Station on the Eidan Hibiya Line and the Toei Oedo Line
Client	Samsung Japan Corporation; Mitsui Fudosan Co., Ltd.
Design and Supervision	Nihon Sekkei, Inc.
Constructor	Nishimatsu Construction Co., Ltd.
Lot Area	5,879.31 m2 (approx. 1,778.49 tsubo)
Total Floor Area	Of the total 61,807.36 m2 (approx. 18,696.72 tsubo) of Roppongi T-Cube, the serviced apartments cover 9,493.76 m2 (2,871.86 tsubo).
Floor levels	Of the 27 floors above ground and one basement floor of Roppongi T-Cube, the serviced apartments occupy the 22nd to 26th floors.

Rent Prices by Unit Type

Type of Residence	Size(sqm)	2 WeeksRate	MonthlyRate
Studio Deluxe	55-56	299,600	560,000
Studio Executive	63-67	329,025	615,000
1 Bedroom Junior	68	363,800	680,000
1 Bedroom Standard	69-71	417,300	780,000
1 Bedroom Deluxe	74-78	438,700	820,000
1 Bedroom Executive	79-84	454,750	850,000
2 Bedroom Standard	94-98	497,550	930,000
2 Bedroom Deluxee	102-107	529,650	990,000
2 Bedroom Deluxe Twin	102-109	532,325	995,000
2 Bedroom Executive	130	642,000	1,200,000
3 Bedroom Standard	121	642,000	1,200,000
3 Bedroom Deluxe	129	695,500	1,300,000
3 Bedroom Executive	134	738,300	1,380,000

<Attachment 3> Basic Layout of the Property

[22nd floor]

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[26th floor]

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Example Floor Plans
[1 Bedroom Standard(71m²)]

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[3 Bedroom Executive(134m²)]

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<Attachment 4 > Property Photograph

[Facade]

[Entrance]

[Lounge]

[Living]

<Attachment 5 > Corporate Profile

[Mitsui Fudosan]

Foundation	July 15, 1941
Location	1-1 Nihon-bashi Muromachi 2-chome, Chuo-ku, Tokyo
Representative	Hiromichi Iwasa, President and CEO
Business Activities	Building leasing, shopping management, sale of detached housing, sale of apartments, etc.
No. of Employees	1,295 (as of March 31, 2003)
Capital	134.4 billion yen (as of March 31, 2003)
Sales Amount	606,222 million yen (FY 2002)

[Oakwood Worldwide]

Foundation	1960
Location	2222 Corinth Avenue, Los Angeles, CA 90064 USA
Representative	Howard F. Ruby, ChairmanMr. Jim Klein, President
Business Activities	Operation and management of serviced apartments, corporate housing, and multifamily real estate
No. of Employees	3,000
Capital	Undisclosed (privately held)
Sales Amount	Undisclosed

[Oakwood Asia Pacific]

Foundation	1997
Location	9 Temasek Bouleverd, #16-03 Suntec City Tower 2, Singapore 038989
Representative	P.G. Mathew, Managing Director
Business Activities	Operation and management of serviced apartments and corporate housing
No. of Employees	Undisclosed
Capital	Undisclosed
Sales Amount	Undisclosed

[Oakwood Japan]

Foundation	December 8, 2000
Location	2-2 Marunouchi 2-chome, Chiyoda-ku, Tokyo
Representative	Puryan Karimbil George Mathew
Business Activities	Operation and management of serviced apartments
Capital	10 million yen

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