Tokyu Land Joins Mumbai Residential Development “Starwing” as Second Investment under India Housing Bond Fund
Tokyu Land Corporation, through its Singapore-based subsidiary TOKYU LAND ASIA PTE. LTD., has joined the residential development project “Starwing” located in Mumbai, India. This marks the second investment under the India Residential Development Bond Fund that the company established in August 2025.
The project is located in the Andheri East area of western Mumbai. The site area is approximately 4,008 tsubo (approx. 142,600 sq. ft.), and the total gross floor area across 11 buildings is approximately 38,597 tsubo (approx. 1,373,500 sq. ft.). The development will comprise 2,719 residential units, of which 1,580 units are planned for sale. Completion is scheduled for December 2029. The Andheri East area offers excellent access to major transportation infrastructure, including Chhatrapati Shivaji Maharaj International Airport, railways, metro lines, and expressways. The surrounding area is home to a concentration of offices, shopping malls, and hotels, making it a highly convenient location. The project targets middle-income buyers such as singles and young families who prioritize accessibility to central business districts.
Tokyu Land’s fund focuses on secured bonds for residential development projects in major Indian cities, including Mumbai, and is operated in partnership with Genkai Capital Management. By diversifying investments across multiple projects and adding credit enhancement to the bonds, the fund aims to balance risk and return. As its first investment, the fund decided in September 2025 to underwrite bonds for the residential development project “Maverick 2” located in northeastern Mumbai.
Since its first overseas land development project in Guam in 1973, Tokyu Land Corporation has built a track record across the United States and nine Asian countries. As of March 31, 2025, the company has participated in 56 projects across six overseas bases. In recent years, it has been expanding its business footprint with a focus on Asia’s growth potential, including Singapore, Malaysia, China, Thailand, Vietnam, and India.
Key Facts
Project Name: Starwing
Investment Structure: Bond underwriting (via TOKYU LAND ASIA PTE. LTD.)
Location: Andheri East, Mumbai, India
Site Area: Approx. 4,008 tsubo (approx. 142,600 sq. ft.)
Gross Floor Area: 11 buildings, total approx. 38,597 tsubo (approx. 1,373,500 sq. ft.)
Total Units: 2,719 units (of which 1,580 units are for sale)
Completion: December 2029