SINGAPORE AND HONG KONG (28 May 2026) — TE Capital Partners (“TEC”), a Singapore-
headquartered real estate investment manager, has established its second joint venture with Dash
Living (“Dash”), a Hillhouse-backed flexible living platform, to acquire a freehold residential asset
located in Minato Ward, at the prime junction of Aoyama, Azabu, and Roppongi in Central Tokyo. TEC
will own a supermajority stake, while Dash Living will act as the property manager and maintain a
minority ownership interest.

The property occupies an exceptional corner site, offering over 80 metres of frontage along Gaien
Nishi-dori — a key cross-town artery connecting the upscale precincts of Minato and Shibuya via
several of central Tokyo’s most prominent avenues. Just a seven-minute walk from Nogizaka Station
on the Tokyo Metro Chiyoda Line, and a ten-minute walk to Omotesando Station on the Ginza,
Chiyoda, and Hanzomon Lines, the property offers outstanding connectivity across central Tokyo —
including a two-minute ride to Shibuya, a ten-minute ride to Otemachi (Tokyo CBD), and direct access
to Shinjuku and Ginza. Situated within one of Tokyo’s most established residential enclaves,
surrounded by foreign embassies, international schools, the Aoyama green corridor, and the lifestyle
precincts of Omotesando, Minami Aoyama, and Roppongi, it is one of Tokyo’s most sought-after prime
addresses.

The seven-storey freehold building sits on a rare 30,000 square feet land parcel and comprises 102
residential units and 5 retail units, with 81 on-site car parking lots. Residential layouts span 1LDK,
2LDK, 3LDK, and penthouse units, with an average unit size of over 800 square feet — materially larger
than the prevailing Minato ward residential stock.

The property, to be rebranded as Dash Living Aoyama, will undergo a comprehensive asset
enhancement programme where units will be repositioned into furnished and unfurnished options
with varying flexible fixed lease terms. The refurbished units feature bright, open layouts catering to
senior corporate executives, ultra-high-net-worth families, and expatriate families who value the
prime location, privacy, large unit sizes, and high-quality accommodation run by Dash Living, a
reputable accommodation operator. The current on-site retail mix includes a supermarket, high-end
restaurants, and a nursery, reinforcing the asset’s positioning as a self-contained residential
community with a prestigious locale.

Living Sector in Prime Central Tokyo
The acquisition is anchored on the structural strength of Tokyo’s living sector, particularly within the
city’s prime core central wards. According to JLL, Minato Ward continues to record the lowest rent-
to-income ratio (approximately 15%) among the Tokyo 23 wards, underpinning the sustainability of
further rental growth. Japan’s national rent-to-income ratio of approximately 19% remains
structurally lower than comparable G7 economies, reinforcing the runway for continued rent
reversion. Within the upper end of the market, family-oriented units (50–70 sqm) in the Tokyo 23
wards recorded year-on-year rent growth of approximately 10%, with larger-format units (≥70 sqm)
at around 7.8% across the Tokyo metropolitan area — underscoring structural demand for family type
units in central submarkets.

Terence Teo, Managing Partner of TE Capital Partners, said: “Building on the strong performance of
Dash Living Minami Azabu, we are pleased to expand our partnership further with Dash Living and
deliver another institutional-grade flexible living product in central Tokyo. Dash’s operating platform,
combined with our disciplined capital deployment in prime core locales, positions us well to benefit
from the structural demand in Tokyo’s living sector and further strengthen our Prime Tokyo portfolio
for our investors.”

Stanley Shen, Executive Director of TE Capital Partners, said: “This asset is located in one of Tokyo’s
most tightly held and supply‑constrained residential submarkets, where Minato Ward combines
strong demand fundamentals with sustainable rental affordability. Its rare combination of scale,
freehold tenure, extensive Gaien Nishi-dori frontage, and large-format units in an extraordinary
location aligns with our prime-only Tokyo residential strategy and will generate attractive risk-
adjusted returns for our stakeholders.”

Aaron Lee, CEO of Dash Living, said: “Aoyama is precisely the kind of irreplaceable address that
defines our expansion strategy in Tokyo. The depth of demand from corporate and expatriate
occupiers in this submarket, combined with the chronic undersupply of large-format, high-quality
residential product, creates an exceptional environment for our flexible living platform, which is built
on proprietary technology, centralised operations, and a proven track record across Hong Kong,
Singapore, and Tokyo. We are proud to continue building on our partnership with TE Capital Partners
and to bring the Dash Living experience to one of Asia’s most coveted residential addresses.”

The property’s official website is now live at https://www.dash.co/en/tokyo/specials/dash-living-
aoyama.