Construction starts on 32-storey apartment building in Tsukishima

Construction starts on 32-storey apartme...

A 32-storey, 122 meter tall residential building is under construction alongside Tsukishima’s Nishinaka Street in Chuo-ku, Tokyo. The street, which is also known as Monja Street, is famous for being lined with over 70 restaurants serving monjayaki dishes. The Tsukishima 1 Chome Nishinaka Street District Redevelopment is a 30 billion Yen project being lead by…

Brokerage fees on cheap vacant homes may be increased

Brokerage fees on cheap vacant homes may...

In order to encourage and promote the sale of long-vacant homes in Japan, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) is considering increasing the maximum commission that a real estate agency can charge on a transaction. Real estate brokerage fees in Japan are currently capped at the following rates: Sale price: Commission*: < ¥2,000,000…

Lingerie company to start Kyoto machiya accommodation business

Lingerie company to start Kyoto machiya ...

On May 30, Japanese lingerie company Wacoal Holdings announced that they will be starting an accommodation business that will feature Kyoto’s traditional machiya residences. From early 2018 onwards, the company plans to renovate old machiya into hotel-like guesthouses targeting tourists, with two or three machiya to open next year. Their goal is to manage 50 machiya over…

B&B host ordered to pay landlord 70...

The host of an illegal B&B operating out of an apartment building in Osaka has been ordered to pay 700,000 Yen (approx. 6,360 USD) in compensation to their landlord. The owner of the apartment building filed a suit in the Osaka District Court seeking 1,400,000 Yen from the tenant who was illegally subletting the apartment…

Banks to increase home loan interest rat...

Several of Japan’s retail banks will increase the interest rates on their home loans this month. Both the Bank of Tokyo-Mitsubishi UFJ and Mitsui Sumitomo Banking Corporation will increase the prime interest rate on their 10-year fixed rate home loans by 0.05 points to 0.75% and 1.05% respectively. Mizuho Bank will leave their rates at…

Japan’s first privately-developed condominium to be redeveloped

Japan’s first privately-developed condom...

After 61 years, Japan’s first privately-developed condominium – Yotsuya Co-Plus – is going to be redeveloped. On May 30, all apartment owners in the 28-unit building voted in favor of redevelopment. Redevelopment discussions first began back in 2006. Yotsuya Co-Plus was completed in October 1956. The 5-storey building had apartments ranging from 50 ~ 75 sqm…

Tokyo apartment sales in May 2017

Tokyo apartment sales in May 2017

The following is a selection of apartments that were sold in central Tokyo during the month of May 2017:

Mori Trust acquires historic Hakone hotel

Mori Trust acquires historic Hakone hote...

On May 18, Mori Trust announced that they had acquired the historic Gora Kansuirou Hotel in Hakone. The transaction took place in March 2017. The sale price was not disclosed. The Gora Kansuirou Hotel was built in 1921 as the holiday home for the third son of Yataro Iwasaki, founder of Mitsubishi. The 2-storey wooden…

Nara prison hotel to open in 2020

Nara prison hotel to open in 2020

The 109-year old former Nara Juvenile Prison in Nara City will be converted into a hotel by 2020. On May 26, Japan’s Ministry of Justice announced that a group of 8 companies, led by Solare Hotels and Resorts, was the successful bidder for the project.  A total of 3 groups submitted bids back in January. The…

New condo for south Omotesando district

New condo for south Omotesando district

Sanyo Homes is developing a luxury low-rise condominium located 550 meters south of Omotesando Station and 160 meters from Kotto-dori ‘Antique’ Street. The property’s address is Shibuya, although it is directly across the street from the Minami Aoyama 5 Chome address. The new building will replace the 5-storey former Garden Square Minami Aoyama rental-only apartment…

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