The last vestige of Hotel Okura’s modernist presence is in line to be demolished as redevelopment plans surface for the Hotel Okura Tokyo’s annex (South Wing).
On December 20 the Real Estate Economic Institute released their forecast for the new condominium market in greater Tokyo in 2019. A total of 37,000 new apartments are expected to be released for sale, up 0.8% from 2018, while the consumption tax rate increase is anticipated to have only a limited impact.
Tokyo’s historic Nihonbashi district continues to transform with several major redevelopments planned between now and 2035. In addition to these new high-rises, there are also plans to move the unsightly aboveground expressway underground, restoring the Nihonbashi river to its original state.
A 43-storey, 160 meter tall apartment tower is planned for the Nishi Shinjuku 5 Chome address in Tokyo. Construction is scheduled to start in mid-2020 with completion by July 2023.
A 180m tall, 48-storey high-rise condominium is planned for the man-made island of Toyosu in Tokyo Bay with completion tentatively scheduled for March 2022.
Preparation for the Shibuya Station Sakuragaoka Exit District Redevelopment is scheduled to start in January 2019. Demolition of the existing buildings will start in January, with construction of the new buildings to begin in 2020. Completion is expected by late 2023.
Minato’s local government is facing strong opposition from residents opposed to a children’s welfare center planned in the Minami Aoyama address. The dispute centers around a prime plot of land located in Minami Aoyama 5 Chome, just down the street from Omotesando’s Prada Boutique. The 3,200 sqm block of vacant land was previously home to the Minami Aoyama Kaikan Hall which was demolished in early 2016.
Official sales marketing for the Athlete’s Village in Tokyo’s Harumi Island was announced last week. The Athlete’s Village will be completed in time for the 2020 Tokyo Olympics, with the buildings to be converted into a mix of condo-type and rental-type apartments afterwards. Some additional buildings will be completed after the Olympics have finished.
Sumitomo Realty & Development is planning a 63-meter tall, 18-storey apartment building in Minato’s Minami Aoyama address. There will be approximately 115 apartments in total.
The vintage Minami Aoyama 571 apartment building in Omotesando has been demolished to make way for a retail store. The former building was privately developed in 1988 with 4 apartments over 4 floors. Back in early 2015 a full floor apartment was listed for sale for approximately 270 million Yen – a relative steal since it included a 130 sqm share of the land. Unfortunately several of our clients passed on this opportunity.