Archive For The “Real Estate News” Category

Hakone Fujiya Hotel to close for 2 years for earthquake retrofitting

Hakone Fujiya Hotel to close for 2 years for earthquake retrofitting

Last month, Hakone’s historic landmark Fujiya Hotel announced that they will be temporarily closing the hotel from April 2018 to conduct necessary earthquake retrofitting and refurbishment. The hotel will re-open in Spring 2020. Fujiya Hotel’s main building was built in 1891 and is registered as a National Tangible Cultural Property along with the Comfy Lodge,…

Average apartment rent in March 2017

Average apartment rent in March 2017

According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo in March was 2,681 Yen/sqm, up 0.6% from the previous month and up 3.6% from last year. The average apartment size was 60.35 sqm and the average building age was 20.0 years. In the Tokyo metropolitan area, the average monthly…

Tokyo’s new apartment supply in March up 26.6%

Tokyo’s new apartment supply in March up 26.6%

According to the Real Estate Economic Institute, 3,408 new apartments were released for sale across greater Tokyo in March, up 47.5% from the previous month and up 26.6% from last year. 2,255 apartments were sold, resulting in a contract ratio of 66.2%, down 2.2 points from the previous month and down 1.4 points from last…

HULIC wins bid for hotel development on historic site in Nara

HULIC wins bid for hotel development on historic site in Nara

Japanese real estate company HULIC has been selected to develop a hotel on a historic site within Nara Park. Nara Prefecture received bids from four companies during the month-long public tender process held in January 2017. The 1.3 hectare site was originally home to a sub temple, but sold off to private interests in the late…

80-yr old Osaka department store to be converted to luxury serviced apartments

80-yr old Osaka department store to be converted to luxury serviced apartments

The East Annex Building of the Takashimaya Department Store in Osaka’s Nipponbashi district may soon be refurbished and converted into high-end serviced apartments catering to foreign visitors. Takashimaya is expected to enter into an agreement with major Singapore developer CapitaLand later this year. The 7-story Renaissance-style building has a total floor area of 40,000 square…

Roppongi land sells for 15 billion Yen (135 million USD)

Roppongi land sells for 15 billion Yen (135 million USD)

A 2,200 sqm development site in Roppongi was sold by the local finance bureau at a public tender sale in February. The land sold to Mori Building for a reported 15.01 billion Yen (approx. 135.6 million USD). A total of 10 buyers submitted bids on the property. This sale price works out to approximately 6,823,000…

Central Tokyo apartment transactions reach 9-year high in March

Central Tokyo apartment transactions reach 9-year high in March

According to REINS, 3,719 second-hand apartments were sold across greater Tokyo in March, up 7.5% from the previous month and up 3.6% from last year. The average sale price was 31,450,000 Yen, down 0.2% from the previous month but up 2.9% from last year. The average price per square meter was 492,800 Yen, down 100…

Mitsubishi sells Yokohama Building for 76 billion Yen

Mitsubishi sells Yokohama Building for 76 billion Yen

On March 30, Mitsubishi Heavy Industries announced the sale of their Yokohama Building for 76.1 billion Yen (approx. 688 million USD) to HULIC and KRF. The sale included the 33-story office building and the 20,000 sqm block of land. The adjoining house exhibition showground on the north-west side of the office tower was included as part…

New condo starts down 35% in February

New condo starts down 35% in February

According to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), housing starts across Japan in February were down 2.6% from the previous year to 70,912 units. This is the first time in 8 months to see a decrease from 12 months prior. Housing starts in the Tokyo metropolitan area were 12,370 units, down 4.9%…

Historic Yugawara Fujiya Ryokan sold to fund, to reopen in 2018

Historic Yugawara Fujiya Ryokan sold to fund, to reopen in 2018

The historic Fujiya Ryokan in Yugawara, Kanagawa, has been sold to a fund and will re-open in 2018. The sukiya-style building was built during the Meiji period (1868-1912), while the gardens date from the previous Edo period. The ryokan was a famed high-end onsen until its closure in 2002. Since then, the building has sit…

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