Archive For The “Tokyo” Category

Norges Bank acquires 132.5 billion Yen in real estate in Omotesando/Harajuku in JV

Norges Bank acquires 132.5 billion Yen in real estate in Omotesando/Harajuku in JV

Norges Bank Real Estate Management (NBREM), part of Norway’s sovereign wealth fund, will acquire a 70% stake in a 132.5 billion Yen (approx. 1.17 billion USD) portfolio of real estate in Tokyo along with partner Tokyu Land. This is NBREM’s first investment in Asia.

41-storey apartment tower for Sengaku-ji area

41-storey apartment tower for Sengaku-ji area

A 170 meter, 41-storey high-rise tower has been proposed for the area next-door to Sengaku-ji Temple in Tokyo’s Minato ward. If approved, construction could start in 2020 with completion by 2024. The 18,000 sqm site is located directly to the east of the historic Sengaku-ji temple and fronts onto the Daiichi Keihin street. The new…

Tokyo Apartment Sales in November 2017

Tokyo Apartment Sales in November 2017

The following is a selection of apartments that were reported to have sold in central Tokyo during the month of November 2017:

Takashimaya pays 442 million USD for two office buildings in Nihonbashi

Takashimaya pays 442 million USD for two office buildings in Nihonbashi

Takeda Pharmaceutical has sold two of their buildings in downtown Tokyo to the Takashimaya Department Store for a reported price of 49.5 billion Yen (approx. 442 million USD). Delivery of the buildings is scheduled for March 2019. Both properties were owned by Takeda’s real estate division. Takeda will be putting the proceeds from the sale…

City Towers Toyosu to crack down on illegal home sharing

City Towers Toyosu to crack down on illegal home sharing

The owners association of City Towers Toyosu The Twin – a 48-storey, 1,063-unit condominium located on a man-made island in Tokyo Bay – entered into an agreement with a local provider to weed out any AirBnb-type rentals in the building. This is the first of this type of agreement for a high-rise apartment building. The…

Apartment asking prices in Tokyo in October 2017

Apartment asking prices in Tokyo in October 2017

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) apartment across Greater Tokyo was 35,810,000 Yen in October 2017, up 0.7% from the previous month but down 1.1% from last year. The average building age was 23.0 years. In Tokyo’s 23 wards the average asking price was 52,920,000 Yen,…

Tokyu expanding development of luxury condominiums in Tokyo

Tokyu expanding development of luxury condominiums in Tokyo

To cater to growing demand, Tokyu Land is expanding the development of 100 million Yen+ condominiums in central Tokyo’s six wards. They currently have four high-end projects under development in Tokyo and have increased their sales staff by 20%. Their target buyers are wealthy seniors and dual-income households. Two of their luxury projects include Branz…

Roppongi has the lowest rental yields in Tokyo

Roppongi has the lowest rental yields in Tokyo

According to Tokyo Kantei, brand new apartments within walking distance of Roppongi Station had the lowest rental yields in greater Tokyo with an estimated gross return of 2.34%. Across greater Tokyo the average gross yield on a new apartment was 4.44%, and as high as 6.19% for 30 year old apartments. Yields reflect risk and…

Google Japan office relocation signals return of Shibuya’s Bit Valley

Google Japan office relocation signals return of Shibuya’s Bit Valley

On November 17, Google Japan announced plans to relocate their head office to a new office tower near Shibuya Station in mid-2019. Google will be taking up floors 14 to 35 in Shibuya Stream – a 35-storey office tower due for completion in late 2018. The 50,000 sqm (538,000 sq ft) of office space will…

Average rent in Tokyo drops for 4th month in a row

Average rent in Tokyo drops for 4th month in a row

According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,308 Yen/sqm in October, up 0.6% from the previous month but down 0.7% from last year. This is the 4th month in a row to record a year-on-year decline in rents.

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