10 billion Yen hotel demolished in Hamamatsu
A hotel that was built at a cost of 10 billion Yen during the bubble era in the 1980s has been demolished. This was around US$70 million in those days, using the currency conversion rate in 1987 of 1 USD : 144 Yen.Read more
Bankrupt Matsubishi Dept Store to be demolished
Demolition preparation work has started on the Matsubishi Department Store in Hamamatsu City, Shizuoka Prefecture. The building is expected to be completely demolished by the end of July, 2012.
The total cost is expected to reach 500 ~ 600 million Yen and will be shared amongst the landholders, which include Asahi Corporation.
The main building of the Matsubishi Department Store was completed in 1936. It suffered damage but miraculously survived the bombing of Hamamatsu in WWII which destroyed 60 percent of the city. Later, in 1956, the store was home to the first escalator in Shizuoka Prefecture.Read more