Sales in Harumi Flag on hold
On March 30, Jiji Press reported that off-the-plan sales in Harumi Flag have been temporarily suspended and the sales showroom closed. The large-scale condo complex on a manmade island in Tokyo Bay was initially planned to be used as the Athletes Village for the 2020 Olympics, but the postponement of the games has thrown a wrench into the scheduling of the post-Olympic refurbishment of the apartments.
Kamiyacho Trust Tower reaches completion
The 180-meter, 38-story Kamiyacho Trust Tower building reached completion on March 16. This high-rise mixed-use tower forms part of the 1.6 hectare Tokyo World Gate complex in Tokyo’s Toranomon district.
Tokyo governor floats idea of using Athletes Village as hospital for coronavirus patients
During an appearance on a morning show on March 27, Tokyo governor Yuriko Koike floated the idea of using the soon-to-be-completed Athletes Village in Harumi as a temporary hospital to house non-critical coronavirus patients.
TOD’S Omotesando Building sold to Kering
Gucci owner and global luxury group Kering has purchased the Tod’s Omotesando building through a special-purpose company. The seller was a subsidiary of Tod’s.
What are real estate brokerages doing in Tokyo during the pandemic?
With school closures, event cancellations and telecommuting becoming the new normal for us over the several weeks, let’s take a look at how Tokyo’s real estate industry is (or isn’t) doing its part to minimize the spread of the coronavirus.
New apartment supply in February hits 45-year low
The number of brand-new apartments released for sale across greater Tokyo reached the lowest level seen for the month of February since 1975.
According to the Real Estate Economic Institute, February’s figures were not the direct result of the recent worldwide outbreak of the novel coronavirus. However, should economic conditions and consumer outlook worsen as a result of the unprecedented global slowdown, it is likely that Japan’s developers will continue to limit the supply of new apartments in the coming months.
Former geisha office in Tokyo to re-open next month
The historic Shibaura Kenban building in Tokyo will re-open in April after undergoing a full restoration. Built in the 1930s, this is said to be the only surviving pre-war, wood-frame ‘kenban’ in Tokyo. A kenban was traditionally an office that oversaw the operations of the geisha in the district.