New apartment supply in Tokyo drops to lowest level since 1992
The supply of new condo-type apartments across greater Tokyo in the first half of 2019 has reached the lowest level seen since 1992. As land prices and construction costs continue to remain at high levels, developers have been putting the brakes on residential supply as buyers shift their attention away from expensive new construction. Last-minute demand prior to the increase in consumption tax from October did not materialize as anticipated.
New apartment prices, meanwhile, have reached the highest level since 1991.
Resort plans shelved after 50 years
After half a century of sitting idle, city plans for a 174-hectare resort in Himeji will officially be shelved at the end of this month. The sprawling waterfront resort was going to have a marina, aquarium, hotel, shopping mall, 500 homes, and 3,600 apartments.
120m tall office tower for Shibuya Station area
A 120-meter tall office tower is planned for a site just behind the Shibuya Hikarie building in central Tokyo.
91-yr old bathhouse converted to shared office
A Yamagata-based construction company has refurbished a traditional 91-year old bathhouse near Ueno, Tokyo, into a shared office, cafe, and event space.
Shangri-La buys land next to Nijo Castle
Good news coming out of Kyoto last week with word that Shangri-La Group has acquired a large development site on the northern side of Nijo Castle in Kyoto. The 4,700 sqm site is about 90 meters west of our restored machiya townhouse.
Compliance rules relaxed for house-to-commercial conversions
On June 25, 2019, the Building Standards Act was revised. One of the interesting revisions was regarding the requirements that must be met when changing the use of an existing property.