Fire damages two apartments in Akasaka

Fire broke out early Sunday morning in a studio apartment on the 8th floor of the Shuwa Akasaka Residential Hotel near Tokyo Midtown. The fire spread to the apartment upstairs, damaging a total area of 40 sqm. 40 firetrucks attended to the scene and it took four hours to extinguish the flames.Read more

by Zoe Ward

A look inside the foreclosed Chongryon headquarters

The headquarters of the Chongryon and de facto embassy of North Korea in central Tokyo were seized by the Supreme Court in 2012 over unpaid debts. The 10-storey building and 2390 sqm block of land are up for public auction this month with bids open from March 12 to March 19. 

The court evaluation is approximately 2.66 billion Yen (28 million USD), which is not even close to the 62.7 billion Yen debt owed by Chongryon to the Resolution and Collection Corporation.  Despite the prime location, the court evaluation is considered to be relatively low. This is partly attributed to the building's ties with North Korea which may turn off a few investors.Read more

by Zoe Ward

Asia's wealthy actively seeking luxury real estate in Tokyo

According to the Nikkei Shimbun, Asia's wealthy have taken a bullish approach to Japan's property market and are actively purchasing luxury condominiums in Tokyo.

Citing Abenomics, a weakening Yen and over-heated foreign real estate markets, foreign buyers are clamouring to buy what they consider relatively inexpensive high-end apartments for investment or personal use.Read more

by Zoe Ward

Office vacancy rates in February - Miki Shoji

According to Miki Shoji's Tokyo Office Report, the average office vacancy rate in Tokyo's central five wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) in February was 8.57% - up 0.01 points from the previous month but 0.58 points lower than February 2012.

Three new office buildings were completed in February, but due to their relatively high occupancy rates the new supply had only a minor effect on the total vacancy rate.Read more

by Zoe Ward

Inspections of pre-1981 buildings far from complete

As part of an effort to assess the earthquake-resistance of older buildings in Tokyo, the City announced on March 4 that only 6.8% of rental-only residential buildings and 17.1% of condominiums built prior to 1981 to the old earthquake codes (called kyu-taishin) have been inspected.Read more

by Zoe Ward

Local residents delay construction in Asakusa

Local residents and parent-teacher-association members in Asakusa, opposed to plans for a new 13-storey condominium, have delayed the construction after protesting outside the building site. As trucks carrying construction equipment neared the site on the morning of March 1, they were met by 30 protestors blocking the entrance. The police soon arrived to assess the situation.Read more

by Zoe Ward

Moe Oshikiri designs second apartment building in Meguro

Japanese magazine model and hosiery designer, Moe Oshikiri, has lent her design skills to a new condominium in Meguro-ku. The complex was developed by Veritas Investment and completed on February 23rd.Read more

by Zoe Ward