Group wins bid for Minato Mirai sites in Yokohama
Yokohama City has selected a group to develop two adjoining land parcels in the Minato Mirai waterfront district. The group signed a land purchase agreement with Yokohama City on February 20 for blocks 60 and 61 totaling 23,129 m2.Read more
180m tall office tower completed in Toranomon
Construction of Toranomon Alcea Tower was officially completed on February 14, though tenant move-ins are expected to begin towards the end of the year. The 38-story office building was built on the former site of Toranomon Hospital, which was recently rebuilt next-door as part of a larger block redevelopment.Read more
REIT acquires minpaku building in Osaka
A REIT has acquired a ‘minpaku’ or short-term accommodation-registered apartment building in Osaka from its sponsor for approximately 2.5 billion Yen (US$16 million). The acquisition price works out to around 37 million Yen per key.Read more
Tokyo apartment rents increase 1.6% y-o-y
The average advertised rent of condo-type apartments in Tokyo’s 23 wards reached 4,332 Yen/m2 in January, according to Tokyo Kantei. This is a 0.9% increase from the previous month and a 1.6% increase from January 2024.Read more
Malaysian developer backs out of Okinawa resort project
Rising construction costs were cited for the recent withdrawal from a beachfront resort project in Okinawa by a Malaysian developer.Read more
Fukui opening up waterfront sites to bids from hotel developers
Fukui Prefecture has launched a project to attract luxury hotel and auberge developers to its scenic Wakasa Bay resort area.Read more
ADR for Kyoto hotels hits record high in 2024
Hotel occupancy rates in Kyoto may have yet to recover to 2019 levels, but ADRs have reached new highs. The Kyoto City Tourism Association reported an average occupancy rate of 78.5% for the city’s main hotels in 2024, up 5.1 points from 2023 but still 2.8 points below the 2019 average.Read more