Imperial Hotel confirms Kyoto project
On May 12, the Imperial Hotel officially released plans for their luxury hotel project in Kyoto’s Gion district. This will be the fourth Imperial Hotel in Japan and the newest in almost three decades. It is also expected to be the most expensive of their hotels, with a level of service matching that of the Imperial Floors in their Tokyo hotel.
Pandemic hasn't slowed luxury hotel projects in Kyoto
Despite tourism being on hold, luxury hotel brands continue to push ahead with developments in the historic city of Kyoto. Various heritage protection bylaws, a planned tax on holiday homes, and even a global pandemic are not enough to slow investor demand from funds and wealthy buyers both domestically and abroad.
Tokyo Apartment Sales in May 2021
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of May 2021:
Quick real estate news summary for the week
Goldman to double annual property acquisitions in Japan, real estate company flips Hewlett-Packard building to Singapore REIT, and Ascott buys three rental apartment buildings. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Price-earnings ratios for Tokyo in 2020
The price-earnings ratio (PER) for brand-new apartments across greater Tokyo in 2020 was 24.69, up slightly from 2019 (24.36). A high PER means a low rental yield.
Kengo Kuma-designed residential and retail project for Daikanyama
On May 17, real estate developer Tokyu Land announced that construction had officially started on a Kengo Kuma-designed mixed-use complex just by Daikanyama Station in central Tokyo.
Former Mizuno HQ (c1927) to be demolished
On May 18, sporting company Mizuno Corporation announced plans to demolish their 94-year old former headquarters building in Osaka.