Malaysian developer joins forces for hotel-condo project in Yokohama
A joint venture between Berjaya Corporation Berhad, Marubeni, and Daiwa House Industry, has been selected to develop a two-hectare land parcel in Yokohama’s waterfront Minato Mirai 21 District.
113-yr old ryokan in Sendai closes its doors
The 113-year old Chitoseya Ryokan in Sendai City closed its doors on May 31. It was originally scheduled to close in 2021 as the current operators, now in their 70s, have no successor. But, the recent decimation of the tourism industry caused by the coronavirus pandemic hastened the closure.
Quick real estate news summary for the week
There are numerous news reports and opinion pieces published every day discussing the impact that the pandemic is having on Japan’s real estate market. We thought we would share some summaries below to give an idea of what's been happening recently.
Tokyo Apartment Sales in May
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of May 2020:
Hoshino Resorts announces fund to save struggling hotels and ryokans
On May 29, luxury hotelier Hoshino Resorts announced plans to establish a fund to support domestic hotels and ryokans that are suffering from a drop in customers due to the coronavirus pandemic. The tentatively-named Hotel Ryokan Fund will be set up this summer, with an expected investment of between 10 ~ 20 billion Yen (approx. 93 ~ 185 million USD).
Derelict condo-hotel in Sendai to be demolished
An almost-abandoned condo/hotel in Sendai City will be demolished and potentially redeveloped after sitting empty for 20 years.
180-meter tall office tower planned for Omotesando
The Urban Renaissance Agency, a semi-governmental housing corporation, is planning a 180-meter tall office tower for the northern end of the former Aoyama Kitamachi Apaato public housing block in Omotesando.