Construction starts on senior-residence rental in Meguro
Last month, Nomura Real Estate Development and Nomura Real Estate Wellness started construction on a senior-housing rental apartment building in Tokyo’s Meguro ward. The 75-unit, 5-story building is due for completion in 2027.Read more
140m tall office tower planned for Kayabacho Station
Heiwa Real Estate, Mitsubishi Estate, and Chuo-Nittochi Group have announced plans for a 140-meter tall, 27-story office tower between Kayabacho and Nihonbashi Stations in Tokyo. The project site covers 6,000 m2 and includes Hie Jinja Shrine.Read more
Hakuba’s hotel shortage may hinder tourism potential
The rise in inbound tourism is outpacing Hakuba’s supply of hotels, leading to a shortage of beds this ski season. Hotels opened up their winter reservations a month earlier this year and were quickly inundated with bookings from international guests. Many of the village’s hotels are now fully booked for this upcoming season.Read more
REIT disposes of office buildings in Osaka and Tokyo
KDX Realty Investment Corporation sold two office buildings in Osaka and Tokyo this month, one of which sold for 14% less than its book value. The buyers were domestic corporations.Read more
Development Bank sets up minpaku fund
Some countries and international cities may be banning Airbnb-style accommodation in an attempt to alleviate a housing crisis, but not Japan. With inbound tourism expanding, the government-owned Development Bank of Japan has established a real estate fund to invest in ‘minpaku’ or Airbnb-style short-term accommodation in Japan. This is the first domestic bank to establish this initiative.Read more
Sapporo skyscraper to shrink as project costs skyrocket
The Hokkaido Railway Company (aka JR Hokkaido) is revising its plans for a skyscraper in front of Sapporo Station. Rising construction costs have seen the estimated project budget to reach the mid-300 billion Yen (US$2 billion) range, 100 billion Yen more than anticipated.Read more
Akasaka Garden City sells for 54.6 billion Yen
Sekisui House Reit is selling its share in Akasaka Garden City to an unnamed domestic special purpose company for 54.6 billion Yen (approx. US$365 million).Read more