Details released on planned redevelopment in Akasaka 7 Chome
More details have emerged of a possible high-rise apartment tower to be built in the Akasaka 7 Chome address. The Akasaka 7 Chome 2 District Redevelopment may include a 46-storey apartment building on the western side of the site with a maximum height of 157 meters, along with a 5-storey commercial/retail building on the eastern side of the site.Read more
Japan land prices increase in 91% of locations - highest share in history
According to the quarterly LOOK report issued by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) in the first quarter of 2018, land prices have increased in 91% of the surveyed locations. This is the first time the percentage has exceeded 90% in the history of reporting.
The main factors behind the rising land prices include positive conditions for the office market in central Tokyo, Osaka and Nagoya, major redevelopment projects, surging tourism numbers and expenditure, and strong demand for apartments that are close to transport. These factors are also encouraging investment into the office, retail, hotel and residential sector.Read more
New apartment supply shrinks for 2nd month in a row
According to the Real Estate Economic Institute, 2,462 brand new apartments were released for sale across greater Tokyo in May, up 5.1% from the previous month but down 5.4% from last year. The average sale price was 60,300,000 Yen, up 8.7% from the previous month and up 0.8% from last year. The average price per square meter was 895,000 Yen, up 11.9% from the previous month and up 3.9% from last year.Read more
Tokyo apartment rents see 6% year-on-year increase
According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,496 Yen/sqm in May 2018, down 0.6% from the previous month but up 6.0% from last year. This is the sixth month in a row to see a year-on-year increase. The average apartment size was 55.79 sqm and the average building age was 18.5 years.Read more
Details released on luxury apartment tower for Shibuya City Office redevelopment
Additional details have been released for the residential apartment tower planned as part of the Shibuya City Office redevelopment. The new high-rise will be called Park Court Shibuya The Tower. The 39-storey apartment building will have 505 apartments, of which 355 will be made available for sale. Apartment sizes will range from 40 ~ 208 sqm (430 ~ 2,238 sq.ft).
This will be a leasehold property with the land to be returned to Shibuya City at the end of the 70-year term. The redevelopment of Shibuya’s City Hall will partly be covered by the land leasehold revenue. The new city hall buildings are due to open in January 2019, while the adjoining public hall will open in the following May.Read more
Sale falls through for 91-yr old former bank building in Kyushu
The sale of a city-owned historic building in Kurume, Kyushu, fell through recently, with the city now considering future options for sale. The building was built in 1927 as the Kurume Branch for the 77 Bank (now the Bank of Fukuoka). In 1968 it was sold to Kurume City and had been used as a public library annex and archives up until 2010. The exterior and interior remains largely unchanged from its original condition.Read more