Tokyo Bay’s transport woes may leave Athlete’s Village an isolated outpost
The Nihon Keizai Shimbun morning paper has suggested that the post-olympic future of Tokyo’s Athletes Village, located on a man-made island in the bay, seems uncertain as the city looks to scale back plans for the bus rapid transit (BRT) system.
Without adequate transport links, one major developer reported that the the potential salability of the 5,600+ condos to be built in the village looks grim.
The Athletes Village will be converted to a mix of rental and condo-style apartments after the 2020 Summer Olympics. The 18 hectare site will have 24 buildings containing over 5,600 apartments and housing over 10,000 residents. Over 4,000 of the apartments will be put on the market for sale, with the remainder to be held as rental-only units.Read more
Tokyo apartment asking prices reach highest level since 1994
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment across greater Tokyo was 35,770,000 Yen in 2017, up 2.9% from 2016 and the fourth year in a row to record a year-on-year increase.
In the Tokyo metropolitan area the average asking price was 48,250,000 Yen, up 1.3% from 2016. This is the highest level seen since 1994. This is being supported by a number of investors buying apartments off-the-plan and then listing them for resale at prices higher than what they paid for them.Read more
Thai developer makes 30% on Niseko land sale
Thai-based property company Pace Development has sold a 14 hectare block of land in Hokkaido’s Niseko area for 2.05 billion Yen (approx. 18.8 million USD). The buyer was Richforest International Investments Ltd.
Pace had previously acquired the land in 2016 for approximately 1.56 billion Yen, resulting in a 30% gain over the past 18 months.Read more
Kyoto to demolish 1 billion Yen EXPO 92 relic
The Danish Pavilion built for EXPO 92 in Seville and relocated to Japan in 1993 may be demolished early this year.Read more
Tokyo's net inflow of residents increases for 22nd year in a row
The net inflow of population in the greater Tokyo (Tokyo, Saitama, Chiba and Kanagawa) area has increased for the 22nd year in a row. According to the Ministry of Internal Affairs and Communications, the area saw 419,283 new residents in 2017, with a net inflow of 119,779. Tokyo’s 23 wards saw a total of 361,906 new residents and a net inflow of 61,158.Read more
Sheraton to open in Kagoshima City in 2022
Nangoku Corporation, a general trading company located in Kagoshima City, announced that they have signed an agreement with Marriott International for a Sheraton-branded hotel to be built as part of a large redevelopment of a city block. This will be the 2nd Sheraton to open in Kagoshima Prefecture and the 10th in Japan.Read more
Kyoto introduces new regulation for owners looking to demolish traditional machiya
Kyoto City officials have voted in favor of a rule that will require owners of Kyoto’s traditional machiya townhouses to provide advance notice to the city prior to demolition. However, options to help reduce the burden of maintaining a historic home remain extremely limited. Without the support and participation from the local community this new rule may have only a minor effect.Read more