NTT flips condominium building in Azabujuban
NTT Urban Development and renovation company Rebita have converted a 27-year old former expat rental apartment building in Azabujuban into condominium units for individual sale.
The building, now called IKSIKS Azabujuban, is a 6-storey building completed in 1989. It was originally called Sun Palace Minamiazabu, and apartments were renting for around 3,300 ~ 3,500 Yen/sqm per month until recently. Several apartments are still occupied by tenants and won't be available until the tenants agree to move out.
NTT acquired the building in 2015. Renovations were completed at the end of last month, and three of the thirteen apartments in the building are already under contract.Read more
Tokyo metro apartment prices increase for 46th consecutive month
According to REINS, 3,190 second-hand apartments were sold across greater Tokyo in July, up 3.9% from the previous month and up 13.6% from last year. The average sale price was 29,990,000 Yen, down 0.6% from the previous month but up 4.5% from last year. The average price per square meter was 473,300 Yen, down 0.9% from the previous month but up 4.7% from last year. This is the 43rd month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 20.46 years.
In the Tokyo metropolitan area 1,592 second-hand apartments were sold, up 0.6% from the previous month and up 13.3% from last year. The average sale price was 37,470,000 Yen, up 0.1% from the previous month and up 7.7% from last year. The average price per square meter was 635,000 Yen, down 1.1% from the previous month but up 5.3% from last year. This is the 46th month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 18.79 years.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 205 second-hand apartments were sold, down 1.0% from the previous month but up 24.2% from last year. The average sale price was 54,010,000 Yen, up 4.1% from the previous month but down 0.2% from last year. The average price per square meter was 1,010,400 Yen, up 1.5% from the previous month but down 0.8% from last year. The average building age was 15.83 years.Read more
Tokyo Olympic Village site sold for 13 billion Yen
The site for the 2020 Tokyo Summer Olympic’s Athlete’s Village in Harumi, Chuo-ku will be sold to a consortium of developers for 12.96 billion Yen (approximately 127 million USD). This works out to approximately 96,800 Yen/sqm (88 USD/sf), less than sixth of its market value.Read more
Thai developer plans luxury villas for Niseko
PACE Development, a developer of luxury real estate projects in Thailand, is creating a high-end holiday home subdivision in Niseko, Hokkaido. PACE acquired Dean & DeLuca USA in 2014, and is currently developing MahaNakhon, a 77-storey mixed-use skyscraper in Bangkok and Thailand’s tallest building.
The developer plans to build approximately 37 holiday villas on the 14 hectare site in Niseko. Villas will be marketed for sale to Thai buyers, with prices expected to be somewhere in the range of 1.5 ~ 4 million USD each.Read more
Zipper company’s passive town attracts residents despite high rent
YKK Real Estate, a division of the YKK Group (the world’s largest zipper manufacturer), is developing a passive town in Kurobe City, Toyama Prefecture. The concept is to create comfortable housing designed for the environment that will reduce the need for air-conditioning.
The first phase of housing was completed in early 2016. Apartments in the 36-unit housing block do not have air-conditioning units. Instead, the building is cooled using circulating water from Toyama’s underground water system which is sourced from the Kurobe River.Read more
Buying real estate in Kamakura - a quick overview of building restrictions
Located between the mountains and sea, Kamakura is an ancient city located 50 km south of Tokyo. The city came to prominence in the 12th century when it was home to the Kamakura Shogunate. Unlike some of the more urban cities in Japan, Kamakura has retained much of its traditional character. The city is characterised by its traditional streetscapes, numerous temples and shrines, and lush mountainside. In fact, 40% of the city is forest and greenery.
Nowadays, much of this character is preserved through numerous strict building and zoning codes enforced by the city, along with efforts by local residents.Read more