Akita Prefecture to have its first condominium project in 6 years
June 1, 2016Real Estate News,All
Next year, Akita Prefecture will see the completion of its first condominium development since 2010. Akita is the only prefecture in Japan to have had no new condominium developments in the past six years.
Demand for housing is low for the prefecture, which is suffering from the fastest population decline in the country. A shrinking population and growing construction costs make the area unattractive to developers.Read more
Mitsubishi acquires Shibuya site for potential luxury condominium project
May 31, 2016Shibuya,Shibuya Real Estate,NanpeidaichoLand,Real Estate News,All,Tokyo
Mitsubishi Jisho Residence and Cosmos Initia have acquired a large development site near Shibuya Station. Details have yet to be announced, but industry insiders suggest that, given the size of the land, it could be slated for a luxury condominium project.
Update: The project is called The Parkhouse Shibuya Nanpeidai. Pre-sales for Hong Kong-based buyers began in September 2017, with prices starting from around 145 million Yen. The 10-storey building will have approximately 100 apartments with completion by May 2019 or later.
The 3,300 sqm (35,500 sq.ft) site in Nanpeidaicho is located near the Cerulean Tower Tokyu Hotel and a 5 minute walk from Shibuya Station’s South Exit. It was purchased from Japan Tobacco for an undisclosed price estimated somewhere in the several billion Yen range. The site included a 5-storey office building which is currently being demolished.Read more
Mori announces 3.6 billion USD in projects around Toranomon Hills
May 30, 2016Toranomon,Toranomon Hills,Toranomon Real EstateNew Construction,Office/Retail News & Information,Real Estate News,Redevelopment & Reconstruction,All,Hotel News,Tokyo
Last month Mori Building announced details on three new high-rise towers planned for the Toranomon District. These three towers will surround Mori’s Toranomon Hills complex on the north, south and western sides.
The total project cost is estimated at around 400 billion Yen (approx. 3.6 billion USD), and completion is expected between 2019 ~ 2022 2023.Read more
Tokyo apartment asking prices increase for 22nd consecutive month
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in April 2016 was 34,280,000 Yen, up 1.3% from the previous month and up 15.5% from last year. The average building age was 22.1 years.
In the Tokyo metropolitan area, the average asking price was 47,410,000 Yen, up 1.2% from the previous month and up 16.3% from last year. This is the 22nd month in a row to see an increase in prices. The average building age was 21.6 years.
In Tokyo’s 23 wards, the average price was 52,560,000 Yen, up 1.5% from the previous month and up 15.2% from last year. The average building age was 21.5 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 71,740,000 Yen, up 0.4% from the previous month and up 10.5% from last year. The average building age was 20.0 years.
Tokyo’s vintage apartment market in 2016
May 26, 2016Real Estate News,Market Information,All,Tokyo
Tokyo Kantei released a report on the market values of ‘vintage’ apartment buildings and their retain or lose value over time. This year’s survey was a follow up to the last survey carried out in 2009.
Based on their findings, the vintage properties most likely to see values erode over time were:
1. In buildings over 40 years old;
2. With low earning potential; and
3. Located outside of the Yamanote Line.
40 year+ buildings have the highest risk of losing value
Of the surveyed properties that held their value over time, 91.8% were in buildings less than 40 years old.
Of the vintage apartments that saw a drop in value, 26.7% of them were in buildings over 40 years old. Older buildings, particularly those dating from the 1970s and earlier, may be built to older earthquake codes, tend to require costly maintenance and repairs since they may have ageing plumbing, will require elevators to be replaced and are generally getting towards the end of their useful service life. These factors are the main contributors to their declining value.Read more
Historic school building in Kyoto to be converted into boutique hotel
May 25, 2016Historic properties in Japan,KyotoHistoric Properties,Real Estate News,All,Hotel News,Kyoto
A 83-year old former elementary school building in Kyoto will be renovated and converted into a luxury, 40-room boutique hotel. On May 20, Kyoto City announced that they will sign a 60-year lease with NTT Urban Development Corporation. NTT will pay an annual rent of 65 million Yen (590,000 USD) for the building and land.Read more
Same day sellout in The Parkhouse Shinjuku Gyoen
May 24, 2016shinjukuNew Construction,Real Estate News,Market Information,All,Tokyo
All 47 apartments offered in the first round of sales in Mitsubishi’s The Parkhouse Shinjuku Gyoen condominium received applications on the first day. The building is now 90% sold.
An average of 2.1 purchase applications were made on each apartment, with the most popular apartment receiving 8 applications. The sales office received over 3,400 inquiries and had 600 groups through the show room since early March.Read more