Akita Prefecture to have its first condominium project in 6 years

Akita
The development site.

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

Mitsubishi Jisho Nanpeidaicho Site

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

Toranomon Redevelopment

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

Japan apartment prices Apr2016

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.

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Tokyo’s vintage apartment market in 2016

Hiroo Garden Hills

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

Kyoto Kiyomizu Hotel

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

The Parkhouse Shinjuku Gyoen 1

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