Same-day sellout in 29-storey Yokohama tower
Tokyu Land Corporation have seen strong demand for a 29-storey condominium tower currently under construction in Yokohama’s Minato Mirai waterfront area.
Branz Tower Minato Mirai's sales office received over 6,000 inquiries before sales started, and all 150 apartments offered for sale in the first round of sales last month received purchase applications on the first day. An average of 2.4 applications were made on each apartment, with the most popular apartment receiving 19 applications. The building is now 75% sold.
Apartments were priced from 45.7 ~ 228.7 million Yen, with an average price of around 1,330,000 Yen/sqm.Read more
Secondhand apartment prices in June 2015 - Tokyo Kantei
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) apartment in greater Tokyo in June was 30,110,000 Yen, up 0.4% from the previous month and up 6.4% from last year. This is the first time since April 2011 that the price has exceeded 30 million Yen, and is the 10th month in a row to see a month-on-month increase. The average building age was 22.1 years.
In Tokyo’s 23 wards, the average asking price was 46,840,000 Yen, up 1.7% from the previous month and up 12.5% from last year. The average building age was 22.2 years.
Meanwhile, Yokohama saw prices remain flat from the previous month, while Saitama City (-0.2%) and Chiba City (-2.1%) both saw prices fall from the previous month. In Chiba City, prices are down 3.0% from last year.
In central Tokyo’s six wards, the average price was 65,740,000 Yen, up 1.3% from the previous month and up 14.2% from last year. The average building age was 21.6 years.Read more
Historic Daimaru Shinsaibashi Store Facade to be Preserved
Last year, J. Front Retailing announced plans to redevelop the historic 82-year old Daimaru Shinsaibashi Department Store in Osaka. The ageing building was becoming increasingly cost and difficult to maintain, and was short on floor space.
Original redevelopment plans involved razing the building. After J. Front’s announcement, local architects and historians lobbied the company to preserve as much of the intricately-designed building as possible. Although redevelopment is going ahead next year, J. Front are now considering preserving the historic facade.Read more
Sumitomo announces 100 billion Yen project for Ariake
New details have been released regarding Sumitomo’s plans for three high-rise towers in Ariake, Tokyo. Ariake Garden City (Ariake North 3-1 District Plan) is a 100,000 sqm site located just north of Ariake and Kokusaitenjijo Stations on a man-made island in Tokyo Bay.
Sumitomo plan to build apartments (City Towers Tokyo Bay), a hotel, commercial and office facilities. Planning approval is expected to be granted in March 2016, with construction starting on the first phase of the project in October 2016. The entire project is expected to be completed in 2026 and has an estimated project cost of around 102.8 billion Yen (837 million USD), including land acquisition.Read more
New apartment prices in greater Tokyo up 20%
2,757 apartments were sold, making the contract rate 78.7%. This is an increase of 7.6 points from the previous month and an increase of 2.1 points from last year.
The average new apartment price was 58,150,000 Yen, up 20.8% from the previous month and up 20.4% from last year. The average price per square meter was 829,000 Yen, up 22.1% from the previous month and up 21.4% from last year.
745 apartments in high-rise buildings (over 20 storeys) were offered for sale, up 65.9% from last year. The contract rate was 81.6%, down 2.8 points from last year.
The market appears to be in recovery, with the amount of new apartments released for sale finally returning to levels seen 12 months ago. The return is evident in Tokyo’s 23 wards, where there has been a number of same-day sellouts in high-priced buildings. Areas such as Chiba and Saitama, however, are suffering from sluggish demand due to high construction costs which are pushing prices past the budget of many home buyers. In Saitama Prefecture, the contract rate was 58.7%, down 14.6 points from last year.Read more
June 2015 rental data - Tokyo Kantei
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,617 Yen/sqm in June, down 1.5% from the previous month but up 0.3% from last year. The drop in the monthly rent is considered to be caused by a smaller share of rental transactions in the Tokyo metropolitan area. The average apartment size was 59.50 sqm and the average building age was 19.0 years.
In the Tokyo metropolitan area, the average rent was 3,110 Yen/sqm, up 0.2% from the previous month and up 2.1% from last year. The average apartment size was 56.50 sqm and the average building age was 17.5 years.
In Tokyo’s 23 wards, the average rent was 3,239 Yen/sqm, up 0.3% from the previous month and up 2.0% from last year. The average apartment size was 55.90 sqm and the average building age was 17.0 years.Read more