Residential yields in Minato-ku - January 2016
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in Tokyo was 4.6% in January, down 0.1 points from the previous month and down 0.7 points from last year. The average gross yield across Tokyo was 6.2%, showing no change from the previous month but down 0.6 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 895,543 Yen/sqm as of January 1, up 0.6% from the previous month and up 6.2% from last year. The average asking price for land was 1,358,485 Yen/sqm, up 3.1% from the previous month and up 7.6% from last year.Read more
New retail project for Omotesando/Harajuku intersection
The Jingumae 6 Chome District Redevelopment Committee is moving forward with plans to redevelop a prime 3,000 sqm retail site fronting both Omotesando and Meiji Dori Avenues.
The redevelopment committee was established in August 2015 and includes Tokyu Land (who acquired Coop Olympia Annex in 2013), Colombin Co. (a biscuit and cake company that have their headquarters next-door to Coop Olympic Annex), part of Tokyo Metro’s subway facilities (the Chiyoda and Fukutoshin Lines are both located nearby), and the Tokyo Metropolitan Government (owner of the Jingumae Onden Resident Hall).Read more
Yokohama school to demolish 87-year old building
The Kanto Gakuin Junior High School has decided to tear down their 87-year old former main building due to age and deterioration.
Built in 1929, the Norman-style building was designed by American architect J.H. Morgan (1868-1937). It was built from reinforced concrete and is 3 storeys with 1 basement. The interior has classrooms and a chapel. It was in use until 2009.
The school principal said that the school and wanted to preserve the historic building but a structural inspection found that the concrete and steel reinforcing was showing significant deterioration. In accordance with guidance from Yokohama City, the school has no choice but to move ahead with demolition.
The building did not appear to show any significant damage from the 2011 Tohoku Earthquake. Read more
Redevelopment voting ratios may be revised down to 2/3rds
The government is considering revising the redevelopment voting ratio downwards for apartment buildings that form part of urban redevelopment projects.
Under the Urban Renewal Act, 100% of apartment owners must agree, in principle, before the building can be redeveloped. The government wants to reduce this ratio to a 2/3rd vote in favour, but only when the redevelopment includes some public component such as a park.
The revision will target the large-scale housing developments that were built during Japan’s period of rapid economic growth following WWII, and which are now in varying stages of deterioration. Residents, too, are ageing and it is hoped that new apartment buildings will attract younger families.Read more
Mori Trust taking over abandoned resort in Okinawa
Mori Trust has acquired a 335,000 sqm block of beachfront land with a half-finished hotel on Sesoko Island in Okinawa and plans to open an internationally-branded resort by 2020. Sesoko Beach Project, a limited liability company registered in Tokyo, was the seller.
Back in 2005, Toshi Design System, through a special purpose company, started construction on a large-scale luxury resort on the site of a former golf course. The 30 billion Yen hotel was to include 360 rooms each over 100 sqm (1,076 sq.ft) in size, with room rates of around 70,000 Yen per night. It was scheduled to open in 2009.Read more
Tokyo Apartment Sales in December 2015
The following is a selection of apartments that were sold in central Tokyo during the month of December 2015:Read more
City in Hokkaido to buy mid-century bank building
Kushiro City in Hokkaido is moving ahead with plans to buy the former Bank of Japan Kushiro Branch in an effort to preserve the 63-year old building.
The city had earlier considered to converting the building for public use, but the estimated 1.5 billion Yen (12.4 million USD) repair bill proved too costly for the city's budget. However, if the city did not purchase the building there was a chance that it could be demolished. Ever since the Bank of Japan moved to a new location in 2013, local residents have petitioned for the preservation of the old building and had collected 10,000 signatures.Read more