Nagoya high-rise on hold as construction costs soar and office market concerns rise
Plans for a 180-meter tall commercial building in Nagoya have been put on hold, according to an announcement made by the developer on July 5.Read more
Caption by Hyatt to open in Nihonbashi
Nihonbashi’s ‘Wall Street’ will see a new hotel in the coming years, with the Caption by Hyatt Kabutocho Tokyo set to open in 2025. The 195-room hotel is being developed by Heiwa Real Estate, a major landlord in the Nihonbashi-Kabutocho neighborhood.Read more
Rosenka land values increase for 2nd year in a row
Land values continue their ascent as the country emerges from the pandemic. The nationwide ‘rosenka’ land tax values, announced by the National Tax Agency on July 3, saw an average increase of 1.5% from last year. This is the second year in a row to see an increase, and a higher rate of increase from the 0.5% growth seen last year.Read more
Temple wins appeal over tax bill
A temple in Osaka has won an appeal trial over the taxation of land within the temple grounds, resulting in the cancellation of a 4.8 million Yen tax bill. Under the Religious Corporations Act, temple and shrine land is normally not taxed unless it is for commercial use.Read more
An update on the long-awaited ‘Roppongi Hills 2’ project
It’s been a while since we had an update on the ‘Roppongi Hills 2’ project in Tokyo. Luckily, some more concrete project details were made public for online viewing between June 24 and July 3. Read more
Tokyo Commodity Exchange to be demolished
Demolition of former Tokyo Commodity Exchange Building in Nihonbashi-Horidomecho starts this month. The building is just 24 years old.Read more
High-rise apartments may soon lose their inheritance tax appeal
Apartments, particularly those in high-rises, have been a very appealing means of reducing inheritance taxes due to the way real estate is valued for estate purposes. That may soon change with the National Tax Agency (NTA) firming up plans to value apartments closer to their market price.Read more