Apartment transactions down for 7th month while prices continue to rise
According to REINS, 2,655 second-hand apartments were sold across greater Tokyo in October, down 9.6% from the previous month and down 13.4% from last year. This is the 7th month in a row to see a year-on-year decline. The average apartment sale price across grater Tokyo was 28,120,000 Yen, up 2.2% from the previous month and up 8.0% from last year. The average price per square meter was 435,300 Yen, up 2.5% from the previous month and up 8.3% from last year. The average building age was 19.47 years.
1,299 second-hand apartments were sold in the Tokyo metropolitan area, down 8.8% from the previous month and down 10.2% from last year. This is also the 7th month in a row to see a year-on-year decline. The average apartment sale price was 34,780,000 Yen, up 3.0% from the previous month and up 7.3% from last year. The average price per square meter was 584,600 Yen, up 2.9% from the previous month and up 8.8% from last year. The average building age was 18.07 years.
In Shinjuku, Shibuya, Suginami and Nakano-ku, the average sale price per square meter increased by 20.8% from 12 months ago to 785,000 Yen/sqm, while the average building age was 19.28 years (down from 21.42 years in October 2013).Read more
Residential yields and vacancy rates in Minato-ku - November 2014
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in November was 5.3%, up 0.3 points from the previous month but down 0.5 points from last year. The average gross yield across Tokyo was 6.9%, showing no change from the previous month but down 0.7 points from last year.Read more
Hope fades for historic Yokohama warehouse as demolition begins
Despite the best efforts of architects and historians from across the country, the owner of the Former Mitsui Bussan Yokohama Warehouse in downtown Yokohama is pushing ahead with demolition.
On November 5, a notice was posted outside the 104-year old building indicating the start of demolition. The building will be completely razed by mid-February 2015. The owner, Tokyo-based real estate and expat leasing company Ken Corporation, has ignored pleas from various preservation groups.
The Former Mitsui Bussan Yokohama Warehouse was designed by Oto Endo and built in 1910. Endo was a pioneer in designing reinforced-concrete buildings and this was one of the earliest structures in Japan to incorporate RC in the construction. He also designed the adjoining Mitsui Bussan Yokohama Office Building in 1911, which was the first building in the country to be built entirely out of reinforced concrete. The two buildings formed an important part of Yokohama’s silk trade, and the warehouse was used for the storage of silk.
High-rise office and apartments for Takeshiba
On October 29, Tokyo Land and Kajima Corporation announced plans for high-rise office and residential buildings in the waterfront Takeshiba area in Minato-ku. The project will also provide facilities for trade and content promotion and international expansion. JR Hamamatsucho and Takeshiba Station will be connected via a 500 meter long pedestrian bridge.
The project is expected to be completed in 2019.Read more
Pembroke’s latest project in Roppongi
Pembroke Real Estate Japan have started the construction of a 14-storey office building in located across the street from Tokyo Midtown in Roppongi 7 Chome. Try-Seven Roppongi is scheduled for completion in 2016. The exterior was designed by Jun Mitsui & Associates Architects.
A shrine and shrine office on an adjoining 876 sqm block of land will also be redeveloped in conjunction with Try-Seven.
This is the fourth development for Pembroke. In 2002 they developed Hikawa Gardens, a rental apartment building in Akasaka, and in 2010 they completed Azabu Gardens, a luxury expat rental building near Roppongi Hills.
Sources:
The Asahi Shimbun, October 28, 2014.
The Daily Engineering & Construction News, October 29, 2014.
Former Governor’s Residence in Shoto up for sale again
The former official residence of the Governor of Tokyo in Shoto, Shibuya-ku, is going back on the market next month with a minimum bid price set at 3.51 billion Yen. This is the third time the property has been listed for sale, but is the first time that bidding is open to the general public. Previous attempts were limited to foreign governments looking for embassy locations.
It was originally listed in 2008 with a minimum bid set at 4.8 billion Yen. It was listed again in 2013 seeking offers over 3.3 billion Yen.
Applications for bidding will be open from December 15 ~ 19, with bids to be submitted and opened on December 24, 2014. The successful bidder must be prepared to complete settlement by March 23, 2015.