Chuo-ku facing challenging road to Olympics
The bayside area in Chuo-ku, Tokyo, including Kachidoki and Harumi, is seeing a surge in development and high demand from buyers following the Olympic announcement several months ago. But there are concerns that the current infrastructure may not cope with the rising population, which is expected to grow by 30% in coming years.
Large supply of apartments in the pipeline
Developers are now racing ahead to build new condominiums in bayside sites that had previously laid dormant for several decades.Read more
NHK to Redevelop Shibuya Broadcasting Centre
Television broadcaster NHK announced plans to redevelop their broadcasting centre in Shibuya. The project is expected to cost approximately 300 billion Yen and will be completed by 2025 (although the president of NHK expressed a desire to have it completed by the 2020 Olympics).Read more
Mongolian company's bid on Chongryon HQ rejected
On January 23, the Tokyo District Court announced that they have decided against the sale of the foreclosed North Korean defector embassy building and land in Chiyoda-ku to a mysterious Mongolian company after documents submitted by the buyer were found to be colour copies and could not be authenticated as official documents issued by the Mongolian government.
In October 2013, 'Avar LLC' was the winning bidder on the property after putting in the highest bid of 5.1 billion Yen. Suspicions were immediately raised after it was discovered that Avar was created in January with a capital investment of just 60,000 Yen and was registered to an apartment in Ulaanbaatar (the occupant of the apartment had no knowledge of the company).Read more
Toshima-ku to extend tax on studio apartments
Toshima-ku in Tokyo announced that they will extend the special tax on builders of studio or 'one-room' apartments for another five years.
The tax applies to buildings with 9 or more apartments that are less than 30 sqm (323 sqft) in size. A construction company must pay a tax of 500,000 Yen on each studio apartment within two months of the commencement of construction.Read more
Procter & Gamble Japan to sell Rokko Island HQ
Procter & Gamble Japan announced on January 8 that they will be selling their head office building in Rokko Island, Kobe, for an undisclosed sum. The buyer is Kobe-based trading and consulting firm Kengoo Group.
The 30-storey building was completed in 1993. It has a total floor area of 43,500 sqm and is on a 7100 sqm block of land.
P&G will continue renting the building from the new owner before relocating to a new office in Sannomiya in early 2016.
Source: The Kobe Shimbun, January 8, 2014.