Toh-Ten-Koh selling Ueno restaurant building

November 27, 2013UenoNew Construction,Office/Retail News & Information,Real Estate News,Redevelopment & Reconstruction,All,Tokyo

Toh Ten Koh Ueno Tokyo

Toh-Ten-Koh announced that they will be selling their Ueno restaurant building and land  to Tokyo Tatemono for 8.914 billion Yen (88 million USD).

Toh-Ten-Koh are currently building a new store on an adjoining block of land they already own and will relocate once the building is complete in 2015. The new store will be on a smaller site of 2,000 sqm, but will be built to the latest earthquake-resistant codes. It is estimated to cost approximately 4.6 billion Yen. Construction began in October.Read more

by Zoe Ward

TEPCO to sell Shinjuku hospital

November 26, 2013Shinjuku real estateReal Estate News,Redevelopment & Reconstruction,All,Tokyo

Tepco Hospital ShinjukuTEPCO will be selling their Tokyo Denryoku Hospital in Shinjuku-ku to Tokyo Tatemono for an estimated 10 billion Yen (99 million USD). This works out to approximately 1,850,000 Yen/sqm for the land.

Tepco had originally planned to keep the hospital, but at a general shareholders meeting in June 2012, major shareholder and governor of Tokyo Naoki Inose demanded the building and land be sold. Read more

by Zoe Ward

Price/earnings ratio rankings for new apartments in Tokyo

November 25, 2013Rental yield in TokyoReal Estate News,Market Information,All,Tokyo

Tokyo Kantei published data on the price/earnings ratio (PER) for brand new apartments in the greater Tokyo area.

According to their data, the PER in greater Tokyo in 2013 was 23.98, up 0.15 points from last year. The average rent for a 70 sqm apartment was 167,685 Yen/month, up just 0.1%. Meanwhile, the average price of a 70 sqm new apartment was 47,890,000 Yen, up 0.8% from 2012.  Read more

by Zoe Ward

Secondhand apartment prices in October - Tokyo Kantei

November 22, 2013japan real estate market,Osaka,real estate market tokyo,Tokyo apartment pricesReal Estate News,Market Information,All,Osaka,Nagoya,Tokyo

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) second-hand apartment in Tokyo's 23 wards was 40,660,000 Yen in October, up 0.6% from the previous month and up 3.3% from last year. This is the seventh month in a row where prices have seen a month-on-month increase.

In Tokyo's central 6 wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 54,580,000 Yen, up 1.0% from the previous month and up 7.0% from last year. The average apartment age was 21.0 years.

Read more

by Zoe Ward

Kenedix announces acquisition of 4 office buildings

November 21, 2013Office/Retail News & Information,Real Estate News,All,Tokyo

Kenedix Realty Investment Corporation announced that it had recently acquired or was in the process of acquiring four office buildings in Tokyo for approximately 14.93 billion Yen.Read more

by Zoe Ward

Avex Group redeveloping Omotesando HQ

November 20, 2013Omotesando,Minami AoyamaNew Construction,Real Estate News,Redevelopment & Reconstruction,All,Tokyo

Avex Group OmotesandoJapan's leading record label Avex Group will be rebuilding their headquarters in Omotesando. The current building was constructed in 1980 and has been occupied by Avex since 1995. Avex later acquired the building and land in 2002.

The decision to rebuild was made after an assessment showed that the 33-year old building would require some very costly repairs and maintenance in the mid-term.

A total of 1,923 people work in the 9-storey building. Read more

by Zoe Ward

New apartment inventory levels reach lowest level in over 23 years

November 19, 2013Tokyo apartment prices,New Apartments in TokyoReal Estate News,Market Information,All,Tokyo

According to the Real Estate Economic Institute, the inventory of unsold new apartments in greater Tokyo in October 2013 was 3,771 apartments. This is the lowest level seen since September 1990.

A total of 3,506 new apartments were released for sale in October, down 41.3% from the previous month but up 21.4% from last year. Of those, 2,790 apartments were sold, making the contract rate 79.6%. This is the first time in five months that the rate has dropped below 80%, but still remains above the 70% figure that indicates favourable market conditions.Read more

by Zoe Ward