Kyoto Kokusai Hotel to be sold
Fujita Kanko Inc announced that they will close the Kyoto Kokusai Hotel at the end of 2014 and sell the building and land. The hotel, which opened in 1961, overlooks the Nijo Castle in the centre of Kyoto. Read more
Wellith Daikanyama Sarugakucho almost sold out
One recently completed condominium in Daikanyama is close to selling out with only six apartments remaining for sale.
By October 20, 38 of the 40 apartments offered for sale in the high-end building have received purchase applications. The majority of buyers were in their late 40s and 50s. Approximately 20% of buyers were from outside the Kanto area, but there were no reports of buyers from overseas. Read more
Chongryon HQ sale decision delayed
The Tokyo District Court has extended the decision deadline regarding the sale of the foreclosed North Korean Chongryon Headquarters in Tokyo. The court was expected to announce their decision on October 22, but a lack of information on the buyer, Avar Limited Liability Corporation, means the court needs more time to determine whether or not they are in a position to go through with the purchase.
Avar bid 5.01 billion Yen (approximately 51 million USD) for the 10-storey building in Chiyoda-ku.
Information on the mysterious buyer is still vague. Investigations by media outlets discovered that the company was created in January 2013 with a capital investment of just 60,000 Yen. Mongolian tax officials have no record of Avar paying taxes or insurance premiums. The business is registered to an apartment in Chingeltei, Ulaanbaatar. Neighbors say that the apartment was owned by the father of Avar's director, but he moved out several years ago. The current resident claims to have never heard of the company. Read more
Japan's apartment market over the last 40 years
The Real Estate Economic Institute recently published a report on the condominium market in Japan over the last 40 years. Here are some of the highlights:
- Apartment prices are now 3.5 times higher. The average apartment price nationwide in 1973 was 10,860,000 Yen. In 2012 it was 38,340,000 Yen. In greater Tokyo the average price was 11,710,000 Yen in 1973. In 2012 it was 45,400,000 Yen. Read more
First resort condominium to be developed in Kinugawa, Nikko, in 20 years
The Kinugawa River Side Residence will be the first condominium to be built in Nikko's Kinugawa onsen resort area in almost 20 years.
It hasn't been a smooth journey for this particular development. The original developer - Zephyr - had completed construction up to the 3rd floor before filing for bankruptcy in July 2008. The bare concrete structure sat empty for the next five years until Yokohama-based developer Daiwa Jisho Group purchased the building and land and resumed construction in May 2013. Read more
New apartment sales in September surge before consumption tax increase deadline
According to the Real Estate Economic Institute, a total of 5,968 new apartments were released for sale in greater Tokyo in September, up 77.3% from last year and up 44% from the previous month.
Of those, 4,986 apartments were sold, making the contract rate 83.5% in greater Tokyo. This is an increase of 14.2 points from last year and 2.0 points from August.
The number of new apartments offered in high-rise buildings over 20 storeys was 1,949, up 810.7% from last year. The contract rate was 89.9%, up 27.3 points from last year.