Osaka may lift ban on rental apartments along Midosuji Avenue
From the next fiscal year onwards, Osaka City will allow the construction of rental apartment buildings alongside Midosuji Avenue.
Currently, only commercial and retail buildings are allowed along the tree-lined street.Read more
Old Andersen bakery in Hiroshima to be demolished
The 88-year old Andersen bakery in Hiroshima is going to be demolished and rebuilt by Andersen Group as repairs and upgrades to the existing building prove too costly.
The renaissance style building was designed by architect Uheji Nagano and completed in 1925. It was originally the Hiroshima branch of the Teikoku Bank (which later merged to become part of the Sumitomo Mitsui Banking Corporation). Mr. Nagano designed a number of buildings for the Bank of Japan, including their head office which still stands in Nihonbashi, Tokyo.Read more
New 44-storey apartment building for Akasaka
The Akasaka 9 Chome North District Redevelopment is scheduled to begin construction in October 2014 with completion in March 2017. The project will include a 44-storey 170m tall residential building with 330 apartments.
The developer is Mitsui Fudosan Residential, so if this becomes a condominium (rather than a rental-only building) then it could possibly be branded as one of their 'Park Court' series of apartments. Read more
Tokyo City Hall facing 76 billion Yen repair bill
The 22-year old Tokyo Metropolitan Government Building (aka Tokyo City Hall or 'Tocho') in Shinjuku is facing a large-scale maintenance and repair bill estimated to cost 76.2 billion Yen (approximately 783 million USD).
Designed by architect Kenzo Tange, the government building was completed in 1991 at a cost of 156.9 billion Yen. The 243m tall building was once the tallest in Japan. Read more
4-storey homes growing in popularity
Demand is finally starting to grow for 4-storey wooden-frame homes as future revisions to the inheritance tax laws in Japan leave the older generation searching for better ways to pass their wealth onto their children.
From January 1 2015, the basic deduction on inheritance tax for one heir will be reduced from 60 million Yen to 36 million Yen. This will increase the number of people who will become liable to pay inheritance tax. It is estimated that 1 in 4 people in Tokyo's 23-ku will have to pay the tax at some point.
However, for multi-family homes where several generations live under one roof, up to 80% of the property's taxable value can be reduced. Building a multi-family home can therefore provide some offset for future inheritance taxes.Read more