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
Kobe Jonas Residence to be purchased by energy company
The 94-year old Jonas Residence in Kobe may have been saved from demolition as a renewable energy company have entered into negotiations to purchase the property at the eleventh hour.
Earlier this year it was announced that the historic property would be demolished to make way for a 12-storey apartment building. Local preservationists sprung into action and convinced the owner/developer Anabuki Kosan to postpone demolition. Anabuki agreed that they would delay demolition until October, and would consider selling the property for 360 million Yen if a buyer was found by the end of September. Read more
Akasaka 1 Chome Redevelopment to begin in January
Nippon Steel Kowa Real Estate have received approval from the governor of Tokyo to convert the ownership rights as part of their Akasaka 1 Chome Redevelopment.
The 16,000 sqm site is adjacent to Tameikesanno Station and across the street from the US Embassy in Akasaka. The project was approved in August 2012.
Demolition of the existing buildings is expected to begin in January 2014 with construction starting in August. Completion is expected by April 2017.Read more
Chongryon HQ's second auction to be held in October
The Chongryon headquarters and North Korean de-facto embassy building and land in Chiyoda-ku will be put up for public auction in October after the bidder from the first auction was unable to go through with the purchase.
Bidding is open from the October 3 to 10 and bids will be opened on October 17. The minimum bid is 2.134 billion Yen (21.7 million USD) and a deposit of 533.6 million Yen (5.4 million USD) is required to bid. Read more