10,000 sqm property to sell for 2 Yen
A city in Mie Prefecture is preparing to acquire a pharmaceutical company-owned property for just 2 Yen (1 US cent). The property will then be transferred to the sub-tenant free of charge.Read more
Ace Hotel coming to Fukuoka
After opening its first Asian location in Kyoto in 2020, Fukuoka has been selected as Ace Hotel’s second location. The hip Seattle hotelier will take up 8 floors in a mixed-use building under construction in Tenjin.Read more
City worries about preservation as heritage-listed imperial residence in Kyoto is sold to developer
Kyoto City was in discussions with the owner of a nationally registered Tangible Cultural Property after learning of plans to sell the 150+ year old historic building and land. A few days later, it was announced that a major developer has acquired the property with future plans for the site yet to be decided.Read more
Seibu to sell off all assets by 2026, starting with Kioicho skyscraper
On May 9, Seibu Holdings confirmed its plans to sell the Tokyo Garden Terrace Kioicho property in central Tokyo within the year.Read more
Department Store plans 500 billion Yen redevelopment
Isetan Mitsukoshi Holdings is planning to invest 500 billion Yen (approx. US$3.2 billion) in a large-scale redevelopment project in the neighborhood around its landmark Isetan Shinjuku Department Store. This redevelopment plan is expected to boost annual department store revenues by 100 billion Yen.Read more
Developer acquires Omotesando site
A domestic developer acquired a 450 m2 development site in Omotesando in February. The property was sold off-market and the transaction price was not reported, although we have an idea of market pricing in this neighborhood.Read more
Condos canned as hotel set to stay on
There has been an abrupt change in plans for a hotel in Tachikawa, Tokyo. News of its closure and proposed redevelopment made headlines last June, but the developer appears to have sold the closed hotel to a local real estate company last month.Read more