Apahome purchases Daikanyama bldg for 4.5 billion Yen
Two buildings in Daikanyama, Shibuya-ku, that were owned by Nara Prefecture were recently sold by auction. The "Daikanyama i Studio" was acquired by ApaHome for approximately 4.5 billion Yen, and the "Tsurumaki Residence" - a former housing complex for Prefecture staff - was acquired by i-nest Co. for 244.5 million Yen.Read more
Sumitomo cancels City Tower Shibaura
Sumitomo Corporation have temporarily (or permanently) cancelled the construction of City Tower Shibaura in Minato-ku. Construction of the 30-storey condominium began in November, 2010, and was scheduled to be completed by March, 2013.
Although foundation work had already began, the ground has since been filled in and returned to its vacant state and all advertising has been removed from the site. Read more
Lake Biwa historical villa partially de-listed after land sale
The Rokasensui Villa on Lake Biwa in Shiga Prefecture was built in 1921 and was the holiday home for Japanese painter Shunkyo Yamamoto. In 1994 it was listed as an important cultural property. In 2008, a 190 sqm parcel of the 1230 sqm estate was sold to a private buyer and from August, 2010, an average modern home was built on the site. The Agency for Cultural Affair decided to de-list the smaller parcel of land after it was sold to a third party.Read more
Mori Trust acquires famous Kyoto hotel
Mori Trust announced on November 25 that they had acquired the site of Hotel Rantei in Kyoto from Kyoto Century Hotel for an undisclosed sum.
The traditional Japanese-style hotel has been closed since January, 2010, but will undergo a full refurbishment before being re-opened as a luxury hotel by 2013 - 2014. Once it is opened, they hope to attract wealthy domestic and foreign tourists.Read more
US-based firm acquires two Omotesando buildings
Elliott Management, a US-based fund management firm, has acquired two buildings in prime locations just across the street from Omotesando Hills.
(1) 21st SY Building (fronting Omotesando Avenue and next to the Emporio Armani boutique). The 6-storey building is on a 360 sqm block of land. The 2011 assessed land value (koji-chika) for this site was 9,300,000 Yen/sqm.Read more
Mito City Hall at risk of collapse
Mito City Hall in Ibaraki Prefecture was seriously damaged by the March 11 earthquake. Results of a recent earthquake-resistance inspection found that the building could collapse if it is hit by another earthquake with a seismic intensity of 6 or higher.
Should the City decide to repair the building by installing a base-isolation system, the repair costs are estimated to reach 7 billion Yen (91 million USD).Read more