Asian buyers are top foreign purchasers in Japan

December 20, 2010Foreign buyers of real estate in JapanReal Estate News,Market Information

The Wall Street Journal has an interesting article on the shift among foreign buyers of Japanese real estate.

Asian buyers, both corporate and individual, made 18 real estate acquisitions in Japan in 2010 for a total of USD 372 million. US buyers made 3 deals totalling just USD 6 million.Read more

by Zoe Ward

The Omotesando Project

December 19, 2010HarajukuNew Construction,Real Estate News,Tokyo

omotesando-project-dec-2010

Located at the Harajuku crossing and between the JR Railway lines and Co-Op Olympia, this 2,860sqm site has been sitting vacant for a few years now.

In August,2005, Raysum purchased the site and former building from Seibu Holdings and had plans for redevelopment. The total cost of the planned project was 40 billion JPY (an estimate from 2006 report).  Construction was initially scheduled to start in April, 2007 and be completed by March, 2009.Read more

by Zoe Ward

Two large scale redevelopments for Minato-ku in 2011

December 17, 2010Akasaka,RoppongiDemolition,New Construction,Commercial Real Estate,Tokyo

Two large scale redevelopment projects in Minato-ku are about to commence in 2011.

Sumitomo Realty & Development are planning for their "Roppongi 3 Chome East District Redevelopment" project. The total development size will be 200,000sqm (2,152,000 sqft).

Meanwhile, Kowa Real Estate are planning their "Akasaka 1 Chome District Redevelopment" project with a total area of 170,000sqm (1,829,200 sqft).Read more

by Zoe Ward

JVC Kenwood to tear down Japan's first Victor factory

December 15, 2010Yokohama,Historic properties in JapanDemolition,Historic Properties

yokohama-victor-factory-facade-1

The Victor Company of Japan (part of JVC Holdings) has applied to Yokohama City for approval to demolish the first Victor factory in Japan. The "Victor Company of Japan No. 1 Factory Facade" was completed in 1930.Read more

by Zoe Ward

Atsugi's Haunted Hospital being demolished

December 15, 2010Kanagawa PrefectureDemolition

atsugi-hospital-demolition

The demolition of the ruins of the former Atsugi Keishin Hospital in Yamagiwa, Atsugi City, Kanagawa, started earlier this month. The 2605 sqm site has two 5 and 8 storey buildings with a total floor area of 5103 sqm. Demolition is expected to be finished by February, 2011.Read more

by Zoe Ward

Inheritance tax changes

December 14, 2010Inheritance Tax in JapanReal Estate News

The Japanese Government's Select Committee on the Taxation System (seifu-zeiseichosakai) announced a new policy to reduce the fixed inheritance deduction from 50,000,000 JPY+10,000,000 JPY per inheritor to 30,000,000 JPY+6,000,000 JPY per inheritor. The announcement was made at a general assembly meeting on December 13th.Read more

by Zoe Ward

Cattle Quarantine Station Office scheduled for demolition

December 14, 2010Demolition,Historic Properties

kobe-livestock-quarantine-station-ext-small
The building in 2006

 

A decision has been made to demolish the former Ministry of Agriculture's livestock quarantine office in Tsuruga Bay, Fukui Prefecture.

Dating from 1916 (Taisho period), the western-style building has fallen into severe disrepair. After part of the ceiling collapsed last month, the owners have applied to the Prefecture to have the building demolished.Read more

by Zoe Ward