Mampei Hotel to undergo 18-month refurbishment
The historic Mampei Hotel in Karuizawa will temporarily close from January 2023 to undergo an 18-month restoration and refurbishment. It is scheduled to re-open in 2024 to mark its 130-year anniversary.
Less than 3% of Kyoto's machiya avoid demolition
A recent attempt by Kyoto City to save its historic machiya townhouses has only resulted in 5 out of 170 properties avoiding demolition. Back in 2016, a survey found that as many as 800 traditional machiya townhouses in Kyoto were being demolished each year. With an estimated 40,000 machiya in the city, they could vanish within the next 50 years, leaving no trace of the city’s merchant past.
Tokyo apartment asking prices increase for 24th month
The average asking price of a 70 sqm second-hand apartment in Tokyo’s 23 wards reached 68,400,000 Yen in June, a 0.6% increase from the previous month and 8.1% increase from last year. This is the 24th month in a row to record a month-on-month increase.
New apartment price in Tokyo hits second highest level on record
The average price of a brand-new apartment in greater Tokyo (Tokyo, Kanagawa, Saitama and Chiba Prefectures) in the first half of 2022 has reached the second highest level on record.
Foreign fund in talks to buy Huis Ten Bosch theme park
On July 21, the Nikkei Shimbun newspaper reported that Travel giant H.I.S. is in talks to sell its Huis Ten Bosch (HTB) theme park in Sasebo, Nagasaki, to a Hong Kong-based fund. The same day that the news broke, H.I.S. issued a press release stating that this information was not announced by the travel company and that there was no official decision on selling their shares in the park.
Bidding closes on Otemachi Place
Bidding ended for office space in Otemachi Place on July 7, with a little over 10 domestic and foreign buyers expressing interest. The floor space on offer is in the East Tower and the seller is the Ministry of Finance (MOF).
Interested buyers had until July 7 to submit their proposal, which required disclosing information in the event of joint buyers, and an after-purchase management and operation plan.
Shibuya Upper West Project Details Released
On July 21, Tokyu Corporation and L Catterton Real Estate (a US-based investment company) released details of their planned redevelopment of the Tokyu Department Store in Shibuya. The joint venture will see a 164.8-meter tall mixed-use high-rise containing retail, a small luxury hotel, and high-grade rental apartments.