Japan’s first hotel-condominium* to be built in Hakone
On April 8, The Sankei Building Company, Tokyu Land Corporation, and Relo Vacations announced a hotel-condominium project for the Sengokuhara district in Hakone. This is the first hotel-condominium project in Japan to utilize the Home-Sharing Business Act (aka the Minpaku law) introduced in June 2018.
Hilton to open flagship-branded hotel in Kyoto
Earlier this month, Hilton announced the signing of an agreement with Tokyo Tatemono to open the first flagship-branded hotel in Kyoto in 2024. The Hilton Kyoto will be located in the Kawaramachi Sanjo district.
Luxury ryokan to be built in Ginza
Hulic, a major real estate company, recently announced plans to redevelop a prominent corner block in Ginza into a luxury ryokan-style hotel with an opening scheduled for 2025.
Office vacancy rates improve in 4 out of 5 central Tokyo districts
Several relocations to larger office spaces and some building closures due to redevelopment saw central Tokyo’s office vacancy rate improve by 0.04 points in March to 6.37%.
Tokyo Apartment Sales in March 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of March 2022:
New mixed-use apartment building for Shibuya 1-Chome Address
A 14-story, 74.8-meter tall mixed-use building is planned for the former Mitake Park near Shibuya Station. This project will include a public square, retail, a multi-purpose hall, the Mitake arena for sporting events, and 26 rental apartments designed to attract creative folk and families.
Demolition of Nakagin Capsule Tower to start April 14
Demolition of the Nakagin Capsule Tower, a famed metabolist building, is scheduled to start on April 14, 2022, ending years of efforts to save the landmark structure.