On July 16, Odakyu Department Store Co., Ltd. announced that they will be closing their Shinjuku Main Store at the end of September 2022. This is to make way for a major redevelopment project on the western side of Shinjuku Station.
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More news on the redevelopment project surrounding the Imperial Hotel
Additional details on the Uchisaiwaicho 1 Chome District Redevelopment have been released. The 6.5-hectare site is across the street from Hibiya Park and includes the Imperial Hotel.
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40-story apartment tower for Nishi Shinjuku
On June 16, the Tokyo Metropolitan Government approved the land rights transfer proposal for the Nishi Shinjuku 5 Chome Central South District Redevelopment. This development will see several blocks of low-rise buildings replaced with a 40-story apartment tower.
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Apartment sales in Athletes’ Village to resume this fall
Sales of the apartments in the Athletes’ Village are expected to resume this fall or later, once the Olympics wraps up.
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Sales in Toranomon Hills Residential Tower start this week
Sales in Toranomon Hills Residential Tower officially started on June 28, with two apartments over 3,000 sq.ft listed.
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Luxury senior residence for Nishiazabu
Mitsui Fudosan Residential has started construction on a high-rise senior residence building on the site of the former Novartis Headquarters in Nishiazabu, Tokyo. This will be the largest senior residence in Minato ward. Construction began on May 31, 2021 and completion is expected in mid-2024.
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Mansion Kyoto Shirokanedai to be redeveloped
A 50-year old apartment building in Tokyo’s Shirokanedai neighborhood will be redeveloped by Hankyu Hanshin Properties. The owners association of the 65-unit building, along with Hankyu, have received an additional floor-area ratio (FAR) allowance from Minato Ward under the condominium redevelopment act.
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Price-earnings ratios for Tokyo in 2020
The price-earnings ratio (PER) for brand-new apartments across greater Tokyo in 2020 was 24.69, up slightly from 2019 (24.36). A high PER means a low rental yield.
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Kengo Kuma-designed residential and retail project for Daikanyama
On May 17, real estate developer Tokyu Land announced that construction had officially started on a Kengo Kuma-designed mixed-use complex just by Daikanyama Station in central Tokyo.
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Luxury resort planned for Miura Peninsula in 2024
On May 12, Keikyu Corporation announced its area management plans for the Miura Peninsula in Kanagawa Prefecture. This includes a luxury resort for Jogashima Island.
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