New housing starts across Japan in 2019 dropped 4.0% from the previous year to 905,123 units. This is the third year in a row to see a year-on-year decline. This was primarily due to a tightening on lending for investment-type apartment blocks after a widespread loan fraud scandal came to light in 2018.
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One of Japan’s largest property companies is in the process of developing 600 ~ 700 billion Yen (approx. US$5.5 ~ 6.5 billion) in projects around the Marunouchi and Otemachi districts.
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Four developers are working towards a large-scale redevelopment that will see a 400-meter long, 30-story mixed-use building for the Nagoya Station area.
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Construction of the 183-meter tall Toranomon Hills Business Tower was officially completed on January 21. The 36-story tower, designed by Ingenhoven Architects, forms part of Mori Building’s ongoing redevelopment of the Toranomon district.
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The former Kokusai Akasaka Building will be replaced with a 32-story office tower. The new building will have a floor area of 73,000 sqm (approx. 785,000 sq.ft).
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The latest high-rise apartment project on Tokyo Bay will go on sale from June 2020. Park Tower Kachidoki Mid and Park Tower Kachidoki South form part of a three-tower project on the manmade island of Kachidoki.
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Over the past three years, the number of buildings selling out before completion has dropped to just 50%. For some developers, this can spell disaster, but a surprising number have the patience to wait and take a slower approach to sales.
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Sumitomo Realty & Development has released details on their mega retail project for Ariake island in Tokyo Bay.
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Groundwork on the OMA-designed Toranomon Hills Station Tower in downtown Tokyo officially started on November 25. The high-rise forms part of Mori Building’s US$3.6 billion redevelopment project centered in Toranomon.
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The supply of brand-new apartments released for sale across greater Tokyo in October dropped 29.5% from last year to just 2,007 units. This is the lowest level seen for the month of October since the Real Estate Economic Institute began recording data in 1973.
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