New apartment supply in October hits lowest level on record
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.
140m tall apartment tower planned for Shirokane
Tokyu Land Corporation has been chosen to lead the Shirokane 1 Chome North-Central Redevelopment Project. This will see a 140-meter tall, 900-unit apartment tower built on the western side of Shirokane AER City.
Shibuya Scramble Square East opens today
The 46-story Shibuya Scramble Square East Building officially opens today. At a height of 230 meters, this is now the tallest building in the Shibuya area.
Potential 26-story redevelopment of Shuwa Aoyama Residence
The homeowners association of the vintage Shuwa Aoyama Residence condominium near Shibuya Station is considering a potential redevelopment. The 8-story building was built in 1964 and has 77 apartments.
New apartment supply up 21% in August
According to the Real Estate Economic Institute, 1,819 brand-new apartments were released for sale across greater Tokyo in August, up 21.1% from last year. This is the first time in eight months to see a year-on-year increase in supply. The boost in supply was largely attributed to the first round of sales in the Harumi Flag Athlete’s Village, which saw 600 apartments up for sale.
Multi-block redevelopment for Uchisaiwaicho
Three developers will soon embark on what is said to be the biggest post-Olympic redevelopment project in Tokyo. The redevelopment district includes the Imperial Hotel, NTT Hibiya Building, Mizuho Bank Uchisaiwaicho Building, and TEPCO Head Office Building.
Mitsui announces plans for US$10-billion ‘Greater Nihonbashi’ redevelopment
On August 29, Mitsui Fudosan announced major redevelopment plans for a district alongside Nihonbashi river in downtown Tokyo. The project is expected to be completed somewhere between 2030 and 2040 and costs could run as high as 1 trillion Yen (approx. US$10 billion).