Construction to start on Foretseine Motoazabu 2 Chome project in July
Mori Trust is developing a luxury apartment building atop the Motoazabu neighbourhood in central Tokyo. Takenaka Corporation, one of Japan’s top construction giants, will start construction on Foretseine Motoazabu 2 Chome in July 2017. Completion is due for the end of December 2018. The 5-storey building will have just 17 spaciously sized apartments.
This project will be part of Mori’s 'Foretseine' brand of high-end residences. Their most recent project was Foretseine Akasaka Hinokizaka near Tokyo Midtown. When sales began in late 2014, apartments were priced between 1.5 ~ 2.8 million Yen/sqm and all apartments had sold off-the-plan prior to completion. Re-sale listings in 2016 have had an average asking price of around 3 million Yen/sqm.
The land is approximately 1,100 sqm in size, while the building will have a total floor area of 3,500 sqm (37,660 sq ft).Read more
Japan’s high-rise apartment market from 2017 to 2021 onwards
According to the Real Estate Economic Institute, there are 285 high-rise residential buildings containing 106,321 apartments planned for completion across Japan from 2017 onwards. This is an increase of 47 buildings and 16,477 apartments from the previous survey point in March 2016.
76.1% of the apartments are located in the greater Tokyo area, where 186 high-rises containing 80,919 apartments are planned in the coming years. This is an increase of 40 buildings and 15,907 apartments from the 2016 survey.
52.2% of the future supply nationwide will be located in Tokyo’s 23 wards, with 124 buildings containing 55,519 apartments either under construction or planned for future construction. This is an increase of 32 buildings and 9,942 apartments from 2016.Read more
4,000 sqm site in Ebisu sold to developer
Nomura Real Estate Development has won the bid to acquire a 4,035 sqm block of land in Ebisu. The property, which was a former apartment building for government officials, was sold by the Kanto Local Finance Bureau under a competitive bidding scheme. A total of 11 applications were made on the property, with 5 offers making it through the qualification round.Read more
Sales in the Tokyo Bay Triple Tower Project to start in April
Sumitomo has started advertising City Towers Tokyo Bay (previously called the Tokyo Bay Triple Tower Project) - a large-scale three-tower condominium with over 1,500 apartments under construction on the man-made Ariake island in Tokyo Bay.
Sales were scheduled to start in late April 2017 but have been delayed until late May. Apartments are priced from 34 ~ 150 million Yen and above. The 43 sqm one bedroom apartments are to be priced from 34 million Yen, 54 ~ 55 sqm two bedroom apartments to be priced from 44 million Yen, and 70 sqm three bedroom apartments to be priced from 59 million Yen.
The average price per square meter is around 1,000,000 Yen which is almost 40% higher than the average resale price of existing apartments in the area (722,000 Yen/sqm in 2017).
Harajuku Station Front Project to include retail and residential
NTT Urban Development Corporation will start work on the Harajuku Station Front Project later this year. The 5,000 sqm site is located in a prime position directly across the street from Harajuku Station and the greenery of Meiji Shrine and Yoyogi Park. This is likely become a retail and residential landmark building.Read more
Hokuriku region's largest apartment building to be completed in 2018
Daiwa House is currently constructing a 23-storey, 206-unit apartment building in central Toyama City that will be the largest apartment building based on the total number of apartments to have ever been built in the Hokuriku region, which encompasses Toyama, Ishikawa and Fukui prefectures.
The 85m tall Premist Tower Sogawa is due for completion in March 2018. Floor 6 to 23 will be residential, while the first five floors of the building will contain retail and office space. Residents will be able to enjoy views of the Tateyama mountain ranges from a sky lounge, and will also have access to concierge services and guest suites.Read more