Japan’s high-rise market from 2016 onwards
According to the Real Estate Economic Institute, there are 238 high-rise residential buildings containing a total of 89,844 units planned for completion across Japan from 2016 onwards. This is an increase of 48 buildings and 11,544 units from the previous survey point in March 2015.
65,012 units are located in the greater Tokyo region, representing 72.4% of the supply nationwide. 45,577 units in 92 buildings, representing 50.7% of the supply, are located in Tokyo’s 23 wards. In Tokyo’s Chuo-ku, which includes the bayside islands, 12,481 apartments are currently planned, representing 27.4% of the supply in Tokyo’s 23 wards.Read more
53-storey hotel and residential complex for Nishiazabu
Redevelopment discussions are moving forward for a prime site located directly across the street from Roppongi Hills. Although details are still under discussion, the project could be a mixed-use tower containing a 100-room hotel and 370 rental and condominium-type apartments.
According to a 2015 Investor Relations publication by Nomura Real Estate, the development may include a 53-storey tower with construction scheduled to start in 2018 and be completed by as early as 2022. It is possible that government allowances could result in a taller building than previously proposed.Read more
Hankyu Realty planning 2 residential projects for Tokyo's top neighbourhoods
Hankyu Realty, an Osaka-based real estate developer, is developing two high-end projects located in Tokyo's prime residential neighbourhoods of Aoyama and Azabu.
Motoazabu 3 Chome Project:
A 5-storey apartment building containing 19 units, and walking distance from Roppongi Station. The 1,000 sqm site, which has been a car park for several years, was listed for sale back in 2010 for 1.18 billion Yen. It is just 400 meters from Roppongi Hills and across the street from the San Marino Embassy. Read more
Apartments planned for former Dojunkai housing block in Shinagawa
A densely packed neighbourhood built after the 1923 Great Kanto earthquake is about to be demolished and replaced with a 40 meter tall, 13-storey apartment building. Construction is scheduled to start in 2017 with completion by early 2019.
The former Dojunkai Ebara Jutaku was a housing subdivision that was developed as part of Tokyo’s recovery following the devastating 1923 earthquake. It contained a number of wood-framed 2-storey homes fronting onto narrow pathways. The neighbourhood was originally laid out in a circular pattern, similar to the area in front of Denenchofu Station, with 356 houses, a playground, clinic and shops. Most of the area was destroyed during WWII air raids and re-arranged post-war, with only the current small block surviving to this day.Read more
26-storey apartment building for Minami Aoyama
A 26-storey, 105 meter tall apartment building is currently under construction in the Minami Aoyama 2 Chome address in central Tokyo. The Minami Aoyama 2 Chome Project is due for completion in late February 2018. The developer is Mitsui Fudosan Residential, with construction and planning by Obayashi Corporation.
The 3,910 sqm site is located alongside Gaien-Higashi Street and on the very northernmost point of the historic Aoyama Cemetery. In the past the site had a mix of several small buildings and has been a car park for the past few years. It is directly across the street from Aoyama Park (North), which was was originally barracks for the Imperial Army.Read more
New apartment supply drops for 4th month in a row
According to the Real Estate Economic Institute, 2,693 brand new apartments were released for sale in greater Tokyo in March, up 20.4% from the previous month but down 39.6% from last year. This is below the Institute’s previous estimate of 4,500 units, and is the 4th month in a row to see a drop in supply from 12 months prior. It is also the first time since 2009 that the annual supply for the month of March dropped below 3,000 units.
1,820 apartments were sold, resulting in a contract rate of 67.6%, down 5.3 points from the previous month and down 12.0 points from last year.
317 apartments in high-rise buildings (over 20-storeys) were offered for sale. The contract rate was 64.4%, down 14.6 points from last year.
The average price of a new apartment across greater Tokyo was 56,380,000 Yen, down 2.3% from the previous month but up 8.7% from last year. The average price per square meter was 802,000 Yen, down 4.0% from the previous month but up 9.0% from last year.Read more
Construction on Olympic Athlete’s Village to start this month
On March 31, the Tokyo Metropolitan Government announced the post-olympic plans for the 44 hectare Athlete’s Village in the Tokyo bay area.
For the duration of the Olympics and Paralympics, athlete accommodation will be provided in 21 buildings ranging from 14 to 18 storeys. Afterwards, these existing buildings will be converted into condominium and rental apartments by private developers. After the games, construction will begin on two 50-storey high-rise apartment buildings. The entire project is expected to be completed by 2024.Read more