Yokohama Station to see tallest building in 2021
Plans are firming up for a 180 meter tall high-rise residential tower near Yokohama Station specifically targeting foreign residents. This would be the first project to make use of the national government’s special allowance for residential building volume ratios that are available in Strategic Special Zones.
Draft plans have already received approval from the government and construction is scheduled to start in 2018, with completion in 2021.Read more
New apartment prices in greater Tokyo exceed 60 million Yen for first time since 1991
According to the Real Estate Economic Institute, 3,496 brand new apartments were released for sale in greater Tokyo in November, up 19.7% from the previous month and up 4.8% from last year. 2,871 apartments were sold, making the contract ratio 82.1%, up 13.3 points from the previous month and up 3.7 points from last year.
The average price of a new apartment was 63,280,000 Yen, up 18.0% from the previous month and up 21.1% from last year. This is the first time that prices have exceeded 60 million Yen since June 1991. The average price per square meter was 871,000 Yen, up 14.8% from the previous month and up 18.2% from last year.Read more
Kyoto apartment sale breaks price record
A 749 million Yen (6.1 million USD) penthouse apartment in a luxury condominium currently under construction in Kyoto has sold out on the first day of sales.
26 of the building’s 85 apartments were offered for sale last weekend. They were priced from 41.8 ~ 749 million Yen (340,000 ~ 6,100,000 USD). A total of 44 purchase applications were received, with the most popular apartment (a 3-Bedroom unit priced at 329 million Yen, or around 2.7 million USD), receiving 5 applications. The second most popular apartment was another 3-Bedroom unit priced at 379 million Yen (3.1 million USD) which received 4 applications. As is the case with new construction sales, the lucky buyers were drawn via a raffle.Read more
3,200 unit apartment building for Nishi Shinjuku
A large development site situated between Shinjuku Park Tower/Park Hyatt and Opera City in Nishi Shinjuku may finally see some activity as the redevelopment association move forward on construction plans.
Current discussions call for two 65-storey high-rise residential towers containing around 3,200 apartments. A town planning decision will be made in 2016, and if approved, construction could begin in 2019.
A 60-storey condominium tower is currently under construction in Nishi Shinjuku 5 Chome. The Parkhouse Nishi Shinjuku Tower 60 was advertised as being the tallest apartment building in Japan based on the total number of floors, but if the Nishi Shinjuku 3 Chome Project goes ahead as planned, The Parkhouse won’t keep its title for long.Read more
Construction scandal shakes new apartment sales in October
According to the Real Estate Economic Institute, 2,921 new apartments were released for sale in October, up 20.2% from the previous month but down 6.5% from last year. This is the second month in a row to see a decline in supply from the previous year and has been attributed to both an increase in prices as well as the discovery of a faulty condominium in Yokohama last month which has caused turmoil in the real estate industry. Before news broke of the construction mishap, the Institute were predicting 3,500 apartments to be offered for sale in October. Although Autumn is typically a period of heavy sales activity by developers, the sales of several projects were delayed due to the uncertainty following the Yokohama apartment scandal. Only one large-scale project (a building containing over 100 units) went on sale in October, down from four large-scale projects last year.
A researcher from the Institute said that visitor numbers to apartment show rooms were relatively flat, and it is possible that developers will continue to delay sales until consumer confidence in the new apartment market improves.
2,010 apartments were sold, making the contract rate 68.8%, up 2.8 points from the previous month and up 5.5 points from last year.
475 apartments in high-rise buildings (over 20 storeys) were offered for sale, up 36.5% from last year. The contract rate was 79.8%.
The average price of a brand new apartment released for sale in greater Tokyo was 53,640,000 Yen, down 0.5% from the previous month but up 17.6% from last year. The average price per square meter was 759,000 Yen, down 0.3% from the previous month but up 19.0% from last year.Read more
Chiyoda to see new record-setting luxury condominium
Average price: 2,680,000 Yen/sqm (2,035 USD/sq.ft)
*Update: This building has sold out as of September 2016*
Chiyoda’s Bancho area is about to see another record-setting condominium go on sale next month. Branz The House Ichibancho is currently under construction in Ichibancho. The second round of sales is scheduled to start in early December. 5 apartments will be offered for sale, ranging in price from 275 ~ 540 million Yen (2.25 ~ 4.41 million USD). Prices per square meter will range from 2,257,000 ~ 3,084,000 Yen (1,700 ~ 2,325 USD/sq.ft).
The 3-Bedroom apartments range in size from 121 ~ 175 sqm (1,302 ~ 1,883 sq.ft). Despite the large size and the high price, the apartments only have 1 bathroom each, with no bathroom for the master bedroom. It is quite common for condominiums in Japan to have only one bathroom as developers continue to build for the domestic market only.
The 12-storey building will contain 56 apartments, of which 48 will be offered for sale. Completion is scheduled for November 2016, with apartments ready for delivery to buyers from the end of January 2017.Read more