Akashi’s tallest and most expensive condominium tower to go on sale this month
Akashi City’s tallest and most expensive condominium is going on sale later this month and is already drawing a lot of interest from potential buyers. Three of the apartments will be priced over 100 million Yen and the most expensive apartment will be a 110 sqm (1,184 sq ft) 4-Bedroom unit priced at 130.9 million Yen (1.09 million USD). It is unusual to see apartments priced over 100 million Yen in the suburban areas of Kansai, and this is the first time that Akashi City has seen apartments priced at this level.
Proud Tower Akashi will be a 34-storey condominium located just a 2 minute walk from Akashi Station and 350 meters from the Akashi Castle park. The 199 apartments range in size from 54 ~ 110 sqm (581 ~ 1,184 sq ft) and are priced from 22.5 ~ 130.9 million Yen.Read more
400m tall office tower for Tokyo Station area
Mitsubishi Estate is planning a 400 meter tall office building for an area just north of Tokyo Station. This is the largest development planned for the Otemachi/Marunouchi area, and when complete it will be the tallest building in Japan, exceeding the 300m tall Abeno Harukas in Osaka.
Mitsubishi is aiming to make the building an international centre for finance, and hope to attract both domestic and foreign financial institutions.Read more
New apartment prices reach 23-year high in greater Tokyo
According to the Real Estate Economic Institute, the average price of a brand new apartment released for sale in greater Tokyo was 59,530,000 Yen (478,000 USD) in July, up 2.4% from the previous month and up 7.6% from last year. This is the highest sale price seen since May 1992, when prices were 59,710,000 Yen.
The average price per square meter in July was 850,000 Yen (635 USD/sq ft), up 2.5% from the previous month and up 10.2% from last year. This is the highest price seen since November 1992 (877,000 Yen/sqm).
An increase in the supply of luxury apartments as well as high construction costs is said to be behind the rise in the average sale price.Read more
Shibuya Parco to be rebuilt
The Shibuya Parco Store is going to be redeveloped as part of the Udagawacho 15 District Redevelopment Project.
The new building will be 29 storeys and 110 meters tall. It will contain retail space the first 8 floors, with rental office space on floors 9 and above. Construction will start in March 2017 with completion scheduled for late 2019.Read more
Shibuya Ward Office demolition to start in November
Demolition of the 51-year old Shibuya Ward Office and Public Hall buildings will start this November. Discussions to redevelop the government offices began in early 2013 after a building inspection found that the ward office building did not meet minimum earthquake-resistant standards and was at risk of collapse in an earthquake with a shindo level of upper-6.
The Shibuya government office buildings include the 6-storey ward office and the 4-storey Shibuya Public Hall (Shibuya C.C. Lemon Hall). They were completed in 1964, and the Hall hosted the weight-lifting events for the ’64 Summer Olympics.
To help cover the costs of rebuilding, part of the government-owned land will be leased to Mitsui Fudosan Residential under a 70-year fixed term. Mitsui will construct a 143m tall, 39-storey residential tower. At the end of the lease, residents will vacate their apartments, the building will be demolished and the land will be returned to the local government.Read more
Otemachi PAL Building demolition to begin in August
As part of the Otemachi 1-2 District Redevelopment, Kajima Corporation will begin demolition of the Otemachi PAL Building next month. The PAL Building, along with the Otemachi 1 Chome Mitsui Building and the Mitsui Bussan Building are all being demolished to make way for two new office towers which are due for completion between 2019 ~ 2021. The owners of the buildings, Mitsui Bussan and Mitsui Fudosan, are expected to contribute around 170 billion Yen (1.37 billion USD) towards the redevelopment.
The Otemachi PAL Building is a 9-storey building with a total floor area of 27,923 sqm. It was built by Takenaka Corporation and completed in 1961. Mitsui Bussan and Mitsui Fudosan acquired the building from consumer credit company Promise in 2011 for 72 billion Yen (approx. 900 million USD at the time). After the sale, Promise leased the office space until they moved into the SMBC Consumer Finance headquarters in Ginza in late 2013.Read more
Political power spot in Chiyoda to be rebuilt
The building that once housed the head office of Japan’s Liberal Democratic Party (LDP) is going to be demolished and rebuilt starting next year. In recent years the 58-year old building has become increasingly worn out. The decision to rebuild was made after an inspection in 2014 found that the structure did not meet current earthquake-resistant standards.
A new building design will be selected in September and demolition will begin from April 2016. The new building is expected to be 7-storeys and should be completed sometime in 2018.Read more