Same-day sellout in 29-storey Yokohama tower
Tokyu Land Corporation have seen strong demand for a 29-storey condominium tower currently under construction in Yokohama’s Minato Mirai waterfront area.
Branz Tower Minato Mirai's sales office received over 6,000 inquiries before sales started, and all 150 apartments offered for sale in the first round of sales last month received purchase applications on the first day. An average of 2.4 applications were made on each apartment, with the most popular apartment receiving 19 applications. The building is now 75% sold.
Apartments were priced from 45.7 ~ 228.7 million Yen, with an average price of around 1,330,000 Yen/sqm.Read more
Historic Daimaru Shinsaibashi Store Facade to be Preserved
Last year, J. Front Retailing announced plans to redevelop the historic 82-year old Daimaru Shinsaibashi Department Store in Osaka. The ageing building was becoming increasingly cost and difficult to maintain, and was short on floor space.
Original redevelopment plans involved razing the building. After J. Front’s announcement, local architects and historians lobbied the company to preserve as much of the intricately-designed building as possible. Although redevelopment is going ahead next year, J. Front are now considering preserving the historic facade.Read more
Sumitomo announces 100 billion Yen project for Ariake
New details have been released regarding Sumitomo’s plans for three high-rise towers in Ariake, Tokyo. Ariake Garden City (Ariake North 3-1 District Plan) is a 100,000 sqm site located just north of Ariake and Kokusaitenjijo Stations on a man-made island in Tokyo Bay.
Sumitomo plan to build apartments (City Towers Tokyo Bay), a hotel, commercial and office facilities. Planning approval is expected to be granted in March 2016, with construction starting on the first phase of the project in October 2016. The entire project is expected to be completed in 2026 and has an estimated project cost of around 102.8 billion Yen (837 million USD), including land acquisition.Read more
New apartment prices in greater Tokyo up 20%
2,757 apartments were sold, making the contract rate 78.7%. This is an increase of 7.6 points from the previous month and an increase of 2.1 points from last year.
The average new apartment price was 58,150,000 Yen, up 20.8% from the previous month and up 20.4% from last year. The average price per square meter was 829,000 Yen, up 22.1% from the previous month and up 21.4% from last year.
745 apartments in high-rise buildings (over 20 storeys) were offered for sale, up 65.9% from last year. The contract rate was 81.6%, down 2.8 points from last year.
The market appears to be in recovery, with the amount of new apartments released for sale finally returning to levels seen 12 months ago. The return is evident in Tokyo’s 23 wards, where there has been a number of same-day sellouts in high-priced buildings. Areas such as Chiba and Saitama, however, are suffering from sluggish demand due to high construction costs which are pushing prices past the budget of many home buyers. In Saitama Prefecture, the contract rate was 58.7%, down 14.6 points from last year.Read more
College to buy Daikanyama land for 7 billion Yen
The Tokyo Metropolitan Government and Meguro Ward are moving ahead with plans to sell a vacant 8,000 sqm site in Daikanyama to the Tokyo College of Music. The sale price has been estimated at approximately 7.77 billion Yen (63 million USD), or around 970,000 Yen/sqm.Read more
New apartment supply and prices down in May
2,486 apartments were sold, making the contract rate 71.1%. This is a decline of 4.4 points from the previous month and 7.8 points from last year.
The average new apartment price was 48,120,000 Yen, down 9.3% from the previous month and down 6.7% from last year. The average price per square meter was 679,000 Yen, down 10.4% from the previous month and down 6.0% from last year.Read more
Instant sell-out in The Parkhouse Gran Minamiaoyama
The latest and most luxurious condominium development under construction in Omotesando saw a same-day sellout over the weekend.
Apartments in The Parkhouse Gran Minamiaoyama were priced from 150 ~ 770 million Yen, with an average price of 2,300,000 Yen/sqm. To date this has been the most expensive condominium offered for sale in central Tokyo this year.
Despite the high price tag, a total of 193 purchase applications were made on the 20 apartments offered for sale, with an average of 9.6 applications per apartment. The most popular apartment received as many as 63 applications. Read more