Construction to start on Shibuya Miyashitacho Project
Miyashitacho Realty, a corporation funded by Tokyu Corporation, Tokyu Construction, Taisei Corporation and Sapporo Real Estate, will officially begin construction on the Shibuya Miyashitacho Project on March 30.
The 5,000 sqm site is owned by the Tokyo Metropolitan Government and forms part of their ‘Urban Regeneration Step Up Project’. It was originally the site of the the Miyashitacho Apartments. There were originally three apartment buildings, with demolition of the last building fronting Meiji Dori starting recently.Read more
Construction starts on Shin-Hibiya Project
Mitsui Fudosan started construction on the Shin-Hibiya Project on March 23. The 192m tall, 35-storey office tower is expected to be completed by the end of January 2018. London-based architectural firm Hopkins Architects are in charge of the master plan.
The project will help to enhance the area's image as centre for international business and the arts. The retail component will include Toho Cinemas, and will be the largest cinema complex in central Tokyo. This area has a long history as a theatre district. Toho, the producer of the Godzilla franchise, was founded nearby.Read more
New apartment prices in Tokyo at highest level in over 5 years
According to the Real Estate Economic Institute, 2,598 brand new apartments were released for sale in greater Tokyo in February, up 54.7% from the previous month but down 2.0% from last year. This is the lowest level seen for the month of February since 2009.
1,935 apartments were sold, making the contract rate 74.5%, down 0.4 points from the previous month and down 6.1 points from last year.
The average new apartment price was 56,960,000 Yen, up 27.9% from the previous month and up 12.5% from last year. The average price per square meter was 812,000 Yen, up 27.1% from the previous month and up 14.7% from last year.
699 apartments in high-rise buildings (over 20 storeys) were offered for sale, up 78.3% from last year. The contract rate was 87.3%, down 0.5 points from last year.Read more
Apartments to be built in historic Kyoto Shrine grounds
Shimogamo Shrine in Kyoto’s Sakyo Ward announced that several condominiums will be built on part of the shrine’s grounds.
The shrine’s main buildings are rebuilt every 21 years. To help raise the 3 billion Yen required to rebuild in 2015, part of the shrine’s land will be leased to a private developer. The shrine has already raised 1 billion Yen and will receive around 800 million Yen in national grants.
A 9,650 sqm parcel of land about 600 meters south of the main shrine will be leased to a private developer under a 50-year term with an annual land rent of 80 million Yen. At the end of the lease, the buildings will be demolished and the land will be returned to the Shrine. The land is currently used as a car park and training hall.Read more
600 billion Yen project announced for Yaesu
Mitsui Fudosan and Tokyo Tatemono have plans for a 600 billion Yen (5 billion USD) redevelopment on the eastern side of Tokyo Station. Two buildings up to 250 meters tall will be built in the Yaesu 1 and 2 Chome districts. The developers are considering including residential, retail, education, cultural and medical facilities with English-speaking staff in the complex. The Yaesu area currently has a resident population of just 110 people, so residential supply has been very limited.
The redevelopment site is located in a National Strategic Special Zone. These zones have been created to encourage the creation of full-service business districts that are internationally competitive. Developers may receive allowances to provide for extra floor-area ratios and foreign companies may receive additional benefits to locate in these areas.Read more
Luxury apartment boom in Kyoto fuelled by Tokyo buyers
Kyoto is seeing a renewed interest from wealthy buyers looking for luxury holiday homes. A number of high-end condominiums in central Kyoto have been selling out quickly due to demand from Tokyo residents. The historic city, which is an admired and world-renowned tourist destination, is additionally appealing as its real estate prices are relatively cheap when compared to Tokyo. Supply is also limited due to to various height restrictions and a shortage in available development sites.
The area inside Oike, Gojo, Kawaramachi and Horikawa Streets has seen the recent development of several luxury apartments.
Nomura Real Estate’s ‘Proud Kyoto Fuyacho Oike’ is currently under construction alongside Oike Dori Avenue and 200 meters from Kyoto City Hall. Apartments went on sale in December 2014 and the 43 units received 83 purchase applications (lucky buyers were selected from a raffle). The two, three and four bedroom apartments ranged in size from 67 ~ 104 sqm (721 ~ 1,119 sq ft) and were priced from 60 ~ 140 million Yen. 80 sqm apartments were priced in the 80 million Yen (670,000 USD) range. Apartments are scheduled for delivery from the end of March 2016.Read more
Construction of Akasaka's latest high-rise to begin today
Taisei Corporation will begin construction of a 44-storey residential apartment tower in Akasaka 9 Chome from today.
The Akasaka 9 Chome North District Redevelopment is located on the northern side of Tokyo Midtown. The 4,656 sqm site was originally a densely packed neighbourhood of two and three-storey wooden homes, a kindergarten and small park.
The new apartment building will be 170m tall with 322 apartments and 44 floors. It will be taller than Akasaka Tower Residence (159m), Park Court Akasaka The Tower (157m) and Roppongi Hills Residence B Tower (156m).Read more