600 billion Yen project announced for Yaesu

Tokyo Station Yaesu Development
54-storey tower (left) and 45-storey tower (right).

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

by Zoe Ward

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.

Proud Kyoto Fuyacho Oike
Proud Kyoto Fuyacho Oike

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

by Zoe Ward

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

by Zoe Ward

Strong pre-sales in Shinjuku’s 60-storey apartment building

The Parkhouse Nishishinjuku Tower 60 1

On February 23, Mitsubishi Jisho Residence announced that all 325 apartments initially offered for sale in The Parkhouse Nishishinjuku Tower 60 have received purchase applications. The building, which won't be completed for another 2.5 years, is now 40% sold.

Apartments were offered for sale from February 14th ~ 22nd. A total of 713 applications were made on the 325 apartments, with lucky buyers selected from a raffle. The most popular apartment received 14 applications. Approximately 2,000 groups visited the sales office and 8,000 requests were made for sales brochures.Read more

by Zoe Ward

New apartment supply in central Tokyo down 26%

According to the Real Estate Economic Institute, 1,679 brand new apartments were released for sale in greater Tokyo in January, down 82.1% from the previous month and down 8.1% from January 2014. This is about 16% lower than the Institute’s estimate for the month.

1,258 apartments were sold, making the contract rate 74.9%, up 5.0 points from the previous month but down 3.7 points from last year.

The average new apartment price was 44,550,000 Yen, down 11.3% from the previous month and down 3.9% from last year. The average price per square meter was 639,000 Yen, down 10.0% from the previous month and down 3.2% from last year.Read more

by Zoe Ward

New apartment prices in Tokyo down 7% in December but annual average reaches record high

According to the Real Estate Economic Institute, 9,389 brand new apartments were released for sale in greater Tokyo in December, up 181.4% from the previous month and up 13.9% from December 2013.

6,567 apartments were sold, making the contract rate 69.9%, down 8.5 points from the previous month and down 6.2 points from the previous year. This is just below the 70% level which is said to be the line between positive and negative market conditions.

The average new apartment price was 50,220,000 Yen, down 3.9% from the previous month and down 5.9% from the previous year. The average price per square meter was 710,000 Yen, down 3.7% from the previous month and down 4.4% from the previous year.

1,940 apartments in high-rise buildings (over 20-storeys) were offered for sale, up 63.9% from the previous year. The contract rate was 63.7%, down 15 points from the previous year and also below the 70% market indicator.Read more

by Zoe Ward

Tokyu plans luxury apartments for Niseko

Niseko Tokyu Resort, part of the Tokyu Group and operator of the Niseku Mt. Resort Grand Hirafu ski resort, will be developing a luxury condominium near the ski field.

Construction is scheduled to begin in July, with completion expected at the end of 2016.

Over the years a number of foreign developers have been steadily building smaller condominiums in the Niseko Hirafu area, but this will be the first project in 20 years that can accommodate over 300 residents.Read more

by Zoe Ward