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

Omotesando public housing site to be redeveloped

Aoyama Kitamachi Apaato 3

The Tokyo Metropolitan Government announced plans to redevelop the Aoyama Kitamachi Apaato, a city-operated public housing complex located near Omotesando Station and just behind Aoyama Dori Street.

The four hectare site currently contains 25 residential blocks built between 1957 and 1968. This project was said to be the first post-war city housing in Tokyo. Apartments ranged in size from 32 ~ 52 sqm. The 4 and 5 storey buildings have no elevators and some of the buildings did not have bathrooms (bathroom units were added to the balconies later).Read more

by Zoe Ward

2020 Olympics Athletes Village Plans Revealed

Tokyo Harumi Athletes Village Plan

The Tokyo Metropolitan Government announced the model plan for the 2020 Summer Olympics Athletes’ Village in Harumi, Chuo-ku, Tokyo.

There are plans for 22 residential buildings ranging from 14 ~ 17 stories. After the games, the apartments will be sold off as either rental apartment or condominiums. Two 50-storey high-rise apartment towers will also be built after the games, along with a school and retail facilities. A total of 6,000 apartments will be supplied.Read more

by Zoe Ward

New apartment prices in Tokyo up 10.3%

According to the Real Estate Economic Institute, 3,337 brand new apartments were released for sale in greater Tokyo in November, up 6.8% from the previous month but down 33.3% from last year. This is the 10th month in a row to see a year-on-year decline. It is also lower than the Institute’s forecast of 4,000 apartments. This is the lowest level for November since 2008 and is thought to be due to developers postponing sales in major projects until the new year.

2,617 apartments were sold, making the contract rate 78.4%, up 15.1 points from the previous month but down 1.2 points from last year.

The average new apartment price was 52,240,000 Yen, up 14.6% from the previous month and up 5.2% from last year. The average price per square meter was 737,000 Yen, up 15.5% from the previous month and up 6.2% from last year.Read more

by Zoe Ward