Foretseine Akasaka Hinokizaka to go on sale next month
Mori Trust will begin sales of apartments in their latest luxury development - Foretseine Akasaka Hinokizaka - at the end of November, with most apartments priced in the 300 million Yen range.
41 of the 54 apartments will be offered for sale with the remaining 13 going to the original landholder. Apartments range in size from 73.46 ~ 170.46 sqm and will be priced from around 110 ~ 470 million Yen.
The 7-storey building is located in an exclusive and historically high-priced area at the peak of Hinoki-zaka slope near Tokyo Midtown. It is next door to Proud Akasaka Hikawacho (2007; prices around 2,000,000 Yen/sqm) and across the street from Park Mansion Roppongi (2007; prices around 1,900,000 ~ 2,500,000 Yen/sqm).
Previews of the model room will start tomorrow (October 18). Read more
A new subway station for Toranomon
On October 14, Tokyo Metro and the Urban Renaissance Agency officially announced plans for a new subway stop along the Hibiya Line between Kasumigaseki and Kamiyacho Stations. The station will be located in the Toranomon district and will be just to the west of the recently completed Toranomon Hills.
Construction is scheduled to begin in 2015 with the new station expected to be open by the 2020 Tokyo Olympics, and an underground passageway to neighbouring buildings, including Toranomon Hills, ready by 2022.
The Toranomon area has been undergoing major redevelopment with new hotels, offices and residences. There are plans for a bus terminal to be located nearby the new station which could possibly serve as a transport link between the Olympic facilities in the bayside islands and central Tokyo.
This will be the newest station to be added to an existing subway line by Tokyo Metro since Tameike-Sanno Station was opened in 1997.
Sources:
NHK, October 14, 2014.
The Yomiuri Shimbun, October 15, 2014.
Hotel and office development for Tamachi Station area
Tokyo Gas, Mitsui Fudosan and Mitsubishi Jisho announced plans for the redevelopment of a 2.8 hectare site behind Tamachi Station in Minato-ku.
The TGMM Shibaura Project will include:
- Office Tower (A): 180m tall; 31 floors.
- Office Tower (B): 185m tall; 36 floors.
- Hotel: 65m tall; 9 floors.
- Welfare Center: 35m tall; 6 floors.
Construction is expected to start in 2015 and should be completed by 2019. Read more
Development near Sengaku-ji Temple draws opposition
A proposal for an 8-storey apartment building next to the entrance to the historic Sengaku-ji Temple in Minato-ku has drawn criticism and opposition from residents due to the potential impact it will have on the landscape and character of the area.
The site in question is located next to the temple’s Chu-mon gate. A 3-storey house is being demolished to make way for a 23m tall 8-storey apartment building which will contain mostly studio apartments. The land had been purchased by a Minato-ku based developer and construction is scheduled to start in mid-September.
Toranomon 2 Chome Redevelopment Project
On July 15, the Tokyo Metropolitan Government approved the re-development plans for the Toranomon Hospital and National Printing Bureau site in Minato-ku.
The 145.6 billion Yen project will include a 19-storey hospital building and a 179m tall, 36-storey commercial building. The hospital building will be rebuilt from 2015 ~ 2018, with the office tower to be built between 2019 ~ 2022. The entire project is expected to be completed by 2024.
There are a number of major redevelopment projects in the Toranomon area, including the recently completed Toranomon Hills, the future redevelopment of Hotel Okura, the redevelopment of the Toranomon Pastoral Building (Toranomon 4 Chome Project) and the Akasaka 1 Chome Redevelopment.Read more
Rising construction costs causing suburban projects to be cancelled
- Apartment developments cancelled.
- Station-front redevelopment projects on hold.
- Slowdown in retail expansion.
Japan’s construction industry is facing an impending crisis as the construction boom brought about by the 2020 Summer Olympics and Tohoku reconstruction is causing construction costs to rise dramatically.
The rising costs and severe labour shortage is having a direct impact on apartment development in the greater Tokyo area.
In April, the Odakyu Electric Railway Company announced that they were cancelling their plans to develop a high-end residential neighbourhood on the site of the former Mukogaoka Amusement Park in Tama-ku, Kawasaki due to rising construction costs which no longer make the project profitable.
Other apartment developers are also taking a restrained approach. Some that have already acquired development sites are either holding off on construction, leaving the sites empty, or are changing their plans.Read more