Handover of new apartments in Wellith Arisugawa begins today
Buyers begin moving into the recently completed Wellith Arisugawa condominium in Minamiazabu today. The luxury low-rise apartment building is located just a few minutes from Hiroo Station and Arisugawa Park and is the only condominium to be built in the exclusive Minamiazabu 5 Chome address in the last eight years.
Sales began in October 2012 and 52 of the 57 apartments have already sold. Prices ranged from 84.8 to 599 million Yen (834,000 ~ 5.9 million USD), with an average price of approximately 1,630,000 Yen/sqm (16,000 USD/sqm).Read more
Toh-Ten-Koh selling Ueno restaurant building
Toh-Ten-Koh announced that they will be selling their Ueno restaurant building and land to Tokyo Tatemono for 8.914 billion Yen (88 million USD).
Toh-Ten-Koh are currently building a new store on an adjoining block of land they already own and will relocate once the building is complete in 2015. The new store will be on a smaller site of 2,000 sqm, but will be built to the latest earthquake-resistant codes. It is estimated to cost approximately 4.6 billion Yen. Construction began in October.Read more
Avex Group redeveloping Omotesando HQ
Japan's leading record label Avex Group will be rebuilding their headquarters in Omotesando. The current building was constructed in 1980 and has been occupied by Avex since 1995. Avex later acquired the building and land in 2002.
The decision to rebuild was made after an assessment showed that the 33-year old building would require some very costly repairs and maintenance in the mid-term.
A total of 1,923 people work in the 9-storey building. Read more
Wellith Daikanyama Sarugakucho almost sold out
One recently completed condominium in Daikanyama is close to selling out with only six apartments remaining for sale.
By October 20, 38 of the 40 apartments offered for sale in the high-end building have received purchase applications. The majority of buyers were in their late 40s and 50s. Approximately 20% of buyers were from outside the Kanto area, but there were no reports of buyers from overseas. Read more
First resort condominium to be developed in Kinugawa, Nikko, in 20 years
The Kinugawa River Side Residence will be the first condominium to be built in Nikko's Kinugawa onsen resort area in almost 20 years.
It hasn't been a smooth journey for this particular development. The original developer - Zephyr - had completed construction up to the 3rd floor before filing for bankruptcy in July 2008. The bare concrete structure sat empty for the next five years until Yokohama-based developer Daiwa Jisho Group purchased the building and land and resumed construction in May 2013. Read more
New apartment sales in September surge before consumption tax increase deadline
According to the Real Estate Economic Institute, a total of 5,968 new apartments were released for sale in greater Tokyo in September, up 77.3% from last year and up 44% from the previous month.
Of those, 4,986 apartments were sold, making the contract rate 83.5% in greater Tokyo. This is an increase of 14.2 points from last year and 2.0 points from August.
The number of new apartments offered in high-rise buildings over 20 storeys was 1,949, up 810.7% from last year. The contract rate was 89.9%, up 27.3 points from last year.
Yaesu Fujiya Hotel to be redeveloped
The Yaesu Fujiya Hotel by Tokyo Station will close at the end of March 2014 as the Kokusai Kogyo Group plan to sell the building and land to Sumitomo Realty & Development in April.
Sumitomo are expected to demolish the hotel and redevelop the site into an office building.