Tokyo may soon see a shortage of new apartments
In July, the number of unsold new apartments across greater Tokyo fell to 4,247 units - the lowest level seen since 1990.
In the first half of the 2000s, land prices started to rise as a surge in activity by real estate funds started an investment boom. In addition, strong demand for steel from emerging economies pushed up construction costs in Japan. As a result, developers repeatedly pushed up apartment prices. The sudden drop in demand from buyers when the global financial crisis hit in 2008 left a growing inventory of unsold apartments.Read more
Mitsubishi's latest offering set to be Japan's most expensive apartments
Mitsubishi Jisho Residence announced that they will begin sales of apartments in The Parkhouse Grand Chidorigafuchi in early September.
With an average price of 2.4 million Yen/sqm, apartments in The Parkhouse will be the most expensive apartments to be released for sale across Japan since 2008. According to Mitusbishi Jisho's president, the pricing reflects the premium location of the building and was decided prior to the recent spate of good news about Tokyo's property market.
The Jingumae Residence 84% sold
The Jingumae Residence, a recently completed condominium near Omotesando, has seen a surge in sales in the first half of 2013.
The sales office and showroom opened in January 2012. Of the 148 apartments available for sale, only 60 were sold in 2012. By mid-2013, a total of 125 apartments had sold, leaving 23 apartments remaining for sale. Approximately 15% of the buyers have been foreign investors from Singapore, Hong Kong and Taiwan.Read more
Mitsui's new high-rise in Harumi
Mitsui Fudosan Residential have announced plans for a new condominium to be built on the site next-door to The Parkhouse Harumi Towers in Tokyo's bayside Harumi area.
The project is currently called the Chuo-ku Harumi 2 Chome Project (the official name was later announced as Park Tower Harumi). Construction was scheduled to begin in July 2014 with completion by June 2017, however in mid-2015 it was announced that the expected completion date has been delayed until June 2018. Sales have also been postponed.
*Update: Sales promotion activity re-started again in December 2016, with sales scheduled to start in June 2017. Completion is now scheduled for May 2019, with apartments ready for delivery by September 2019.
The 49 48-storey condominium will be 180m 178m tall and contain 1,120 1,084 apartments. Read more
Asakusa's Ryounkaku Tower to be revived
Asakusa's Ryounkaku Tower is going to make a reappearance as a new theatre under construction will feature a facade replicating the original historic tower.
The Maruhan Shochiku Rokku Tower is scheduled to open in December 2014. At 48 meters tall, it will be 4 meters shorter than the original tower.
The Ryounkaku was a 12-storey octagonal tower built in 1890. It was designed by British engineer William Kinnimond Burton, who spent most of his career in Japan. The first 10 floors were brick, while the top observation floors were wood.Read more
Matsuzakaya Ginza Department Store to close after 89 years
The Matsuzakaya Ginza Department Store will close its doors on June 30 as the site it occupies is going to be redeveloped.
The department store opened in Ginza the year following the Great Kanto earthquake of 1923, and is the oldest department store in the famed shopping district. At the height of Japan's bubble in 1990, annual sales reached 54 billion Yen. However, revenues began to drop due to growing competition from other department stores, including Mitsukoshi, Matsuya and Printemps Ginza, and an influx of fast fashion retailers. By 2013, sales were down to 10.2 billion Yen. Read more