Pembroke to redevelop site opposite Tokyo Midtown
Pembroke Real Estate will soon be embarking on their first redevelopment project in Japan - a 14-storey retail/commercial building in Roppongi 7 Chome. The site is in a prime position alongside Gaien-Higashi Dori Avenue and directly across from Tokyo Midtown.
The 4,000 sqm development site was originally several smaller parcels of land. Pembroke began purchasing the various buildings from around 2007 onwards. The site temporarily housed the 'Mercedes Benz Connection' concept showroom and is located next door to a building housing the headquarters of the Inakawa-gai yakuza group.
1420-unit apartment building for Kachidoki
Construction of a 53-storey high-rise condominium in Kachidoki will officially begin on September 1st. The residential tower will contain 1,420 apartments, making it the second largest apartment building in Japan (based on the total number of apartments in one building).
The Kachidoki 5 Chome Redevelopment project (which has since been named 'Kachidoki The Tower' includes a 179 meter tall Y-shaped residential tower, along with two low-rise buildings. The lower floors will contain local government facilities and retail space. The building is scheduled to be completed in early 2016. The total project cost is 66.4 billion Yen (approximately 680 million USD).Read more
60-storey apartment building for Nishi-Shinjuku
A new high-rise apartment building is planned for Nishi Shinjuku. At 60-storeys, it will be the tallest apartment building in Japan (based on the number of floors). Construction work is set to begin in January 2014, with completion scheduled for 2017.
The Nishi Shinjuku 5 Chome Centre North District redevelopment site was originally a densely crowded neighbourhood of wooden houses. The area posed a fire and safety hazard and many of the older homes were not earthquake resistant. Of the 92 low-rise buildings to be demolished, 83 (92%) were not fireproof.
Local residents, wanting to redevelop their neighbourhood, banded together in 1997 to form a redevelopment association to hasten the development of the area.Read more
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