Skyz Tower in Toyosu to be a test of market conditions
With the total number of new apartments released for sale in May up 50% from last year, and a contract rate of 78.1% in greater Tokyo, there are strong expectations that Abenomics will lead to increased property values. Major banks increased their 10 year fixed mortgage rates for the second month in a row. With rising interest rates and an expectation of rising real estate prices, buyers are feeling added pressure to purchase.
Normally the summer season is a slow one for apartment sales, but with an expected increase in consumption tax next year the last minute rush from buyers is expected to continue throughout the summer. However, the recent correction in the stock market at the end of May might have cast some doubt over the chance of a prolonged recovery in apartment sales.
One new condominium that could be a barometer of market conditions is Skyz Tower & Garden in Toyosu, Koto-ku. Read more
Kengo Kuma to design new Shibuya Station area
On June 17, Tokyu Corporation and JR announced that internationally renowned architectural firm Kengo Kuma and Associates will be designing part of the new Shibuya Station area redevelopment.Read more
Sumitomo announces new high-rises for Harumi
Sumitomo have announced the name of their high-rise condominium project in Harumi, Chuo-ku. 'Deux Tours Canal & Spa' will be two 51-storey residential towers with 1,450 apartments.
The 1 ~ 4-bedroom apartments will range in size from 44.67 to 123.77 sqm (480 ~ 1331 sqft). Sales are scheduled to begin at the end of November 2013. The buildings will be complete in September 2015, and ready to move-into by March 2016.Read more
Musashikosugi apartment boom (and bubble?)
Concerns are growing about a possible over-heating in the property market around Musashikosugi Station in Kawasaki City as the area experiences a construction boom.
According to the latest 'koji-chika' assessed land values as of January 1, 2013, commercial land values in Kosugimachi increased 9.9% over the year while residential land values in the same area increased by 9.1%, making it the best performing area in Kanagawa Prefecture.Read more
Sales in The Parkhouse Hiroo Hanezawa off to a great start
The first round of sales in The Parkhouse Hiroo Hanezawa began at the end of May. All of the 27 apartments made available for purchase in the first round were sold. They ranged in size from 43 to 152 sqm (462 ~ 1635 sqft) and were priced from 46 ~ 275 million Yen. 17 of the apartments were priced over 100 million Yen.
The sales office received 33 purchase applications for the 27 apartments. The most popular apartments were 2-bedroom types priced around 85 million Yen and 3-bedroom types priced around 128 million Yen. Read more