Ginza ryotei restaurant to be demolished
A major developer has acquired a traditional ryotei restaurant building in Ginza with plans to demolish it and replace it with an office tower.
Nakagin Capsule Tower to be demolished from March 2022
The iconic Nakagin Capsule Tower in Ginza, designed by the late and great Kisho Kurokawa, will reportedly be demolished from March 2022. After years of disagreement, the capsules owners decided to sell the 49-year old condo-style apartment building to a real estate company this spring. That company will demolish it and build something new in its place.
Central Tokyo apartment prices up 20%
The number of second-hand apartments sold across greater Tokyo hit the highest level for the month of May since record-keeping began in 1990. According to REINS, a total of 3,297 apartments were reported to have sold, up 94.9% from May 2020 (a time when much of the city and its brokerages had temporarily closed during the first State of Emergency).
Quick real estate news summary for the week
Real estate developer to offer vaccines to tenants, office vacancy rate hits 5.90%, and eruption hazard map for Mt. Fuji gets an update. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Hoshino Resorts to open 3 hotels in Kyoto this year
Boutique luxury hotelier Hoshino Resorts will be opening three hotels in Kyoto this year under their new OMO brand. The brand provides affordable city hotels targeting urban tourists.
Luxury senior residence for Nishiazabu
Mitsui Fudosan Residential has started construction on a high-rise senior residence building on the site of the former Novartis Headquarters in Nishiazabu, Tokyo. This will be the largest senior residence in Minato ward. Construction began on May 31, 2021 and completion is expected in mid-2024.
Mansion Kyoto Shirokanedai to be redeveloped
A 50-year old apartment building in Tokyo’s Shirokanedai neighborhood will be redeveloped by Hankyu Hanshin Properties. The owners association of the 65-unit building, along with Hankyu, have received an additional floor-area ratio (FAR) allowance from Minato Ward under the condominium redevelopment act.