Sumitomo to redevelop former Floracion Hotel in Omotesando

Sumitomo Realty & Development has acquired the former Hotel Floracion Aoyama in Omotesando and plans to redevelop the site, although details on the future project have yet to be announced. Demolition of the 3 ~ 6 story building is expected to take place between March and August.

The 5,700 sqm site is a 5 minute walk from Omotesando Station. A freehold land parcel of this size and this close to Omotesando Station is incredibly rare.Read more

by Zoe Ward

Only 0.9% of new apartments supplied in Tokyo in 2017 were over 100 sqm (1,076 sq.ft) in size

Finding a large apartment to buy in Tokyo can be a lot more challenging than many foreign buyers may initially realize. This is due to the fact that the majority of Japanese developers focus on building smaller apartments to cater to domestic demand. A typical three bedroom apartment for a Japanese family would be around 70 sqm (753 sq.ft).

According to Tokyo Kantei, only 0.9% of the new apartments supplied across greater Tokyo in 2017 were over 100 sqm (1,076 sq.ft) in size, up 0.1 points from 2016 but down 0.5 points from 2015.

90.3% of the apartments were under 80 sqm (861 sq.ft) in size.Read more

by Zoe Ward

Construction starts on Omotesando public housing redevelopment

Construction on the Kita Aoyama 3 Chome District Project began on March 1. This is the redevelopment of the former Aoyama Kitamachi Apaato public housing complex located just behind Omotesando Station.

The redevelopment is being carried out under a joint venture between Tokyo Tatemono, Mitsui Fudosan, Mitsui Fudosan Residential and Kajima Corporation. The exterior has been designed by Kengo Kuma and Associates - the same architect as the nearby Olympic Stadium which is currently under construction.Read more

by Zoe Ward

Tokyo Apartment Sales in February 2018

The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2018:Read more

by Zoe Ward

Only 0.3% of Japan's apartment buildings approve of short-term letting

[LEFT] Signs at the concierge desk of an apartment building in Osaka (Image via the Asahi Shimbun); [RIGHT] A sign in the elevator of a Tokyo apartment building warns that short-term letting and share houses are banned.

A survey of condominium management associations across Japan has found that only 0.3% have decided to allow Airbnb-type short term letting. Over 80% have already updated building bylaws to ban any of these ‘minpaku’ rentals, while the remainder are still in the process of making a decision.Read more

by Zoe Ward

Asakusa’s Ryounkaku Tower foundations unearthed at construction site

Red-brick foundations of the Ryounkaku Tower in Asakusa were unearthed in a construction site in February. News of the discovery quickly spread, with a number of people visiting the site to catch a glimpse of the long-lost tower’s traces.

According to the Taito-ku Board of Education, similar red-brick foundations were found in a construction site nearby in 1980. However, since the remains are not considered cultural property and are not in particularly good condition, there are no heritage protections or limitations to restrict the construction work. A 3-storey retail building is planned for the site.Read more

by Zoe Ward

Apartment asking prices in Tokyo in January 2018

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) apartment across greater Tokyo was 35,980,000 Yen in January 2018, down 0.5% from the previous month but up 0.8% from last year. The average building age was 23.2 years.Read more

by Zoe Ward