Residential yields and vacancy rates in Minato-ku - May 2014
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in May was 5.3%, down 0.1 points from April. The average gross yield across Tokyo was 7.1%, down 0.1 points.Read more
Japan Pearl Center at risk of demolition
The owners of the Japan Pearl Center building, a well-known modernist building in Kobe’s old foreign settlement area, recently announced that they are considering demolishing the 62-year old building.
The four-storey building was designed by architect Yoshimitsu Mitsuyasu completed in 1952. It was built by Hyogo Prefecture as a centre for the local pearl industry. It was fitted out with fluorescent lighting, which was very new at the time. The building survived the 1995 Great Hanshin earthquake which devastated much of the city. Read more
Muji’s latest home designed for narrow urban spaces
Muji House announced their latest offering - a 3-storey house designed for small blocks of land in urban areas.
The target occupants are young couples and families who want the convenience of living in an urban area.Read more
Tokyo’s bayside apartment market is boiling, but for how long?
The brand new high-rise apartment market in Tokyo’s bayside area has caught Olympic fever. Development of large-scale condominiums and other infrastructure projects are speeding up, as is demand from excited buyers.
The man-made islands saw a sharp drop in popularity following the 2011 Tohoku disaster when the earthquake caused liquefaction on some islands and left a lot of residents trapped in their apartments or trapped in the lobbies after elevators shut down. The risks of living on reclaimed land were quickly forgotten as soon as it was announced that Tokyo would host the 2020 Summer Olympics and Harumi would host the Athlete’s Village.Read more
[Foreclosed] House in Chiba’s ‘Beverly Hills’
A 4-bedroom house in One Hundred Hills (Chiba Prefecture’s version of Beverly Hills) has been foreclosed on and will go up for public auction in May. The minimum bid is set at 51,656,000 Yen.
*Update: The winning bid was 65,126,000 Yen. Three bids were submitted and the winner was a corporate buyer.
One Hundred Hills is a high-end residential estate that was developed by Tokyu Land in the late 1980s. The first homes in the neighbourhood were between 400 ~ 500 sqm (4300 ~ 5380 sqft) in size and were priced from 500 million ~ 1.5 billion Yen when new. Tokyu had subdivided the 17 hectare estate into 60 lots and had sold 24 of the 49 homes they had built by the time the bubble burst. Read more
Historic Shinsaibashi Daimaru store to be demolished
J. Front Retailing recently announced plans to redevelop the 81-year old Daimaru Department Store in Shinsaibashi, Osaka.
The store was designed by US-born architect William Merrell Vories and completed in 1933. Design-wise, the building is considered to be the best department store in Japan. It is a well-known example of ‘Taisho Modern’ architecture which is a mix of art deco and neo-gothic styles. In 2003, it made the DOCOMOMO Japan list of the top 100 modern buildings in the country. Read more