For Sale: 3 buildings owned by Japan Tobacco
Japan Tobacco have recently put three of their buildings in central Tokyo up for public sale and are currently accepting bids. The properties for sale are:
- Roppongi Arents (Residential)
- JT Ebisu Minami Building (Commercial)
- Alive Nanpeidai II Building (Commercial)Read more
Asian buyers are top foreign purchasers in Japan
The Wall Street Journal has an interesting article on the shift among foreign buyers of Japanese real estate.
Asian buyers, both corporate and individual, made 18 real estate acquisitions in Japan in 2010 for a total of USD 372 million. US buyers made 3 deals totalling just USD 6 million.Read more
The Omotesando Project
Located at the Harajuku crossing and between the JR Railway lines and Co-Op Olympia, this 2,860sqm site has been sitting vacant for a few years now.
In August,2005, Raysum purchased the site and former building from Seibu Holdings and had plans for redevelopment. The total cost of the planned project was 40 billion JPY (an estimate from 2006 report). Construction was initially scheduled to start in April, 2007 and be completed by March, 2009.Read more
Two large scale redevelopments for Minato-ku in 2011
Two large scale redevelopment projects in Minato-ku are about to commence in 2011.
Sumitomo Realty & Development are planning for their "Roppongi 3 Chome East District Redevelopment" project. The total development size will be 200,000sqm (2,152,000 sqft).
Meanwhile, Kowa Real Estate are planning their "Akasaka 1 Chome District Redevelopment" project with a total area of 170,000sqm (1,829,200 sqft).Read more
JVC Kenwood to tear down Japan's first Victor factory
The Victor Company of Japan (part of JVC Holdings) has applied to Yokohama City for approval to demolish the first Victor factory in Japan. The "Victor Company of Japan No. 1 Factory Facade" was completed in 1930.Read more
Atsugi's Haunted Hospital being demolished
The demolition of the ruins of the former Atsugi Keishin Hospital in Yamagiwa, Atsugi City, Kanagawa, started earlier this month. The 2605 sqm site has two 5 and 8 storey buildings with a total floor area of 5103 sqm. Demolition is expected to be finished by February, 2011.Read more
Inheritance tax changes
The Japanese Government's Select Committee on the Taxation System (seifu-zeiseichosakai) announced a new policy to reduce the fixed inheritance deduction from 50,000,000 JPY+10,000,000 JPY per inheritor to 30,000,000 JPY+6,000,000 JPY per inheritor. The announcement was made at a general assembly meeting on December 13th.Read more