Construction starts on Akasaka 2-Chome Project
Construction has officially started on the redevelopment of the former Akasaka Twin Tower site in central Tokyo. The project will see a 210-meter tall office/hotel/serviced apartment tower completed by August 2024.
Land values drop for first time in 6 years
The nationwide ‘koji-chika’ (or chika-koji) land valuations for January 1, 2021 have just been announced. Read on if you want to see how the coronavirus pandemic has affected Japan’s real estate market.
Imperial Hotel to be rebuilt after 2030
On March 16, the Yomiuri Shimbun newspaper reported that the Imperial Hotel in Tokyo is considering redeveloping their main hotel and neighboring office tower. This isn’t the first time rumors of redevelopment have been floated. Similar reports came out in early 2018 and late 2019.
Historic Maya Hotel to receive heritage listing
The overgrown and long-abandoned Maya Kanko Hotel in Kobe will be registered as a Tangible Cultural Property. Discussions to register the historic property began in 2017, with the owner, non-profit organization J-Heritage, and an architectural group banding together to start the application process.
Plans released for Akasaka Station redevelopment
On March 14, detailed plans for the redevelopment of the Kokusai Shin-Akasaka Buildings were released. The Akasaka 2, 6 Chome District project will see two towers of 230 meters and 110 meters tall.
Quick real estate news summary for the week
Office vacancy rate hits near-6 year high, Hotel Vista operator files for bankruptcy protection, Kyoto firms up plans on costly holiday home tax, and Fauchon opens first hotel in Japan. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
OYO exits short-term apartment rental business
OYO Hotels & Homes, the Indian hospitality chain, is backing out of their real estate rental business in Japan.