Japan land prices increase in 97% of locations, setting new record
On February 15, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) published their quarterly LOOK Report for land prices in Japan’s major cities in the fourth quarter of 2018.
According to the report, land prices increased in 97 of the 100 surveyed locations. This is the highest share in the history of reporting, beating previous records set in recent quarters. It is also the fourth consecutive quarter to see increases in over 90% of locations.
Tokyo World Gate tops out in Toranomon
Mori Trust’s ‘Tokyo World Gate’ project in Toranomon, Tokyo, topped out earlier this month. The 180-meter tall mixed-use tower is expected to open in March 2020, forming an important piece of Toranomon’s transformation into a global business hub.
Owner ignores heritage listing, plans to demolish significant Kyoto machiya
On February 1, Kyoto City issued a warning to the owner of a city-designed historic home after learning about plans for its sale and demolition or relocation. This is the first time the city has had to issue a warning to a property owner.
The Parkhouse Gran Minami Aoyama 4 Chome reaches completion
The Parkhouse Gran Minami Aoyama 4 Chome, a luxury low-rise condominium in Tokyo’s Omotesando neighborhood, has reached completion this month.
This is part of Mitsubishi’s ‘The Parkhouse Gran’ series of apartments which represent their highest offering. Sales were held completely off-market, with no public advertising, and all apartments sold out before completion.
Greater Tokyo apartment sale prices down in January, ending 72-month streak
According to REINS, 2,667 second-hand apartments were reported to have sold across greater Tokyo in January, down 10.7% from the previous month but up 1.0% from January 2018. The average sale price was 32,940,000 Yen, down 2.5% from the previous month and down 1.9% from last year. The average price per square meter was 514,600 Yen, down 1.8% from the previous month and down 0.3% from last year. This ends a 72-month streak of year-on-year increases in sale prices.
Former Tsukiji Fish Market to become a conference center
The Tokyo Metropolitan Government is firming up plans to redevelop the former Tsukiji Fish Market in downtown Tokyo into an international conference and exhibition center. Earlier rumors had suggested the site could become a sports stadium, shopping mall or a food-based theme park.
Hotel Okura to replace South Wing annex with high-rise apartments and office
The last vestige of Hotel Okura’s modernist presence is in line to be demolished as redevelopment plans surface for the Hotel Okura Tokyo’s annex (South Wing).