48-yr old Tokiwamatsu House condo being redeveloped
Tokiwamatsu House, a vintage condominium located a 10 minute walk south of Omotesando Station, is being redeveloped into a new apartment building. Demolition of the existing building is expected to be finished by late August.
The former block of apartments was developed by Sumitomo and built in 1970. It included 62 apartments on 8 floors with sizes ranging from 37 ~ 122 sqm (398 ~ 1,313 sq.ft). The most recent reported sale was a large apartment on a low floor that sold early last year for around 770,000 Yen/sqm, which is less than half of what a similarly-sized brand new apartment would cost in this neighbourhood.Read more
Ace Hotel to open hotel in Kyoto’s historic Shinpukan building
Ace Hotel, a boutique hotel chain headquartered in Portland, is making its first foray in the Asian market with the opening of a hotel in Kyoto next year. The 213-room Ace Hotel Kyoto will be the main part of the historic Shinpukan redevelopment. With architect Kengo Kuma leading the project’s design, the hotel will incorporate the existing building’s early 20th century architectural elements with contemporary styling. The building is the perfect fit for the hotelier’s brand which focuses on reviving and repurposing older and more character-filled buildings.Read more
Tokyo apartment sale prices increase for 66th month
According to REINS, 3,819 second-hand apartments were reported to have sold across greater Tokyo in March, up 11.5% from the previous month and up 2.7% from last year. The average sale price was 33,690,000 Yen, up 0.5% from the previous month and up 7.1% from last year. The average price per square meter was 521,100 Yen, up 1.8% from the previous month and up 5.7% from last year. This is the 63rd month in a row to see a year-on-year increase in sale prices.Read more
Two floors in ARK Hills sell for 3 billion Yen
Two floors in ARK Mori Building - the office tower in the ARK Hills complex located in central Tokyo - have been acquired by Heiwa Real Estate REIT. Heiwa paid 3.085 billion Yen (approx. 29 million USD) for the trust beneficiary rights to the 30th and 31st floors from an unnamed seller.Read more
Chuo-ku to remove floor area ratio allowances to curb population growth
Tokyo’s Chuo ward is planning to abolish the floor area ratio (FAR) allowances in an attempt to curb the district’s rapid population growth. Up until now, a FAR allowance of as much as 20 ~ 40% could be given to residential developments in certain zones. For example, if a developer chose to build a new apartment building in Tsukiji or Kyobashi, the normal FAR for the land might be increased from its current limit of 500% to 700%, allowing a much larger building. Read more
Renovation company Intellex joins Kyoto guesthouse market
Intellex, a property renovation giant, announced their entrance into Kyoto’s guesthouse market. The company will start buying traditional machiya townhouses, renovate them and operate them as licensed guesthouses for tourists who want to rent an entire house for the duration of their stay. The project cost is estimated at 480 million Yen (approx. 4.5 million USD) to be spread across five guesthouses.
Their first guesthouse is a 100-year old, 2-storey machiya house located alongside Chawan-zaka, the road that leads up to Kiyomizu Temple. It has a total building size of 111 sqm (1,194 sq.ft) and can host groups of up to 10 guests. Nightly rates range from 36,000 ~ 60,000 Yen and up, depending on the season and number of guests.Read more
Home buyers and sellers: Building inspection guidelines introduced this month
From April 1st, 2018, licensed real estate agencies must include a clause in agency agreements with buyers and sellers that make note of home inspections. The added clause will indicate (1) whether the real estate company has an affiliated home inspection agent that they have a referral program with, and (2) if a home inspection has been carried out within the past 12 months and the main details of those inspection results.
If an inspection has been carried out, the contract of sale will have a clause whereby the seller and buyer both confirm the results of the inspection. An outline of the results will also be included in the Explanation of Important Matters documentation which is read to the buyer before contract documents are signed.
It is important to note that there is no obligation or requirement for a seller to carry out a home inspection, although it is hoped that the revision will make more consumers aware of building inspections. A seller might choose to carry out an inspection when listing their home for sale to provide some comfort to potential buyers.Read more