Jingu Stadium may sell air rights to pay for redevelopment
The Japan Sport Council and Meiji Shrine are reported to be considering the sale of the air rights above the Meiji Jingu Stadium and Prince Chichibu Memorial Rugby Stadium in central Tokyo to help cover the stadiums’ redevelopment costs. Both stadiums are located near the Olympic Stadium.Read more
40-storey apartment tower planned for Shirokane
The Shirokane 1 Chome West Central District Redevelopment Committee announced plans for two 40-storey high-rise apartment buildings. The development site is located on the western side of Shirokane Aer City, which includes the 43-storey, 134m tall Shirokane Tower apartment building.
The redevelopment will include a 140m tall, 40-storey residential building with 900 apartments and a 20m tall factory building. A town planning decision is expected later this year. Construction could start in 2021 with completion by 2025. The total project cost is estimated at 70 billion Yen (approx. 640 million USD).Read more
Japan’s first Hilton Curio Collection hotel to open in Karuizawa
Tokyu Land Corporation has entered into a franchise agreement with Hilton Hotels & Resorts to open Japan’s first Curio Collection by Hilton hotel in Karuizawa.
KYUKARUIZAWA KIKYO, Curio Collection by Hilton is the rebrand of the former Kyu-Karuizawa Hotel that was acquired by Tokyu in March 2017. It is scheduled to re-open in spring of 2018. The 39-year old hotel sits on a 5,800 sqm site located 1.2km north of Karuizawa Station. Almost 90% of the 50 rooms are over 40 sqm (430 sq ft) in size.Read more
Rent in Tokyo jumps 4.2% thanks to supply of new construction
According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,474 Yen/sqm in December 2017, up 4.2% from the previous month and up 3.6% from 2016. The increase was caused by a larger share of relatively new buildings which typically command higher rents, along with the release of a large number of brand new high-rise apartment towers in Shinjuku and Shinagawa.Read more
Tokyo apartment sale prices increase for 63rd month
According to REINS 3,011 second-hand apartments were sold across Greater Tokyo in December 2017, up 3.7% from the previous month and up 0.6% from the previous year. The average sale price was 33,200,000 Yen, up 3.7% from the previous month and up 6.3% from 2016. The average price per square meter was 519,400 Yen, up 3.5% from the previous month and up 4.3% from 2016. This is the 60th month in a row to see a year-on-year increase in sale prices. The average building age was 20.85 years.Read more