Land under Takashimaya Times Square Building sells for 21 billion Yen
Takashimaya has acquired the remaining 60% of the land under the Times Square Building near Shinjuku Station for 21 billion Yen (approx. 185 million USD).
The property is located on the eastern side of Shinjuku Station in Shibuya ward. The main tenants of the building include the Takashimaya department store and Tokyu Hands.
Tokyo’s Mita 5 Chome district to see potential residential redevelopment
Residents of a 1.1 hectare block of densely-packed homes in the Mita 5 Chome neighbourhood in central Tokyo have formed a redevelopment committee with the goal of turning the site into a high-rise apartment building.
Approximately 70% of the 110 landowners are participating in the redevelopment, with Sumitomo chosen as the project partner. A town planning decision is expected in 2018.
Forecast of new apartment prices between 2017 and 2025
According to the latest medium-term forecast by the Japan Real Estate Institute (JREI), the average price of a brand new apartment in Tokyo’s 23 wards is forecast to see annual growth rates of between 0.3 ~ 0.8% up until 2020 before starting to see a very slight year-on-year decline from 2021 onwards.
Historic Kudan Kaikan redevelopment plans announced
On September 21st, the Kanto Local Finance Bureau announced that Tokyu Land had won the competitive bidding process for the redevelopment of the Kudan Kaikan building in central Tokyo. The bidding price will be announced after Tokyu signs the contractural agreement in March 2018.
The developer will lease the 8,700 sqm block of land under a 70-year fixed term and will build a high-rise office tower on the site. The north-eastern corner of the original Kudan Kaikan building will be preserved and retrofitted using a base-isolation system (menshin-kozo).