New condo for south Omotesando district
Sanyo Homes is developing a luxury low-rise condominium located 550 meters south of Omotesando Station and 160 meters from Kotto-dori ‘Antique’ Street. The property’s address is Shibuya, although it is directly across the street from the Minami Aoyama 5 Chome address.
The new building will replace the 5-storey former Garden Square Minami Aoyama rental-only apartment building (pictured above) which was built in 1989. Many of the low-rise apartment buildings along this street are rental-only and not available for purchase. The average age of a building along this street is 31 years.Read more
Tokyo apartment asking prices in April 2017
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment in greater Tokyo was 35,600,000 Yen in April, down 0.6% from the previous month but up 3.9% from last year. The average building age was 22.7 years.
In the Tokyo metropolitan area the average asking price was 48,410,000 Yen, up 0.5% from the previous month and up 2.1% from last year. The average building age was 22.1 years.
In Tokyo’s 23 wards the average asking price was 53,230,000 Yen, up 0.2% from the previous month and up 1.3% from last year. The average building age was 22.0 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 73,030,000 Yen, up 0.4% from the previous month and up 1.8% from last year. The average building age was 20.0 years.
New apartment sales in Tokyo in April 2017
According to the Real Estate Economic Institute, 2,741 brand new apartments were released for sale across greater Tokyo in April, down 19.6% from the previous month but up 38.6% from last year. This is the 3rd month in a row to see a year-on-year increase in supply.
1,817 apartments were sold, resulting in a contract ratio of 66.3%, up 0.1 points from the previous month but down 0.1 points from last year.
Unsold inventory as at the end of April was 6,649 apartments, down 100 units from the previous month but up 768 units from April 2016.
The average price of a new apartment across greater Tokyo was 59,180,000 Yen, up 5.9% from the previous month and up 2.9% from last year. The average price per square meter was 856,000 Yen, up 8.4% from the previous month and up 3.6% from last year.Read more
Japan’s most expensive apartment building reaches completion in Roppongi
Last year, the rumored quiet sale of a 5.5 billion Yen (approx. 50 million USD) apartment in central Tokyo broke price records. Although the sale has not been confirmed, if true, this would make it the most expensive apartment to have ever been sold in Japan, exceeding the previous record of 4.4 billion Yen paid for a penthouse apartment in Domus Minamiazabu during the bubble era in the late 1980s / early 1990s.
The 580 sqm (6,241 sq ft) apartment is one of two apartments occupying the top floor of the 7-story Park Mansion Hinokicho-Koen. The building was developed by Mitsui Fudosan Residential and construction was completed at the end of April 2017.Read more
Average apartment rent in April 2017
According to Tokyo Kantei, the average monthly rent of a condominium apartment across greater Tokyo in April 2017 was 2,654 Yen/sqm, down 1.0% from the previous month and down 0.5% from last year. The average apartment size was 60.29 sqm and the average building age was 20.2 years.
In the Tokyo metropolitan area, the average monthly rent was 3,158 Yen/sqm, down 0.7% from the previous month but up 0.1% from last year. The average apartment size was 57.69 sqm and the average building age was 18.4 years.
In Tokyo’s 23 wards, the average monthly rent was 3,321 Yen/sqm, down 0.6% from the previous month but up 0.4% from last year.Read more
88-yr old building on 2.6 hectare site in Minato to be sold
Japan Post Insurance is selling their former Tokyo Service Center building and land in Mita, Minato-ku, Tokyo. The potential sale price and date has yet to be confirmed, although it is expected that the property will be offered for sale by tender. With land of this size, the eventual sale price is likely to be in the 10s of billions of Yen (several hundred million USD).
Japan Post Insurance expects to report a capital gain of 30 billion Yen (approx. 270 million USD) on the sale, which, given their very long history of ownership of the property, may be a close indicator of their preferred sale price.
*Update: The property was sold to Mitsui Fudosan Residential in February 2018. Japan Post Insurance posted a capital gain of 85.03 billion Yen (approx. 780 million USD) on the sale.
The property is located along the street from the Australian Embassy and directly across the street from the historic Tsunamachi Mitsui Club - a members only club that was built in 1913 for the Mitsui family.
The Art Deco building was once theMinistry of Communications and Transportation Postal Life Insurance Building. It was constructed by Obayashi Corporation in 1929 at a cost of 4,350,000 Yen. In those days the annual salary of a doctor was around 4,800 Yen.Read more
Temple to develop boutique hotel-style accommodation
Eihei-ji, a buddhist temple in Fukui Prefecture, is developing boutique hotel-style accommodation facilities within temple-owned land. The 18-room hotel will be able to host up to 72 guests in Japanese/Western-style rooms. Guests will be able to experience zazen seated meditation and traditional vegetarian cuisine.
The hotel, which is scheduled to open in late 2019, will be managed and operated by Fujita Kanko Inc. The company operates numerous hotels across Japan including the five-star Hotel Chinzanso in Tokyo.Read more