Tadao Ando-designed private guesthouse converted into luxe, boutique hotel
A former privately-owned guesthouse designed by Pritzker Prize-winning architect Tadao Ando has been converted into a luxury, boutique hotel.
The Setouchi Retreat Aonagi opened its doors on December 20, 2015. Described as a ‘small, luxury hotel’, the contemporary concrete and glass building contains just seven guest suites ranging from 100 ~ 150 sqm (1,076 ~ 1,614 sq.ft) in size. The design, which is true to Ando’s style, is bold yet minimal, and makes the most of the views over the Seto Inland Sea.
The 6-storey building was built in 1998 as the Elleair Matsuyama Guesthouse and Museum of Art. The museum was built to display artwork held by the Daio Paper company, including pieces by Marc Chagall and Marie Laurencin. While the museum was previously open to the public, the adjoining guest house was for private guests only.Read more
Sports stadium and mall likely to replace old Tsukiji fish market
According to insiders at a major Japanese real estate company, a sports stadium and shopping mall are being considered as a replacement for the former Tsukiji fish market site in downtown Tokyo.
The famous 80-year old fish market is scheduled to move to its new location on Shin-Toyosu Island in Tokyo Bay in early November 2016, leaving a 23 hectare site prime for redevelopment. The outer market, which has retail and restaurants catering to the general public, will remain in its current location, while the wholesale market will move to a much larger site in Shin-Toyosu.Read more
Residential yields in Minato-ku - January 2016
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in Tokyo was 4.6% in January, down 0.1 points from the previous month and down 0.7 points from last year. The average gross yield across Tokyo was 6.2%, showing no change from the previous month but down 0.6 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 895,543 Yen/sqm as of January 1, up 0.6% from the previous month and up 6.2% from last year. The average asking price for land was 1,358,485 Yen/sqm, up 3.1% from the previous month and up 7.6% from last year.Read more
New retail project for Omotesando/Harajuku intersection
The Jingumae 6 Chome District Redevelopment Committee is moving forward with plans to redevelop a prime 3,000 sqm retail site fronting both Omotesando and Meiji Dori Avenues.
The redevelopment committee was established in August 2015 and includes Tokyu Land (who acquired Coop Olympia Annex in 2013), Colombin Co. (a biscuit and cake company that have their headquarters next-door to Coop Olympic Annex), part of Tokyo Metro’s subway facilities (the Chiyoda and Fukutoshin Lines are both located nearby), and the Tokyo Metropolitan Government (owner of the Jingumae Onden Resident Hall).Read more
Redevelopment voting ratios may be revised down to 2/3rds
The government is considering revising the redevelopment voting ratio downwards for apartment buildings that form part of urban redevelopment projects.
Under the Urban Renewal Act, 100% of apartment owners must agree, in principle, before the building can be redeveloped. The government wants to reduce this ratio to a 2/3rd vote in favour, but only when the redevelopment includes some public component such as a park.
The revision will target the large-scale housing developments that were built during Japan’s period of rapid economic growth following WWII, and which are now in varying stages of deterioration. Residents, too, are ageing and it is hoped that new apartment buildings will attract younger families.Read more
Mori Trust taking over abandoned resort in Okinawa
Mori Trust has acquired a 335,000 sqm block of beachfront land with a half-finished hotel on Sesoko Island in Okinawa and plans to open an internationally-branded resort by 2020. Sesoko Beach Project, a limited liability company registered in Tokyo, was the seller.
Back in 2005, Toshi Design System, through a special purpose company, started construction on a large-scale luxury resort on the site of a former golf course. The 30 billion Yen hotel was to include 360 rooms each over 100 sqm (1,076 sq.ft) in size, with room rates of around 70,000 Yen per night. It was scheduled to open in 2009.Read more