53-yr old office conversion in Chiyoda-ku
Real estate developer Hulic Co., Ltd. has converted a 53 year old office building in Chiyoda-ku into a trendy shared apartment, office and event space. The building has been named ‘the c’ to represent the keywords behind the project, which were central, conversion, communication, culture and create.
Floors 3 to 9 have been converted into shared residential space, with a shared office space located on the 2nd floor. The top floor of the building has been turned into a shared lounge, theatre room and dining space for both residents and office workers. An event space was created in the building’s basement which can be rented out for events and meetings. The rooftop has an open terrace with wi-fi access.Read more
Scandal-ridden site in Shinjuku up for public auction
Located in a prime commercial zone near the south exit of Shinjuku Station is a notorious block of vacant land that has been at the centre of a well-known scandal.
Due to the messy history behind this land, most people had given up on the thought of ever seeing this site redeveloped. However, the land is being put up for public auction on February 17, 2015, by the Tokyo Tax Office with a minimum bid set at 2.19 billion Yen (18.5 million USD).
The Shinjuku Building Incident
The site was once home to the Shinjuku Building - a 12-storey multi-tenant building built in 1983 and demolished in early 2011.Read more
Tokyo's plan to fireproof older neighbourhoods
Tokyo is pressing ahead with a 10-year plan to fireproof the older, densely packed neighbourhoods that dot the city.
January 17th marked the 20th anniversary of the Great Hanshin Earthquake. Many of the casualties were caused by fires spreading throughout tightly packed neighbourhoods of wooden homes. A fire that broke out after the quake in Kobe’s Nagata-ku burned for three days and destroyed 4,759 homes.
Suginami-ku
Just south of Asagaya Station in Suginami-ku is a neighbourhood of wooden homes built immediately after WWII. Many are located alongside small pathways and narrow roads not accessible by vehicles. Firetrucks cannot access many of the homes, which means fire can spread easily, placing residents at risk.
Under the Building Standards Act, when building a new home or altering an existing home alongside a narrow road, the land must be set back by 2 meters from the centre line of the road. Ideally all houses along the street would eventually do the same and the road would become 4 meters wide - enough to allow cars to pass through. However, many residents put flowerpots or park their cars on this setback portion of the road, rendering it useless.
In 2015, the local council plan to introduce regulations that would allow for the compulsory widening and levelling of roads. The land would not be purchased by the council, and landowners would not receive any compensation.Read more
Bottega Veneta joins fight to save Hotel Okura
Fashion and architecture go hand in hand, and pieces designed by some of the great designers can remain timeless for generations. Tomas Maier, the creative director of Italian fashion house Bottega Veneta, is hoping to spread awareness of some of Japan’s modernist architecture that is at risk of being demolished and lost forever. Of particular interest in Maier's campaign is the Hotel Okura Tokyo, designed by Yoshio Taniguchi and completed in 1962, which is scheduled to close and be demolished later this year.Read more
Secondhand apartment prices in December 2014 - Tokyo Kantei
For the first time in three years, the average asking price of a secondhand apartment in greater Tokyo has increased from the previous year. According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) second-hand apartment in greater Tokyo in 2014 was 28,510,000 Yen, up 2.1% from 2013. In Tokyo’s 23-ku, the average price in 2014 was 42,030,000 Yen, up 5.2% from 2013. It is now 6.3% below the peak seen during the last mini-bubble in 2008.
Prices in December
The average asking price in Tokyo’s 23 wards was 43,790,000 Yen in December, up 1.1% from the previous month and up 7.7% from December 2013. The average building age was 22.2 years.
In central Tokyo’s six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average apartment asking price was 61,970,000 Yen, up 1.1% from the previous month and up 12.8% from the previous year. The average building age was 21.4 years.
The average price across greater Tokyo was 29,870,000 Yen in December, up 0.5% from the previous month and up 2.3% from the previous year.Read more
New apartment prices in Tokyo down 7% in December but annual average reaches record high
According to the Real Estate Economic Institute, 9,389 brand new apartments were released for sale in greater Tokyo in December, up 181.4% from the previous month and up 13.9% from December 2013.
6,567 apartments were sold, making the contract rate 69.9%, down 8.5 points from the previous month and down 6.2 points from the previous year. This is just below the 70% level which is said to be the line between positive and negative market conditions.
The average new apartment price was 50,220,000 Yen, down 3.9% from the previous month and down 5.9% from the previous year. The average price per square meter was 710,000 Yen, down 3.7% from the previous month and down 4.4% from the previous year.
1,940 apartments in high-rise buildings (over 20-storeys) were offered for sale, up 63.9% from the previous year. The contract rate was 63.7%, down 15 points from the previous year and also below the 70% market indicator.Read more
Tokyu plans luxury apartments for Niseko
Niseko Tokyu Resort, part of the Tokyu Group and operator of the Niseku Mt. Resort Grand Hirafu ski resort, will be developing a luxury condominium near the ski field.
Construction is scheduled to begin in July, with completion expected at the end of 2016.
Over the years a number of foreign developers have been steadily building smaller condominiums in the Niseko Hirafu area, but this will be the first project in 20 years that can accommodate over 300 residents.Read more