Residential yields in Minato-ku - January 2015
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in January was 5.3%, down 0.6 points from the previous month and down 0.5 points from last year. The average gross yield across Tokyo was 6.8%, showing no change from the previous month but down 0.7 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 843,128 Yen/sqm as of January 1, up 1.2% from the previous month and up 14.1% from last year. The average asking price for land was 1,262,424 Yen/sqm, up 0.3% from the previous month and up 50.5% from last year.(*Note: January 2014 saw a temporary dip in land prices. Since the prices are based on listings on the Homes site, it is possible that some comparatively cheap land was listed which may have pulled the average down for that month.)Read more
Tokyo apartment sales in December 2014
The following is a selection of apartments that were sold in central Tokyo during the month of December 2014:Read more
High-rise plans for northern side of Toranomon Hills
On December 12, the Tokyo Metropolitan Government’s Bureau of Urban Development announced details for the Toranomon Station South District Plan. There are plans for this project to be certified under the National Strategic Special Zone, which could provide an allowance to increase the floor space for the site.
District A
District A (Toranomon 1-17~20), which is a 1.5 hectare site directly across the street on the northern side of Toranomon Hills, currently contains several smaller buildings including the Toranomon 10 Mori Building (1966) and the Nishimatsu Building (1962). Current plans are for a 36-storey, 185m tall office building with a total floor area of 175,000 sqm. Development approval is expected to be announced in June 2015. If approved, construction will start in February 2017 with completion expected by December 2019.Read more
Shoto Governor’s Residence sells for 4.3 billion Yen
The former Tokyo Governor’s Residence in Shibuya’s high-end Shoto neighbourhood has been sold to Sumitomo Realty & Development for 4.368 billion Yen (36 million USD), or approximately 1,968,000 Yen/sqm based on the land size.
The residence was offered for sale by the Tokyo Metropolitan Government via public bidding from December 15 ~ 19. Sumitomo and another major real estate company were the only two bidders. The second bidder had tendered approximately 4 billion Yen for the property.Read more
2020 Olympics Athletes Village Plans Revealed
The Tokyo Metropolitan Government announced the model plan for the 2020 Summer Olympics Athletes’ Village in Harumi, Chuo-ku, Tokyo.
There are plans for 22 residential buildings ranging from 14 ~ 17 stories. After the games, the apartments will be sold off as either rental apartment or condominiums. Two 50-storey high-rise apartment towers will also be built after the games, along with a school and retail facilities. A total of 6,000 apartments will be supplied.Read more
First apartment building to be redeveloped in Saitama
Residents of a 34-year old condominium apartment building in Saitama City have decided to rebuild after an earthquake-resistant diagnosis showed the building was at risk of collapse in a major earthquake.
This will be the very first case of a resident-led condominium redevelopment in Saitama Prefecture. To date, Saitama only has two cases of apartment redevelopments - both were carried out for urban development and road widening, rather than building age.
The 7-storey building in Omiya-ku was built in 1980. The average age of a resident is over 60, yet the building was lacking in barrier-free facilities. Equipment was ageing and the elevator needed replacing. In 2009, a building inspection found that the structure was not earthquake-proof and posed a danger of collapse in a major earthquake.