Pirate-themed house in Yamanashi
Canadian Home Yamanashi has recently completed a 3-bedroom home built to resemble a pirate ship. The home-owner, Masaru Watanabe, wanted a house that would resemble the Black Pearl from Pirates of the Caribbean. Mr. Watanabe said at first he had difficulty finding a builder who could create such an unusual home.Read more
Earthquake insurance premiums to rise 15.5%
Earthquake insurance premiums on households are expected to rise by an average of 15.5% from July 2014. The reason for the increase is due to the growing risk of another major earthquake. Also, the insurance industry saw a surge in payouts following the Tohoku earthquake which has drained the reserve fund.
The average annual premium on a concrete or steel-framed residence with 10 million Yen coverage in Tokyo would increase from 16,900 Yen to 20,200 Yen. In disaster-hit areas in Iwate and Fukushima Prefectures, premiums may rise by as much as 30%. Meanwhile, some areas such as Yamagata Prefecture may see premiums fall.Read more
Chongryon Headquarters purchased by religious organisation
*Update: Chief Priest Ekan Ikeguchi of Buddhist temple Saifukuji announced at a press conference on May 10 that he can no longer purchase the building as the temple was unable to obtain financing. As a result, he will lose his 500 million Yen deposit and be banned from bidding on the building when it goes up for auction again this summer.*
A Kagoshima-based religious organisation made the highest bid to purchase the Chongryon Headquarters / North Korean Embassy in Tokyo's Chiyoda-ku. Saifukuji - a part of the Shingon Buddhism sect - bid 4.519 billion Yen (48 million USD) for the property.Read more
Fire damages two apartments in Akasaka
Fire broke out early Sunday morning in a studio apartment on the 8th floor of the Shuwa Akasaka Residential Hotel near Tokyo Midtown. The fire spread to the apartment upstairs, damaging a total area of 40 sqm. 40 firetrucks attended to the scene and it took four hours to extinguish the flames.Read more
A look inside the foreclosed Chongryon headquarters
The headquarters of the Chongryon and de facto embassy of North Korea in central Tokyo were seized by the Supreme Court in 2012 over unpaid debts. The 10-storey building and 2390 sqm block of land are up for public auction this month with bids open from March 12 to March 19.
The court evaluation is approximately 2.66 billion Yen (28 million USD), which is not even close to the 62.7 billion Yen debt owed by Chongryon to the Resolution and Collection Corporation. Despite the prime location, the court evaluation is considered to be relatively low. This is partly attributed to the building's ties with North Korea which may turn off a few investors.Read more