63% of Japanese apartment owners would rent to immigrants

First Logic conducted a recent survey of apartment owners to find out their opinions on recent government discussions about increasing the number of immigrants in Japan.

81% responded in favor of immigration. Of those, 63% said they would rent their property to immigrants, while 18% said they would not.Read more

by Zoe Ward

Revisions to inheritance tax in Japan

There has been recent movement to increase the inheritance taxes and reduce the tax deductions as a way to distribute wealth. Osaka Mayor Toru Hashimoto has even suggested collecting the entire inheritance so that no wealth is passed onto the next generation.

The revision to the inheritance taxes in Japan was scheduled to go in effect from April 2011, but was delayed due to the Tohoku disaster. The current economic climate suggests that taxes will be increased, and the terms of the increases may be decided this year.Read more

by Zoe Ward

Same day sell-out in Terrace Shibuya Mitake

All apartments made available for sale during the first round of sales for brand new condominium "Terrace Shibuya Mitake" have sold out on the same day.

On March 10, the 90 apartments listed for sale received 197 applications. The average number of applications to apartments was 2.18, and the highest was 13 on one apartment.

Apartments ranged in price from 37.8 to 184 million Yen and the average price is 1,381,000 Yen/sqm (1565 USD/sqft). The average age of the applicants was 49.5 years and their average income was 19 million Yen per year (232,000 USD).Read more

by Zoe Ward

Resort development activity picking up in Hokkaido

Architect Tadao Ando visits the site in Tomakomai.

Resort development activity is starting to accelerate in Hokkaido as the region begins to see a rebound in foreign tourist numbers.

Construction is scheduled to start on a large-scale resort in the Uenae area in Tomakomai City this June. The 1000 hectare site will include a hotel, horse-riding and trekking facilities. Aman Resorts Group's GHM (Singapore) are tentatively scheduled to be the hotel operator. The development is being designed by famed Japanese architect Tadao Ando and will be completed in 2014. They are targeting wealthy foreign tourists. The total investment is estimated at 13 billion Yen (158 million USD).

*Update: Aman's 'Chedi' brand of hotels is scheduled to operate the hotel. "The Chedi Tomakomai" is now scheduled to open in 2017.

*Update 2: Mori Trust acquired the site in 2016 and will start construction on a resort in 2017 with completion expected in 2026.Read more

by Zoe Ward

Office vacancy rates fall slightly

According to Miki Shoji, the average vacancy rate for office buildings in Tokyo's five central wards fell to 9.15% in February 2012 (down 0.08 points from January).Read more

by Zoe Ward

Waterras Tower Residence Sold Out

Apartments in the brand new, luxury high-rise condominium "Waterras Tower Residence" have now been completely sold out, just weeks before the building is scheduled to be completed.

The 41-storey mixed-use building has a total of 333 apartments of which 253 were made available for sale. Prices ranged from 55.8 to 300 million Yen with the average apartment priced at 1,225,000 Yen/sqm. Apartments range in size from 45.14 ~ 146.93 sqm (485 ~ 1581 sqft). Approximately 30% of the apartments were priced over 100 million Yen.Read more

by Zoe Ward

Singapore investor makes headlines after buying forestry in Gunma

Cabbage fields in Tsumagoi Village.

An investor from Singapore has been the subject of an article in the Yomiuri newspaper after purchasing 44 hectares of forestry in Gunma Prefecture. The land, which is near the source of the Agatsuma River in Tsumagoi Village, was purchased by the investor in September 2011.

An employee from the Tokyo-based real estate agency that brokered the sale said the purchase formed part of the buyer's overall investment plan, but there was no indication that the buyer was after a water source.Read more

by Zoe Ward