LaSalle purchases expat apartments in Shinjuku, to be re-sold individually
LaSalle Investment Management have purchased an expat apartment building in Shinjuku and will be selling off the apartments individually.
Crest Court Sadohara was purchased by LaSalle's SPC in August 2011. It was previously acquired by Broad Edge Advisors in 2009 and was originally a rental-only building aimed at the high-end expat market.Read more
McDonalds to purchase retail spaces across Japan
McDonald's Holdings Japan has embarked on a plan to purchase up the buildings that house its McDonalds stores across the country.
Currently, the majority of McDonalds stores are leased, but in the next several years the company plans to purchase the land and buildings of 200 to 300 stores.Read more
Tepco to sell off 70 ~ 80% of their real estate assets
As Tepco's financial situation worsens rapidly, they are being forced to sell off more real estate in order to pay for the growing compensation to victims of the nuclear power plant disaster.
In September 2011, Tepco began selling off some of their large real estate holdings. The real estate included company dormitories and retreats. So far, Tepco has sold 40 properties for a total value of 6 billion Yen (75 million USD).Read more
Large-scale redevelopment for Shirokane 1 Chome
A large redevelopment is planned for a 17,000sqm block in Shirokane 1 Chome area in Minato-ku. The development will include approximately 1,200 residential apartments. There will be three buildings of varying heights, with the highest being a 156m tall tower with 43 floors. The floorspace of the buildings will total 133,700 sqm (1,438,612 sqft). Construction is scheduled to begin in 2015 (it was originally planned for 2014) and the project should be completed by 2019.Read more
Chinese government buys 15,000 sqm site in Niigata
The Chinese government has acquired a 15,000 site in Niigata City to construct their new consulate. The site is larger than the Tokyo Dome and some are wondering why they need such a large property.
In 2010, China was going to buy city-owned land but local residents strongly opposed the sale and it was eventually cancelled. This time, however, the Chinese government purchased from a private individual, and local opposition groups did not find out until after the sale was completed.Read more
Tokyo is the most expensive city in the world to rent a 2-bedroom apartment
According to a survey by ECA International, Tokyo is the most expensive city in the world to rent a 2-bedroom apartment, and the 2nd most expensive city in the world for 3-bedroom apartments.
Tokyo has also seen the biggest fall in rents in Asia. This continues the trend of year-on-year rental price decreases witnessed there since the onset of the global financial crisis in 2008.
Lee Quane, Regional Director of ECA International Asia explains that "assignee numbers in Tokyo are still lower than before the financial crisis". This means there is less demand for rental property in expatriate areas, and rents in those areas have steadily fallen since then, dropping almost 5% in Yen terms. Further falls in international assignee numbers following the tsunami and subsequent nuclear disaster have continued to contribute to this trend.Read more