Saitama to keep close watch on forestry purchases by foreigners

In order to better understand the scope of the purchase of forestry by foreign funds and to protect water sources, Saitama Prefecture is planning to introduce rules which will require land transactions to be reported in advance to authorities.

The proposal will target 18 cities and towns in the northern part of Saitama.  It will be submitted to the prefectural assembly this month, and may be enacted as early as October of this year.

Similar legislation is also going to be presented to the Diet session later this month, but it does not specifically mention foreign capital.Read more

by Zoe Ward

The difference between the listing price and sale price of apartments in 2011

Based on apartment transaction data from 2011, Tokyo Kantei have provided details on the difference between the asking price and realized sales price of second-hand apartments in greater Tokyo and the Kansai region. It is quite common for an apartment on the secondary market to sell below the listing price.Read more

by Zoe Ward

New earthquake resistant certification in Tokyo

The Tokyo government is introducing a new certification system for residential buildings that can continue to be habitable after a large earthquake. Developers and building association unions can apply for recognition starting in April this year. If a building has the certification, it is thought that the apartments will be easier to market by developers, but actual construction costs will be higher which may result in a higher selling price.Read more

by Zoe Ward

Residents suing Mitsui over liquefaction damage

Approximately 32 residents from Urayasu City, Chiba, are suing Mitsui Fudosan for 700 million Yen after their townhouses were damaged by liquefaction during the Tohoku earthquake.Read more

by Zoe Ward

Singaporean investment fund buys hotel in Okinawa

Singaporean investment fund RECAP (Real Estate Capital Asia Partners) has purchased the CSK Tsubogawa Hotel in Naha City, Okinawa, for an undisclosed sum.

The business hotel was scheduled to open in 2009 but the former owner, CSK Holdings, fell into financial difficulties. Although construction was complete, the hotel never opened. The former owner also built an office building on the adjoining site in 2009, which also remains empty.Read more

by Zoe Ward

Tepco finds buyer for Suginami sports ground

Suginami-ku announced plans to purchase a 4.3 hectare sports ground in Shimotakaido 2 Chome from troubled Tepco. The Tokyo ward has included the 6 billion Yen acquisition cost in their 2012 budget.

The sports ground includes tennis courts, a baseball field and a running track. Tepco had previously leased the grounds to the ward for local residents to use.Read more

by Zoe Ward

La Tour Shinjuku Grand

Average price: 1,183,000 Yen/sqm
Size range: 38.98 ~ 194.98 sqm (419 ~ 2098 sqft)

Average rent: 4990 Yen/sqm/month
Estimated Yield: 5.06% pa

 ABOUT

La Tour Shinjuku Grand is the latest addition to Sumitomo's La Tour Series of rental apartments. The special feature for this property is high ceilings. The ceiling height in each apartment is 3.7 meters, which is far higher than the standard 2.4m ceilings found in most Japanese apartments. The high ceilings are not wasted as some apartments come with lofts to maximize the usable space. The building is not big on amenities as it only has the standard concierge service and gym (no swimming pool). Residents also have free internet access.Read more

by Zoe Ward