Proposed law to reduce minimum voting rights for reconstruction

The number of aging apartment buildings in Japan that need to be rebuilt in the near future is growing at a rapid pace, yet actual reconstruction projects are seriously lagging.

These projects are frequently stalled as the body-corporate meetings can take up to 10 years before any agreement is reached. This is due in part to the laws which require over 80% of apartment owners to agree to reconstruction. Older buildings tend to have older residents who are happy to stay where they are and don't want to relocate to temporary accommodation for 3 years while awaiting their new home. Other setbacks include a lack of funds for the project and owners with low incomes who cannot afford to take on any additional financial burdens.Read more

by Zoe Ward

Is Tokyo's special economic zone destined to be a flop

In recent years, Japan has been losing losing its competitive advantage as foreign companies choose to locate their headquarters in other more business and tax-friendly Asian cities such as Singapore and Hong Kong.

As a way to increase the nation's international competitiveness the Japanese government recently announced plans to create special international business zones in seven areas across Japan. Locating your business within one of these zones will qualify you for certain tax breaks.Read more

by Zoe Ward

The "2012 Problem" of over-supply

Not only are residential apartments expected to flood the market in 2012, but the supply of new office space is also expected to reach record high levels.

This year, the supply of office space in central Tokyo is expected to reach the third highest level since the bubble economy in the late 1980s. Although construction companies are seeing brisk business, office vacancy rates continue to rise and we are entering into what the real estate industry is calling the "2012 problem". Department stores are facing similar conditions with an oversupply of under-performing branch stores.Read more

by Zoe Ward

Moves to cancel mortgages in tsunami-affected areas

On December 29 the Japan Housing Finance Agency (JHF) announced that they are considering either canceling mortgages or reducing the repayments to homeowners from the tsunami affected areas in Tohoku.Read more

by Zoe Ward

Shinjuku's latest luxury rental tower is home to Japan's first infinity rooftop pool

The brand new Park Habio Shinjuku Eastside Tower is the first rental building in Japan to have a rooftop infinity swimming pool for residents [As pointed out by a reader, Atago Green Hills Forest Tower (2001) has a rooftop pool on the 42nd floor]. Located on the 32nd floor, the infinity pool will have a commanding view of the Shinjuku skyline. There is also a bar lounge and rooftop terrace which can be used for residents to hold catered private parties. Other facilities include an indoor golf range, fully-equipped gym and karaoke room.Read more

by Zoe Ward

Prince Hotel Gamagori sold

Kuretakeso, a hotel and wedding hall developer based in Hamamatsu City, announced that they will be acquiring the Prince Hotel Gamagori from the Prince Hotel chain. The hotel will be handed over on March 30, 2012, and the name will be changed to Gamagori Classic Hotel. The hotel will be revamped as a resort hotel and will also be used for wedding ceremonies. The total investment, including renovations to the rooms, is estimated at 1 billion Yen.Read more

by Zoe Ward

Fixed asset tax deductions extended 2 years

The Government's Select Committee on the Taxation System has decided to extend the fixed asset tax reduction that applies to brand new homes and apartments. The reduced tax benefit will be extended an additional two years. Under this new plan, the annual fixed asset tax on a brand new apartment or home will be halved for the first five years since construction. The tax applies to all new residences, including those purchased to be rented out as an investment.Read more

by Zoe Ward