Suita City to demolish modernist building
The Senri Newtown Civic Center Building in Suita City, Osaka, will be demolished next spring as growing maintenance costs put a strain on local city finances.
The modernist structure was designed by architect Togo Murano (1891 - 1984) who was widely regarded as one of Japan's Modern Masters. It was completed in 1964, just two years after the Senri Newtown area was developed. Murano also designed an extension that was made to the building in 1976.Read more
Land prices rise in majority of areas - MLIT LOOK Report
According to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) the majority of survey locations for their quarterly Chika LOOK Report have recorded an increase in land prices.
Land price movements were measured in 150 locations throughout Japan, but primarily in the three major cities of Tokyo, Nagoya and Osaka. 80 of those locations, or 53% of the total, recorded an increase in land prices, while 51 saw no change in prices. The remaining 19 locations saw prices fall somewhere between 0 and 3%.Read more
Japan's high-rise apartment market, March 2013
According to the latest data from the Real Estate Economic Institute's report on the high-rise apartment market, there are over 96,500 apartments in buildings over 20 stories tall either under construction or in the planning stages across Japan.
273 high-rise residential buildings are expected to be completed from 2013 onwards, with a total of 96,512 individual apartments. This is an increase of 38 buildings and 14,374 apartments from March 2012.Read more
Grand Front Osaka Owner's Tower sold out
All 525 apartments in the just-competed Grand Front Osaka Owner's Tower have now sold, heralding what many believe to be the turning point for the residential market.
The most expensive apartment was a 415 million Yen 300sqm 3-bedroom penthouse. Read more
Office building to be torn down after 2 years
This would set a record for one of the shortest lived office buildings in Japan. Only two years after completion, a high-rise office building near Osaka's Umeda area is now facing a threat of demolition.
Midosuji Front Tower is located in alongside Midosuji Avenue in Sonezakishinchi 1 Chome in Kita-ku. The 20 story building was completed in June 2010 and has a total floor area of 18,000 sqm (193,680 sqft). It was intended to be let out to tenants but the construction barricades around the building have never been removed and it has never been occupied.
In 2003, Toyo Real Estate bought the 1700 sqm site. After approaching Mitsubishi Jisho, the two companies set up a special purpose company in 2007 to develop the site. Both parties would contribute funds to the project while the remaining majority was to be financed. The SPC entered into an agreement with Kajima Corporation to construct the building at a cost of 5 billion Yen. When completed, the building was expected to bring in an annual rent of between 800 million ~ 1 billion Yen.Read more