September rental data - Tokyo Kantei
According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo was 2,575 Yen/sqm in September, up 0.5% from the previous month and up 1.2% from last year. The average apartment size was 60.01 sqm and the average building age was 19.3 years.
The average rent in Tokyo’s 23-ku was 3,207 Yen/sqm, up 1.3% from the previous month and up 3.6% from last year. The average apartment size was 57.02 sqm and the average building age was 17.4 years.Read more
Signs of life for vacant site between Daikanyama and Nakameguro
The large and vacant plot of land located between Daikanyama and Nakameguro may finally see some activity as the Tokyo Metropolitan Government and Meguro Ward have announced that they are seeking tenders from developers for the 8,500 sqm site.
The land was previously the site of lodgings for the Japanese National Railway Settlement Corporation (JNRSC). The property was acquired by the Tokyo Government and Meguro Ward in 1995 for approximately 6.4 billion Yen. Initial plans were for an aged-care facility and public housing.Read more
Foretseine Akasaka Hinokizaka to go on sale next month
Mori Trust will begin sales of apartments in their latest luxury development - Foretseine Akasaka Hinokizaka - at the end of November, with most apartments priced in the 300 million Yen range.
41 of the 54 apartments will be offered for sale with the remaining 13 going to the original landholder. Apartments range in size from 73.46 ~ 170.46 sqm and will be priced from around 110 ~ 470 million Yen.
The 7-storey building is located in an exclusive and historically high-priced area at the peak of Hinoki-zaka slope near Tokyo Midtown. It is next door to Proud Akasaka Hikawacho (2007; prices around 2,000,000 Yen/sqm) and across the street from Park Mansion Roppongi (2007; prices around 1,900,000 ~ 2,500,000 Yen/sqm).
Previews of the model room will start tomorrow (October 18). Read more
A new subway station for Toranomon
On October 14, Tokyo Metro and the Urban Renaissance Agency officially announced plans for a new subway stop along the Hibiya Line between Kasumigaseki and Kamiyacho Stations. The station will be located in the Toranomon district and will be just to the west of the recently completed Toranomon Hills.
Construction is scheduled to begin in 2015 with the new station expected to be open by the 2020 Tokyo Olympics, and an underground passageway to neighbouring buildings, including Toranomon Hills, ready by 2022.
The Toranomon area has been undergoing major redevelopment with new hotels, offices and residences. There are plans for a bus terminal to be located nearby the new station which could possibly serve as a transport link between the Olympic facilities in the bayside islands and central Tokyo.
This will be the newest station to be added to an existing subway line by Tokyo Metro since Tameike-Sanno Station was opened in 1997.
Sources:
NHK, October 14, 2014.
The Yomiuri Shimbun, October 15, 2014.
Hotel and office development for Tamachi Station area
Tokyo Gas, Mitsui Fudosan and Mitsubishi Jisho announced plans for the redevelopment of a 2.8 hectare site behind Tamachi Station in Minato-ku.
The TGMM Shibaura Project will include:
- Office Tower (A): 180m tall; 31 floors.
- Office Tower (B): 185m tall; 36 floors.
- Hotel: 65m tall; 9 floors.
- Welfare Center: 35m tall; 6 floors.
Construction is expected to start in 2015 and should be completed by 2019. Read more
Apartment transactions down for 6th month
According to REINS, 2,938 apartments were sold across greater Tokyo in September, up 38.7% from the previous month but down 5.9% from last year. This is the 6th month in a row to see a decline from one year prior. The average apartment sale price across greater Tokyo was 27,500,000 Yen, down 2.5% from the previous month but up 3.6% from last year. The average price per square meter was 424,600 Yen, down 2.8% from the previous month but up 3.7% from last year. The average building age was 19.81 years.
1,425 apartments were sold in the Tokyo metropolitan area, up 42.1% from the previous month but down 8.6% from last year. This is the 6th month in a row to see a decline from one year prior. The average apartment sale price was 33,780,000 Yen, down 3.1% from the previous month but up 5.7% from last year. The average price per square meter was 568,200 Yen, down 3.3% from the previous month but up 7.6% from last year. The average building age was 18.72 years.Read more