Imperial Hotel to be rebuilt after 2030
On March 16, the Yomiuri Shimbun newspaper reported that the Imperial Hotel in Tokyo is considering redeveloping their main hotel and neighboring office tower. This isn’t the first time rumors of redevelopment have been floated. Similar reports came out in early 2018 and late 2019.
Plans released for Akasaka Station redevelopment
On March 14, detailed plans for the redevelopment of the Kokusai Shin-Akasaka Buildings were released. The Akasaka 2, 6 Chome District project will see two towers of 230 meters and 110 meters tall.
Why no one wants to live in the Prime Minister’s official residence
This 1920s mansion may just be the grandest 'akiya', or vacant house in Japan. The official residence of the Prime Minister was built in 1929 and has a total floor area of 7,000 sqm over three levels. Despite its significance, it has been unoccupied for the past nine years.
Apartment inventory continues to shrink in Tokyo
According to REINS, a total of 3,587 second-hand apartments were reported to have sold across greater Tokyo in February, up 3.1% from the previous month but down 4.3% from last year. The Tokyo metropolitan area saw an 8.8% year-on-year drop in transactions, while Saitama Prefecture saw transactions up 5.2%.
Tokyo Apartment Sales in February 2021
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2021:
Quick real estate news summary for the week
Luxury brand opens retail alongside Omotesando Avenue, Kamakura museum bid withdrawn, and 40% of brokerages see drop in rental transactions in January and February. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Recruit sells Ginza HQ Building
Human resources giant Recruit Holdings has sold its headquarters in Ginza to Hulic for an undisclosed amount. Recruit plans to lease back the office building after the sale.