Tokyo Bay’s largest retail complex to open in 2020
Sumitomo Realty & Development has released details on their mega retail project for Ariake island in Tokyo Bay.
Construction starts on 265m Toranomon Hills Station Tower
Groundwork on the OMA-designed Toranomon Hills Station Tower in downtown Tokyo officially started on November 25. The high-rise forms part of Mori Building’s US$3.6 billion redevelopment project centered in Toranomon.
Historic Harajuku Station building to be demolished
On November 19, JR-East announced that they will be demolishing the historic Harajuku Station building after the 2020 Summer Olympics. Built in 1924, this is the oldest surviving wooden station building in Tokyo.
New apartment supply in October hits lowest level on record
The supply of brand-new apartments released for sale across greater Tokyo in October dropped 29.5% from last year to just 2,007 units. This is the lowest level seen for the month of October since the Real Estate Economic Institute began recording data in 1973.
100-yr old building to be converted into hotel
Heiwa Real Estate is in the process of converting a 100-year old office building in Nihonbashi into a small luxury hotel. The new hotel is scheduled to open next February.
Tokyo second-hand apartment sale prices increase for 9th month in a row
Total second-hand apartment sales in the Tokyo metropolitan area dropped 6.5% from last year to 1,421 units in October. This was the first year-on-year decrease seen since February.
According to REINS, the average sale price was 716,700 Yen/sqm, up 1.4% from the previous month and up 5.9% from last year. This is the 9th month in a row to see a year-on-year increase.
140m tall apartment tower planned for Shirokane
Tokyu Land Corporation has been chosen to lead the Shirokane 1 Chome North-Central Redevelopment Project. This will see a 140-meter tall, 900-unit apartment tower built on the western side of Shirokane AER City.