Business mood in real estate sector sees biggest drop since 2011 earthquake
The general business mood in March has worsened for the six month in a row according to credit research firm Teikoku Databank. The diffusion index (DI) of confidence from a survey of 11,330 companies across various industries dropped 6.2 points from February to 32.5. A month-on-month drop of this magnitude has not been seen since April 2014 which recorded a 4.2 point decline.
Tokyo Apartment Sales in March 2020
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of March 2020:
Research firm releases early Corona-Shock report on Japan’s hotel industry
Tokyo Shoko Research released a report on March 18 on the current impacts the coronavirus is having on Japan’s hotel industry. We are only two months into the crisis and listed companies are one-by-one lowering their earnings estimates for the year.
Sales in Harumi Flag on hold
On March 30, Jiji Press reported that off-the-plan sales in Harumi Flag have been temporarily suspended and the sales showroom closed. The large-scale condo complex on a manmade island in Tokyo Bay was initially planned to be used as the Athletes Village for the 2020 Olympics, but the postponement of the games has thrown a wrench into the scheduling of the post-Olympic refurbishment of the apartments.
Kamiyacho Trust Tower reaches completion
The 180-meter, 38-story Kamiyacho Trust Tower building reached completion on March 16. This high-rise mixed-use tower forms part of the 1.6 hectare Tokyo World Gate complex in Tokyo’s Toranomon district.
Tokyo governor floats idea of using Athletes Village as hospital for coronavirus patients
During an appearance on a morning show on March 27, Tokyo governor Yuriko Koike floated the idea of using the soon-to-be-completed Athletes Village in Harumi as a temporary hospital to house non-critical coronavirus patients.
TOD’S Omotesando Building sold to Kering
Gucci owner and global luxury group Kering has purchased the Tod’s Omotesando building through a special-purpose company. The seller was a subsidiary of Tod’s.