Odakyu opens new hot spring hotel in Hakone
On August 11, Odakyu Electric Railway Co. opened their latest hotel in Hakone. Hakone Yutowa was originally built during the bubble as a corporate retreat but has been fully refurbished and converted into a hot spring hotel. It sits in a prime position just across the street from Gora Kadan - a hotel on the grounds of a former Imperial Villa.
New apartment supply up 21% in August
According to the Real Estate Economic Institute, 1,819 brand-new apartments were released for sale across greater Tokyo in August, up 21.1% from last year. This is the first time in eight months to see a year-on-year increase in supply. The boost in supply was largely attributed to the first round of sales in the Harumi Flag Athlete’s Village, which saw 600 apartments up for sale.
Kyoto hotel sells for US$42 million
Ichigo Hotel REIT has sold Hotel Vista Premio Kyoto to an undisclosed domestic buyer for 4.5 billion Yen (approx. 42 million USD). The 6-story, 84-room hotel has a total floor area of 3,867 sqm and was built in 2008.
Yanaka’s proposed building height allowances could lead to blandification
Taito Ward officials are considering relaxing building height limits in the historic temple district of Yanaka in Tokyo.
Local residents, concerned that this could harm the charming character of the low-rise neighborhood, are petitioning the local council to reconsider the idea.
Central Tokyo apartment transactions up 35% in August
According to REINS, a total of 2,584 second-hand apartments were reported to have sold across greater Tokyo in August, up 12.2% from last year. The average sale price was 34,610,000 Yen, up 4.3% from last year. The average price per square meter was 538,800 Yen, up 3.4% from last year and the 7th month in a row to see a year-on-year increase.
Multi-block redevelopment for Uchisaiwaicho
Three developers will soon embark on what is said to be the biggest post-Olympic redevelopment project in Tokyo. The redevelopment district includes the Imperial Hotel, NTT Hibiya Building, Mizuho Bank Uchisaiwaicho Building, and TEPCO Head Office Building.