Shinjuku’s 65-storey twin tower apartment project gets town planning approval
On March 15, Shinjuku ward issued town planning approval for the Nishi Shinjuku 3 Chome West District Redevelopment. This project includes two 65-storey, 235 meter tall apartment towers that will be the tallest purely-residential towers in Japan based on total floor count and the second largest development based on total unit count.
Regional residential land prices increase for first time since 1992
Something that is on every local investor and real estate agent’s calendar is the announcement of the koji-chika assessed land prices by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). This year’s results came as no surprise to those in the industry, with average land prices increasing for the fourth year in a row. A 1.2% increase nationwide was reported in 2019, a 0.5 point increase from 2018.
Thai developer to invest further 100 billion Yen in Hokkaido ski resort
On February 4, Thai real estate developer Property Perfect announced plans to invest 100 billion Yen in their Kiroro Resort in Hokkaido over the next 10 years. The plans include expanding their ski facilities and building new luxury villas.
Mitsui to open luxury hotel in front of Nijo Castle
On February 7, Mitsui Fudosan released details on a luxury hotel planned for the eastern side of Nijo Castle in Kyoto.
Apartment transactions up in February
According to REINS, 3,484 second-hand apartments were reported to have sold across greater Tokyo in February, up 30.6% from January and up 1.8% from last year. The average sale price was 34,730,000 Yen, up 5.4% from the previous month and up 3.6% from last year. The average price per square meter was 531,600 Yen, up 3.3% from the previous month and up 3.8% from last year.
Omotesando’s Children Castle and UN University to be redeveloped from 2029
After agreeing to purchase the National Children’s Castle building and land from the national government this year for 60 billion Yen (approx. 543 million USD), the Tokyo Metropolitan Government is firming up plans to completely redevelop the site along with adjoining sites from 2029 onwards. Update: The final sale price was 52.5 billion Yen.
Osaka to have luxury high-rise rental apartments in 2022
A high-rise apartment tower under construction in Osaka’s Umeda district is set to become the region’s largest high-end rental building. The 56-storey, 191m tall building will have 836 rental apartments. Completion is scheduled for early 2022.