80-yr old Osaka department store to be converted to luxury serviced apartments
The East Annex Building of the Takashimaya Department Store in Osaka’s Nipponbashi district may soon be refurbished and converted into high-end serviced apartments catering to foreign visitors.
Takashimaya is expected to enter into an agreement with major Singapore developer CapitaLand later this year.
The 7-story Renaissance-style building has a total floor area of 40,000 square meters (430,000 sq ft). It was was originally the Matsuzakaya Osaka Department Store and was built over two stages between 1934 and 1937. In 1966 it was sold to Takashimaya and has since been used as their office and archives.Read more
Roppongi land sells for 15 billion Yen (135 million USD)
A 2,200 sqm development site in Roppongi was sold by the local finance bureau at a public tender sale in February. The land sold to Mori Building for a reported 15.01 billion Yen (approx. 135.6 million USD). A total of 10 buyers submitted bids on the property.
This sale price works out to approximately 6,823,000 Yen/sqm, or 5,730 USD/sq ft. The potential price per buildable square meter is around 1,365,000 ~ 1,705,000 Yen/sqm, or approximately 1,145 ~ 1,430 USD/sq ft.Read more
Central Tokyo apartment transactions reach 9-year high in March
According to REINS, 3,719 second-hand apartments were sold across greater Tokyo in March, up 7.5% from the previous month and up 3.6% from last year. The average sale price was 31,450,000 Yen, down 0.2% from the previous month but up 2.9% from last year. The average price per square meter was 492,800 Yen, down 100 Yen from the previous month but up 3.2% from last year. This is the 54th month in a row to see a year-on-year increase. The average building age was 20.55 years.
In the Tokyo metropolitan area, 1,948 second-hand apartments were sold, up 9.2% from the previous month and up 7.9% from last year. This is the 12th month in a row to see a year-on-year increase in transactions. The average sale price was 38,560,000 Yen, down 0.3% from the previous month but up 2.3% from last year. The average price per square meter was 649,500 Yen, down 0.3% from the previous month but up 0.9% from last year.
In the first quarter of 2017, sales of apartments priced over 100 million Yen in the Tokyo metropolitan area were up 16.1% from the first quarter of 2016. Meanwhile, the number of new listings over 100 million Yen was down 3.7%. Transactions across all prices were up 7.6% from 2016.
Mitsubishi sells Yokohama Building for 76 billion Yen
On March 30, Mitsubishi Heavy Industries announced the sale of their Yokohama Building for 76.1 billion Yen (approx. 688 million USD) to HULIC and KRF.
The sale included the 33-story office building and the 20,000 sqm block of land. The adjoining house exhibition showground on the north-west side of the office tower was included as part of the sale. Mitsubishi will continue to occupy the building as the main tenant.Read more
Central Tokyo’s population to increase by 40% over next 20+ years
According to the Tokyo Metropolitan Government, the resident population in Tokyo’s central three wards of Minato, Chiyoda and Chuo are expected to increase by 43% over the next 23 years as wealthy families and older retirees return to the city center.
The population of the three wards is forecast to increase from its current level of 440,000 as recorded by the 2015 National Census to 630,000 residents by 2040.Read more
New condo starts down 35% in February
According to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), housing starts across Japan in February were down 2.6% from the previous year to 70,912 units. This is the first time in 8 months to see a decrease from 12 months prior. Housing starts in the Tokyo metropolitan area were 12,370 units, down 4.9% from last year.Read more
Historic Yugawara Fujiya Ryokan sold to fund, to reopen in 2018
The historic Fujiya Ryokan in Yugawara, Kanagawa, has been sold to a fund and will re-open in 2018.
The sukiya-style building was built during the Meiji period (1868-1912), while the gardens date from the previous Edo period. The ryokan was a famed high-end onsen until its closure in 2002. Since then, the building has sit empty and unused.Read more