400-room hotel planned opposite Olympic Stadium
Major Japanese real estate company Mitsui Fudosan and Meiji Shrine are planning to develop a 13-story, 400-room hotel to be located directly across the street from the Olympic Stadium.
If approved, construction of the 50-meter tall building could start in January 2018 with completion by mid-2019.Read more
Owner seeking 10 billion Yen for island in Kyushu
Last month Japan’s Ministry of Defense entered into negotiations to purchase an island south of Kyushu. The Ministry plans to use the 8 square kilometre island as a field carrier landing practice (FCLP) site for the U.S. forces.
Negotiations have, however, hit a slight snag with regards to price. The Ministry had initially estimated the value of the island to be several billion Yen, while the landowner is hoping for something closer to 10 billion Yen (approx. 87 million USD). The owner had previously been approached by several real estate developers from Macau, Hong Kong and Shanghai, all who have reportedly expressed interest in buying the island.Read more
Tokyo apartment sale prices increase for 50th month
According to REINS, 2,985 second-hand apartments were sold across greater Tokyo in November, down 10.6% from the previous month but up 0.5% from last year. The average sale price was 31,730,000 Yen, up 1.2% from the previous month and up 8.8% from last year. The average price per square meter was 496,800 Yen, up 2.3% from the previous month and up 8.0% from last year. This is the 50th month in a row to see a year-on-year increase. The average building age was 20.27 years.
In the Tokyo metropolitan area, 1,553 second-hand apartments were sold, down 7.7% from the previous month but up 3.5% from last year. The average sale price was 39,190,000 Yen, up 2.4% from the previous month and up 8.5% from last year. The average price per square meter was 660,300 Yen, up 3.4% from the previous month and up 6.6% from last year. The average building age was 19.12 years.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 205 second-hand apartments were sold, up 6.2% from the previous month and up 10.2% from last year. This is the highest number of transactions recorded for the month of November since record-keeping began in 2008, and is close to double the number of transactions seen in 2009 and 2011.
The average sale price was 57,690,000 Yen, down 1.6% from the previous month but up 7.3% from last year. The average price per square meter was 1,027,900 Yen, up 0.7% from the previous month and up 2.2% from last year. The average building age was 17.32 years.
New listings in central Tokyo were down 0.2% from last year. This is the first time in two years that the number of new listings has decreased from 12 month’s prior.
Ginza’s oldest bar to close
Ginza’s oldest bar will close this month and the historic 89-year old building is likely to be demolished as the 80-year old owner is struggling to maintain the ageing structure.
Bordeaux opened in 1927 in a two-story European-style building in the Ginza 8 Chome address. It hosted many famous patrons over the years including Mitsumasa Yonai (37th Prime Minister of Japan), and Isoroku Yamamoto (Japanese Marshal Admiral). Businessman Jiro Shirasu (Wikipedia), was said to have had a permanently reserved seat in front of the fireplace.Read more
Karuizawa bans solar farms in holiday home areas
On November 21, Karuizawa Town officials voted to ban the installation of solar farms within the town’s holiday home districts.
Until now, solar farms were allowed on Category I Exclusively Low-Rise Residential zoned land as long as the solar panels were not visible from specified roads. In Karuizawa there are many properties out of view of specified roads, which meant solar farms could legally be permitted in many of the town’s residential resort areas. Read more