Kanagawa Pref. to sell site of planned governor's residence
Kanagawa Prefectural Governor Yuji Kuroiwa announced that the planned construction of the official governor's residence has been canceled and the land will be put up for sale.
In the event of a disaster, the prefecture wanted the governor to live within walking distance to the prefectural office. However, the prefecture's worsening financial conditions have forced them to cut back on some expenditures.Read more
[Foreclosed] Ruins of Kobe Ijinkan
Auction estimate: 65,000,000 Yen
The ruins of a former ijinkan (western-style foreign residence) in Kobe's Kitano area are up for public auction.
Built in the Taisho period (1912 ~ 1926), the home was originally called the Bajaj Residence. During the pre-war days it was the official residence of the Iranian Consul General.Read more
Tepco to sell off 70 ~ 80% of their real estate assets
As Tepco's financial situation worsens rapidly, they are being forced to sell off more real estate in order to pay for the growing compensation to victims of the nuclear power plant disaster.
In September 2011, Tepco began selling off some of their large real estate holdings. The real estate included company dormitories and retreats. So far, Tepco has sold 40 properties for a total value of 6 billion Yen (75 million USD).Read more
Large-scale redevelopment for Shirokane 1 Chome
A large redevelopment is planned for a 17,000sqm block in Shirokane 1 Chome area in Minato-ku. The development will include approximately 1,200 residential apartments. There will be three buildings of varying heights, with the highest being a 156m tall tower with 43 floors. The floorspace of the buildings will total 133,700 sqm (1,438,612 sqft). Construction is scheduled to begin in 2015 (it was originally planned for 2014) and the project should be completed by 2019.Read more
Chinese government buys 15,000 sqm site in Niigata
The Chinese government has acquired a 15,000 site in Niigata City to construct their new consulate. The site is larger than the Tokyo Dome and some are wondering why they need such a large property.
In 2010, China was going to buy city-owned land but local residents strongly opposed the sale and it was eventually cancelled. This time, however, the Chinese government purchased from a private individual, and local opposition groups did not find out until after the sale was completed.Read more
Tokyo is the most expensive city in the world to rent a 2-bedroom apartment
According to a survey by ECA International, Tokyo is the most expensive city in the world to rent a 2-bedroom apartment, and the 2nd most expensive city in the world for 3-bedroom apartments.
Tokyo has also seen the biggest fall in rents in Asia. This continues the trend of year-on-year rental price decreases witnessed there since the onset of the global financial crisis in 2008.
Lee Quane, Regional Director of ECA International Asia explains that "assignee numbers in Tokyo are still lower than before the financial crisis". This means there is less demand for rental property in expatriate areas, and rents in those areas have steadily fallen since then, dropping almost 5% in Yen terms. Further falls in international assignee numbers following the tsunami and subsequent nuclear disaster have continued to contribute to this trend.Read more