Tokyu Plaza Ginza sold
On March 3, Tokyu Fudosan Holdings Corporation announced the sale of Tokyu Plaza Ginza. The sale price was not disclosed, although it had a book value of 118.5 billion Yen (US$872 million) as of March 2022. Tokyu is expecting an impairment loss of 21.1 billion Yen for the fiscal year ending March 2023.
Ginza landmark to be demolished
Demolition of the San'ai Dream Center, a landmark building on the Ginza 4 Chome intersection, will start next month. The circular building was designed by Shōji Hayashi, chief architect of Nikken, and completed in 1963. In 2003 it was chosen by DOCOMOMO Japan as one of the buildings that represent the modernist movement.
New Issey Miyake store completed in Ginza
Yasuda Real Estate has completed construction of its 3rd project in Ginza. The 9-story Ginza Matsuya-dori Yasuda Building will have Issey Miyake as the key tenant on the first 4 floors.
Kajima eyes potential in Japan's luxury real estate sector
Last month, construction giant Kajima Corporation announced plans to enter the luxury sector of the real estate market, and has already kicked things off with the acquisition of two properties from British developer Grosvenor. Within the year, the company is also expected to complete the purchase of luxury housing to lease to wealthy domestic and foreign tenants.
Apple Store finds new location in Ginza
With demolition looming for its landmark building in Ginza, the Apple Store will be moving into new digs from August 30. The store is relocating to a Kengo Kuma-designed hybrid wood and steel building in the Ginza 8 Chome address.
MELSA Ginza-2 to close in August
The MELSA Ginza-2 department store will be closing permanently this August, ending 51-years of operations.
Apple Store Ginza Building to be demolished
The building housing the Apple Store Ginza will be demolished later this year. In 2003, this was the first Apple Store to open in Japan.