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.
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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.
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The MELSA Ginza-2 department store will be closing permanently this August, ending 51-years of operations.
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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.
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Hulic, a major real estate company, recently announced plans to redevelop a prominent corner block in Ginza into a luxury ryokan-style hotel with an opening scheduled for 2025.
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Demolition of the Nakagin Capsule Tower, a famed metabolist building, is scheduled to start on April 14, 2022, ending years of efforts to save the landmark structure.
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With demolition on the horizon, there are some glimmers of hope that at least one of the 140-odd capsules in the iconic Nakagin Capsule Tower Building might just be spared from the trash heap.
The goal of one of the preservation groups is to save capsule A-606, both the capsule unit itself and its original interior. There are also plans to build a custom trailer so that the capsule can be towed around to various locations, such as museums, galleries, and universities allowing Kisho Kurokawa’s legacy to be appreciated by all. The estimated cost just to save this one capsule and make it mobile is around 6.5 million Yen (approx. US$59,000).
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On July 17, apparel giant Sanyo Shokai announced the sale of their flagship building in Ginza. Temporary store closures during the pandemic have hit the brick-and-mortar retail sector hard, with some cashing out of their real estate holdings to shore up cash reserves. Real estate developers are having a field day as struggling companies reach out to offload long-held and highly-prized assets.
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As part of their expansion in investment in the Ginza district, real estate company HULIC has acquired the Tiffany Ginza Building from SoftBank CEO Masayoshi Son this month. This was a joint purchase with Fuyo General Lease, a Mizuho Financial Group company.
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Articles appearing in both the Nikkei Business Publication and the Business Journal have suggested that a block of land (with building) alongside Ginza’s main shopping street will be sold for a record price of up to 64 million Yen per square meter (approx. 570,000 USD/sqm or 53,000 USD/sq ft).
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