Apparel company sells flagship Ginza building

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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Ginza office floor sale sees price more than double within a year

Shioi Kosan, the private asset management company for fast-food bento maker Hotto Motto, has paid 25 billion Yen (approx. 230 million USD) to acquire the 8th floor of the Ginza Six retail and commercial building in Tokyo’s Ginza district. The sale price is more than double the price that the floor sold for 7 months prior.

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City Tower Ginza East

Price when new: 39.9 ~ 129.9 million Yen (1,300,000 Yen/sqm)
Size range: 34.54 ~ 83.95 sqm (372 ~ 903 sq.ft)

Area: Minato, Chuo-ku

 ABOUT

Sales started in mid-2017.

City Tower Ginza East is a 22-storey apartment building developed by Sumitomo. It is located 110 meters from the Sumida River and 1,400 meters, or an 18 minute walk from the Ginza shopping street.

It was built using the base isolation (menshin-kozo) method of earthquake-resistance construction which is the highest grade available and reduces the level of swaying in an earthquake.

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Proud Ginza Higashi Residence

Price when new: 66 ~ 219 million Yen (approx. 1,300,000 Yen/sqm)
Size range: 58.05 ~ 100.42 sqm (625 ~ 1,081 sq.ft)

Area: Akashicho, Chuo-ku

 ABOUT

Sales began in August 2017.

Proud Ginza Higashi Residence is located 1,100 meters, or a 14 minute walk from Ginza’s main shopping avenue and 500 meters from Sumida River. It is a 2 minute walk from Shintomicho Station on the Yurakucho Subway Line.

The 12-storey building includes 102 two and three-bedroom apartments, and 22 car spaces. The resident lounge interior has been designed by Hirsch Bedner Associates (HBA). This firm has also done interiors for Four Seasons, Shangri-La and the Grand Hyatt.

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Land in Ginza sells for 43 million Yen/sqm

ginza-3-land

In August, railway operator Hankyu Corporation acquired a block of vacant land in Ginza for 13.5 billion Yen (approx. 132 million USD). The purchase price worked out to be approximately 43,700,000 Yen per square meter (40,000 USD/sq.ft), or around 4,500,000 Yen per buildable square meter (4,100 USD per buildable square foot) based on a potential 3,000 square meter building.

The 308.88 square meter (3,323 sq.ft) corner block of land is located alongside Namiki Dori Avenue. It was originally the site of the 10-storey Tokyo Chusha Building, which had a total floor area of 3,000 square meters (32,280 sq.ft). The building was demolished in 2015.

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Open Residencia Ginza 2 Chome

Open Residencia Ginza 2 Chome 1

Price when new: 40.9 ~ 67.1 million Yen (1,635,000 Yen/sqm)
Size range: 25.11 ~ 40.97 sqm (270 ~  441 sqft)

Area: Ginza, Chuo-ku

 ABOUT

Open Residencia Ginza 2 Chome is a 10-storey compact-style residential building located 200 meters from the Chuo Ward Office. It is 700 meters from the Ginza 4 Chome Intersection, but the immediate area around this property is primarily a crowded and old district. It is also 110 meters from Wellith Ginza 2 Chome

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Apartment prices along Tokyo’s Ginza Line

The following table shows the change in apartment prices along the Ginza Subway Line (Japan’s oldest subway line). This subway line runs from Shibuya to Asakusa and passes through several of the city’s prime residential and business districts, many of which have seen a boost in prices over the past few years.

The average price across all stations on the Ginza line was 1,000,000 Yen/sqm in 2015, up 19.8% from 2014. The average building age was 21.0 years, down from 23.6 years in 2014. The average apartment size was 56.35 sqm (606 sq.ft), down from 60.76 sqm in 2014.

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Same-day sellout in The Parkhouse Higashi Ginza

The Parkhouse Higashi Ginza 1

All 28 apartments offered during the first round of sales in Mitsubishi Jisho Residence’s The Parkhouse Higashi Ginza sold out on the same day.

The 13-storey apartment building is located a 1 minute walk from Shintomicho Station and is 700 meters from Ginza’s Chuo Dori Street. Apartments range in size from 70 ~ 81 sqm (753 ~ 872 sqft) and are all 3-bedrooms. Prices ranged from 74 ~ 108 million Yen (640,000 ~ 920,000 USD), with an average price of around 1,240,000 Yen/sqm.

The sales office received 1,587 inquiries and had 276 groups visit the showroom. Each apartment received an average of 1.9 purchase applications, with the most popular apartment receiving 5 applications. The lucky buyers were selected via a lottery-type system.

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