New apartment prices in Greater Tokyo up 7.8% in February
According to the Real Estate Economic Institute, 2,490 brand new apartments were released for sale across greater Tokyo in February, up 28.7% from the previous month and up 7.8% from last year. The average sale price was 61,280,000 Yen, up 5.8% from last year. The average price per square meter was 889,000 Yen, up 4.3% from last year.
The contract ratio was 65.0%, down 3.4 points from last year and down 0.2 points from the previous month.Read more
Luxury hotel and condominium planned for Ebisu
Nomura Real Estate Development is planning a mixed-use hotel and condominium complex for a 4,000 sqm block of land near Ebisu Station in central Tokyo. Mixed-use hotel / apartment projects are quite uncommon in Japan, with one of the few examples being Mori Building’s Toranomon Hills tower in Minato ward.
Nomura acquired the site in March 2017 for 10.5 billion Yen through a public bidding process. It was previously a government-owned housing complex for civil servants. The government required the buyer to build both apartments and accommodation facilities as a condition of the sale.Read more
Tokyo apartment sale prices increase for 65th month
According to REINS, 3,424 second-hand apartments were reported to have sold across greater Tokyo in February, up 29.6% from the previous month but down 1.1% from last year. The average sale price was 33,530,000 Yen, down 0.2% from the previous month but up 6.4% from last year. The average price per square meter was 511,900 Yen, down 0.8% from the previous month but up 3.9% from last year. This is the 62nd month in a row to see a year-on-year increase in sale prices.
1,762 second-hand apartments were sold in the Tokyo metropolitan area, up 25.6% from the previous month but down 1.2% from last year. The average sale price was 41,540,000 Yen, up 0.9% from the previous month and up 7.4% from last year. This is the highest sale price seen since REINS began publishing data in 2001. The average price per square meter was 677,100 Yen, down 0.5% from the previous month but up 4.0% from last year. This is the 65th month in a row to record a year-on-year increase in sale prices.Read more
HULIC pays 60 billion Yen for Odaiba Hilton
Last December, real estate companies HULIC and Fuyo General Lease acquired the Hilton Tokyo Odaiba hotel for 60 billion Yen (approx. 552 million USD). The seller was US investment firm Elliott Management Corporation.
Aetos Capital acquired the hotel in 2007 from Japan Airlines for 25 billion Yen, before reselling it to Elliott. In 2015, Elliott transferred the operating rights to Hilton Worldwide and the hotel was renamed to Hilton Tokyo Odaiba.Read more
Shikoku Railway Co to develop guesthouses in Kyoto
Shikoku Railway Company (JR Shikoku) is planning to open traditional-style guesthouse accommodation in Kyoto to cater to the growing demand from foreign tourists.
Their first project is a group of three townhouses under construction on a 170 sqm block of land just south of Kyoto Station and 14 minute walk to Tofuku-ji Temple. The total project cost is estimated at 150 million Yen (approx. 1.4 million USD).Read more
Sumitomo to redevelop former Floracion Hotel in Omotesando
Sumitomo Realty & Development has acquired the former Hotel Floracion Aoyama in Omotesando and plans to redevelop the site, although details on the future project have yet to be announced. Demolition of the 3 ~ 6 story building is expected to take place between March and August.
The 5,700 sqm site is a 5 minute walk from Omotesando Station. A freehold land parcel of this size and this close to Omotesando Station is incredibly rare.Read more