An 8-story block of apartments is planned in the wealthy and exclusive Azabu-Nagasakacho enclave in central Tokyo.
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Hyatt to open in Sapporo
On June 28, NTT Urban Development announced that Hyatt Hotels Corporation will by opening the Hyatt Centric Sapporo in NTT’s Sapporo Kita 1 Nishi 5 Project.
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Redevelopment committee formed for Toranomon high-rise
On June 24, the Tokyo Governor approved the formation of the redevelopment committee for the Toranomon 1 Chome East District Project. This will see a 180-meter tall office tower built just in front of Toranomon Station.
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Tokyo apartment asking prices increase for 23rd month
According to Tokyo Kantei, the average asking price of a 70 sqm second-hand apartment in Tokyo’s 23 wards was 67,990,000 Yen (approx. US$502,000) in May 2022, up 0.1% from the previous month and up 7.8% from last year. This is the 23rd month in a row to see an increase.
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National Theatre of Japan to be demolished next year
On June 17 the Japan Arts Council announced that the National Theatre of Japan will officially close its doors at the end of October 2023 with the modernist building to be demolished and redeveloped.
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Housing inventory down 44% in Tokyo since start of pandemic
We have about twice as many people looking for houses than apartments, yet detached homes represent less than 15% of total housing inventory (houses and apartments) available for purchase across Tokyo. As a licensed brokerage, we have access to the entire market but cannot stress enough just how hard it is to source homes for clients.
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Shibuya Marui department store to be rebuilt with wood
On May 27, Marui Group announced that the Shibuya Marui department store will temporarily close its doors on August 28 while the 51-year old building undergoes redevelopment.
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MELSA Ginza-2 to close in August
The MELSA Ginza-2 department store will be closing permanently this August, ending 51-years of operations.
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Tokyo apartment prices increase for 25th month
The average sale price of a second-hand apartment in Tokyo’s 23 wards recorded the 25th consecutive year-on-year increase in May, with prices increasing by 10.8% to 876,200 Yen/sqm.
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Proposal to reduce voting ratios further for earthquake-damaged apartment buildings
In order to quicken the reconstruction process in the event that an apartment building is severely damaged in an earthquake, the national government is firming up plans that would see voting ratios reduced even further.
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