Wacoal's Kyoto Machiya guesthouse to open tomorrow
Wacoal Holdings, a lingerie company, will open their first traditional machiya guesthouse in Kyoto on April 28. The 92-year old townhouse is located 800 meters west of Nanzen-ji Temple and 500 meters south of Heian Shrine. The two-storey wooden house has a total floor area of 91 sqm (980 sq.ft) and can sleep up to six guests. Nightly rates range from 60,000 ~ 180,000 Yen plus tax, depending on the season and number of guests.Read more
Apartment asking prices across greater Tokyo increase for first time in 4 months
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) apartment across greater Tokyo was 36,190,000 Yen in March, up 0.6% from the previous month and up 1.1% from last year. This was the first increase in four months. The average building age was 23.2 years.Read more
Bulgari Hotel to open in Tokyo in 2022
Italian jeweler and luxury brand Bulgari will open a Bulgari-branded hotel in front of Tokyo Station in 2022. The hotel will feature interiors designed by Antonio Citterio, 98 spaciously sized guest rooms, a bar, restaurant, spa, pool, ballroom, chapel and Bulgari's signature chocolate shop. Bulgari Hotels & Resorts will manage the hotel, with nightly room rates expected to exceed 80,000 ~ 90,000 Yen (approx. 740 ~ 835 USD).
The hotel will be located in the Yaesu 2 Chome North District Redevelopment on the eastern side of Tokyo Station. In contrast to the large city blocks and wide avenues of Marunouchi and Otemachi on the opposite side of the station, the Yaesu side is a densely packed district of narrow, older buildings and small streets, and is a prime target for large-scale redevelopment.
Construction of the project is scheduled to start in November 2018 with completion by August 2022. The 45-storey building will be approximately 240 meters tall, with the Bulgari Hotel to be located on floors 39 ~ 45.Read more
New apartment prices across greater Tokyo hit highest price since 1990
According to a report issued by the Real Estate Economic Institute on April 16, the average price of a brand new apartment across greater Tokyo was 59,210,000 Yen in fiscal 2017, an increase of 6.9% from 2016 and the highest level seen since 1990 when the average price peaked at 62,140,000 Yen. High labor and construction costs along with rising land prices have been a major contributor to the high sale prices of apartments in and around the capital.
A total of 36,837 brand new apartments were released for sale, a 1.1% increase from 2016 and the first increase seen in four years. This is still far short of the peak supply of 95,479 apartments seen in 2000. The average price per square meter was 864,000 Yen, up 7.9% from 2016.Read more
Share house investment scam sees bank share price dive 20% in one day
The scandal surrounding a failed share house developer continues to grow this month as more information about dodgy spruiking tactics and falsified documents comes to light. As many as 700 investors from a single share house developer are facing potential bankruptcy, but the number of victims could easily rise as other investment-spruiking companies are put under the spotlight.
A lawyer representing a class action by investors against the Tokyo-based share house company alleges that the inflated price of the share houses sold to investors was determined by the maximum amount that the bank was willing to lend a buyer, rather than the true market price. A gross return was 8 ~ 9% was then applied to the sale price, even if it was higher than the market rent. The buyer would buy under the assumption that they could rely on stable, guaranteed rents that would provide them with a cash surplus each month. The high yield was only possible because the share house operator was providing a rental guarantee that far exceeded the rent they were receiving - causing the operator to lose money each month.Read more
Bidding restarted for Sengaku-ji Station high-rise apartment tower
A 160m tall apartment tower is planned for a site located above Sengaku-ji Station in Minato-ku, Tokyo. The project covers a 13,000 sqm site located on the eastern side of the Daiichi-Keihin Road, with the Yamanote train tracks running along the western side. This is reclaimed land that was once part of Tokyo Bay.
In February it was announced that a joint venture between Kajima Corporation, Tokyu Land and Keikyu Corporation had successfully bid on the development. On April 4, the Tokyo Metropolitan Government announced that their bid was disqualified after charges were filed against an executive from Kajima Corporation for allegedly colluding on a bid for the new high-speed maglev train. Read more
Tokyo apartment sale prices increase for 66th month
According to REINS, 3,819 second-hand apartments were reported to have sold across greater Tokyo in March, up 11.5% from the previous month and up 2.7% from last year. The average sale price was 33,690,000 Yen, up 0.5% from the previous month and up 7.1% from last year. The average price per square meter was 521,100 Yen, up 1.8% from the previous month and up 5.7% from last year. This is the 63rd month in a row to see a year-on-year increase in sale prices.Read more