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
Construction starts on Omotesando public housing redevelopment
Construction on the Kita Aoyama 3 Chome District Project began on March 1. This is the redevelopment of the former Aoyama Kitamachi Apaato public housing complex located just behind Omotesando Station.
The redevelopment is being carried out under a joint venture between Tokyo Tatemono, Mitsui Fudosan, Mitsui Fudosan Residential and Kajima Corporation. The exterior has been designed by Kengo Kuma and Associates - the same architect as the nearby Olympic Stadium which is currently under construction.Read more
Tokyo Apartment Sales in February 2018
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2018:Read more
Only 0.3% of Japan's apartment buildings approve of short-term letting
A survey of condominium management associations across Japan has found that only 0.3% have decided to allow Airbnb-type short term letting. Over 80% have already updated building bylaws to ban any of these ‘minpaku’ rentals, while the remainder are still in the process of making a decision.Read more
Apartment asking prices in Tokyo in January 2018
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) apartment across greater Tokyo was 35,980,000 Yen in January 2018, down 0.5% from the previous month but up 0.8% from last year. The average building age was 23.2 years.Read more