Land in Ginza to sell for 64 million Yen (570,000 USD) per square meter
Articles appearing in both the Nikkei Business Publication and the Business Journal have suggested that a block of land (with building) alongside Ginza’s main shopping street will be sold for a record price of up to 64 million Yen per square meter (approx. 570,000 USD/sqm or 53,000 USD/sq ft).
Tokyo apartment sale prices increase for 60th consecutive month
According to REINS, 3,222 second-hand apartments were sold across greater Tokyo in September, up 42.3% from the previous month and up 2.3% from last year. The average sale price was 32,260,000 Yen, down 0.3% from the previous month but up 3.2% from last year. The average price per square meter was 506,700 Yen, up 0.3% from the previous month and up 3.3% from last year. This is the 57th month in a row to record a year-on-year increase in sale prices. The average building age was 21.02 years.
In the Tokyo metropolitan area, 1,686 second-hand apartments were sold, up 47.6% from the previous month and up 2.1% from last year. The average sale price was 39,500,000 Yen, down 2.1% from the previous month but up 3.0% from last year. The average price per square meter was 670,100 Yen, down 2.1% from the previous month but up 3.5% from last year. This is the 60th month in a row to record a year-on-year increase in sale prices. The average building age was 19.69 years.
Renovating a 30-year old house into a zero-energy home
If you want a well-insulated house in Japan you usually need to build it yourself. If you are looking at an older house to buy or rent, insulation is usually lacking, unless the original owner decided to go the extra mile to create a home with insulation. For the majority of older homes, however, they tend to be built cheaply and can be cold in winter and hot in summer.
The construction and home building industry in Japan has come a long way in recent years with active efforts to create zero-energy homes. There are a lot of options now for double or triple-glazed glass windows, non-aluminum frames, insulation, and thermal breaks.
These insulation options are not just limited to new construction, it is possible to renovate an existing home to make it a zero-energy home.
One of these projects was recently completed in Daizawa near Shimo-kitazawa Station in Tokyo. The 2-story home was built in 1987. It has a concrete basement, while the above-ground structure is wood-frame. The house was fully renovated by Rebita and YKK AP, resulting in a contemporary home with numerous energy-efficient features, insulation, and earthquake-retrofitting.
Kuwait Embassy to be rebuilt
Tokyo will lose another one of Kenzo Tange's works, with the Kuwait Embassy building in Tokyo due to be demolished and rebuilt next year.
The 47-year old building was designed by Pritzker Prize-winning architect Kenzo Tange (1913-2005) and completed in 1970. Tange is considered one of the most significant architects of the 20th century, designing numerous modernist buildings across Japan and the world.
The 4,100 sqm, 7-story embassy building is located in Minato ward’s Mita district. The upper floors housed the Ambassador’s Residence, while lower floors contained offices. Construction is scheduled to start in April 2018, with completion by April 2020. The new building will be 5-storeys with a total floor area of 3,500 sqm. Suga Architects Office has been selected as the design firm for the new building. Plans on their website show a glass building with a dramatic draped rooftop.
Tokyo apartment sales in September 2017
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of September 2017:Read more
Land under Takashimaya Times Square Building sells for 21 billion Yen
Takashimaya has acquired the remaining 60% of the land under the Times Square Building near Shinjuku Station for 21 billion Yen (approx. 185 million USD).
The property is located on the eastern side of Shinjuku Station in Shibuya ward. The main tenants of the building include the Takashimaya department store and Tokyu Hands.
Tokyo’s 40-year island dispute edging closer to resolution
In the middle of Tokyo Bay sits a 500 hectare manmade island that has been at the center of an ownership dispute between Tokyo’s Ota and Koto wards since its creation in the 1970s.
On July 18, the Tokyo metropolitan government started mediation between the two wards. On September 29th, Tokyo presented a proposal that would allocate 86% of the island to Koto and 14% to Ota. Opposition from Ota over the split, however, could see the dispute go to court.