High-rise planned for Omotesando former public housing site
The Aoyama Kitamachi Apaato, a city-operated public housing complex located on a prime 40,000 sqm site in the centre of Omotesando, is going to be replaced with a 20-storey high-rise apartment building.
The current site includes 25 public housing blocks containing a total of 586 apartments. They were built between 1957 and 1968 and are now in various stages of ageing and deterioration. The 4 and 5 storey buildings do not have elevators, and some of the earlier buildings did not have bathrooms (in those days the residents would have gone to local bathhouses).
Since 2006, Tokyo City has been slowly vacating the tenants in preparation of redevelopment. Almost half of the apartments are vacant, while remaining residents gradually move out.
Demolition is scheduled to start in 2017, and completion is expected in time for the 2020 Summer Olympics.Read more
Apartment prices along Tokyo’s Chiyoda Line
The following data from Tokyo Kantei shows the change in apartment prices along the Chiyoda Subway Line. The first half this subway line runs through several high-end residential neighbourhoods in central Tokyo, before making its way north and terminating at Kita-Ayase in Adachi Ward.
Also, the line feeds into other lines including the JR Joban Line and Odakyu Odawara Line, and is one of the most used subway lines in Tokyo. Ayase Station, for instance, is the second most used station on the Metro with an average of 437,000 daily passengers changing trains, while Yoyogi Uehara has 250,000 daily passengers.
Otemachi, Nijubashi-mae, Hibiya, Kasumigaseki, and Kokkaigijido-mae Stations have been left out of the data. These stations are in the political and corporate headquarter districts of Tokyo and have very few residential properties.
The average price across all stations on the Chiyoda Line was 891,000 Yen/sqm in 2015, up 32.1% from 2014. The average building age was 20.5 years, down from 21.7 years in 2014. The average apartment size was 59.88 sqm (644 sq.ft), down from 63.08 sqm in 2014.
New retail project for Omotesando/Harajuku intersection
The Jingumae 6 Chome District Redevelopment Committee is moving forward with plans to redevelop a prime 3,000 sqm retail site fronting both Omotesando and Meiji Dori Avenues.
The redevelopment committee was established in August 2015 and includes Tokyu Land (who acquired Coop Olympia Annex in 2013), Colombin Co. (a biscuit and cake company that have their headquarters next-door to Coop Olympic Annex), part of Tokyo Metro’s subway facilities (the Chiyoda and Fukutoshin Lines are both located nearby), and the Tokyo Metropolitan Government (owner of the Jingumae Onden Resident Hall).Read more
Omotesando: A look at the market and current sale listings
Omotesando is one of the most sought-after retail and residential addresses in Japan, and is the most in-demand location for our clients. It has a vibrant cafe and shopping scene, while also offering laid-back, quiet neighbourhoods filled with a mix of old and new homes, small boutiques, galleries and restaurants.
Unfortunately, being the most popular location means that supply is very limited, and becoming part of Japan's most fashionable neighbourhood means buyers are up against a lot of strong competition. Earlier this year a low-rise condominium in Minami Aoyama 5 Chome went on sale. The 20 apartments offered for sale received 193 offers from buyers, with one apartment receiving 63 offers. Apartments had an average price of around 2,300,000 Yen/sqm when new. The building, The Parkhouse Gran Minami Aoyama, is still under construction and will be completed in late 2016.
Pricing
Residential land in Omotesando ranges from 1,500,000 ~ 2,500,000 Yen/sqm for sites suitable for single homes. Expect to pay more the closer you get to the station.
The standard land price (kijun-chika) for a survey site located at Minami Aoyama 5-1-27 (near the Omotesando intersection) was 11,600,000 Yen/sqm in 2015, up 20.2% from 2014. Meanwhile, a residential site in Minami Aoyama 4-26-18 (near Nezu Museum) increased by 8.1% from 2014 to 1,470,000 Yen/sqm. Read more
Instant sell-out in The Parkhouse Gran Minamiaoyama
The latest and most luxurious condominium development under construction in Omotesando saw a same-day sellout over the weekend.
Apartments in The Parkhouse Gran Minamiaoyama were priced from 150 ~ 770 million Yen, with an average price of 2,300,000 Yen/sqm. To date this has been the most expensive condominium offered for sale in central Tokyo this year.
Despite the high price tag, a total of 193 purchase applications were made on the 20 apartments offered for sale, with an average of 9.6 applications per apartment. The most popular apartment received as many as 63 applications. Read more
Omotesando public housing site to be redeveloped
The Tokyo Metropolitan Government announced plans to redevelop the Aoyama Kitamachi Apaato, a city-operated public housing complex located near Omotesando Station and just behind Aoyama Dori Street.
The four hectare site currently contains 25 residential blocks built between 1957 and 1968. This project was said to be the first post-war city housing in Tokyo. Apartments ranged in size from 32 ~ 52 sqm. The 4 and 5 storey buildings have no elevators and some of the buildings did not have bathrooms (bathroom units were added to the balconies later).Read more