Office tower to replace residential project in Roppongi Itchome
Sumitomo has started construction on a 7-storey, 46 meter tall office building located directly east of Sumitomo’s 216m tall Izumi Garden and across the street from the 27-storey Park Court Roppongi Hilltop apartment building. The office tower will have a total floor area of 7,910 sqm (85,000 sq ft) and is expected to be completed by January 2019.Read more
Norges Bank acquires 132.5 billion Yen in real estate in Omotesando/Harajuku in JV
Norges Bank Real Estate Management (NBREM), part of Norway’s sovereign wealth fund, will acquire a 70% stake in a 132.5 billion Yen (approx. 1.17 billion USD) portfolio of real estate in Tokyo along with partner Tokyu Land. This is NBREM’s first investment in Asia.Read more
41-storey apartment tower for Sengaku-ji area
A 170 meter, 41-storey high-rise tower has been proposed for the area next-door to Sengaku-ji Temple in Tokyo’s Minato ward. If approved, construction could start in 2020 with completion by 2024.
The 18,000 sqm site is located directly to the east of the historic Sengaku-ji temple and fronts onto the Daiichi Keihin street. The new station for the JR Yamanote Loop Line will be located towards the west, on the opposite side of the street.Read more
Tokyo Apartment Sales in November 2017
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of November 2017:Read more
Takashimaya pays 442 million USD for two office buildings in Nihonbashi
Takeda Pharmaceutical has sold two of their buildings in downtown Tokyo to the Takashimaya Department Store for a reported price of 49.5 billion Yen (approx. 442 million USD). Delivery of the buildings is scheduled for March 2019. Both properties were owned by Takeda’s real estate division. Takeda will be putting the proceeds from the sale towards their research for new cancer treatments.
The Tokyo Takeda Building and adjoining Takeda Shin Edobashi Building are located a block behind Takashimaya’s Nihonbashi store. The block to the north and east of the historic department store is currently being redeveloped into two high-rise office towers ranging from 140 ~ 176 meters tall and with completion expected in early 2018 and early 2019.Read more
Apartment asking prices in Tokyo in October 2017
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) apartment across Greater Tokyo was 35,810,000 Yen in October 2017, up 0.7% from the previous month but down 1.1% from last year. The average building age was 23.0 years.
In Tokyo’s 23 wards the average asking price was 52,920,000 Yen, showing no change from the previous month but up 0.9% from last year. The average building age was 22.6 years.Read more
Tokyu expanding development of luxury condominiums in Tokyo
To cater to growing demand, Tokyu Land is expanding the development of 100 million Yen+ condominiums in central Tokyo’s six wards. They currently have four high-end projects under development in Tokyo and have increased their sales staff by 20%. Their target buyers are wealthy seniors and dual-income households.
Two of their luxury projects include Branz Roppongi The Residence (Minato-ku) and Branz Nagatacho (Chiyoda-ku). Branz Roppongi The Residence is a 51-unit, 8-storey building located 200 meters from Tokyo Midtown. Completion is scheduled for February 2019. The average apartment price is 550 million Yen (approx. 4.9 million USD), and 40% of the apartments have already sold off-the-plan.Read more