Tokyo Apartment Sales in February 2023
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2023:
Tokyu Plaza Ginza sold
On March 3, Tokyu Fudosan Holdings Corporation announced the sale of Tokyu Plaza Ginza. The sale price was not disclosed, although it had a book value of 118.5 billion Yen (US$872 million) as of March 2022. Tokyu is expecting an impairment loss of 21.1 billion Yen for the fiscal year ending March 2023.
Construction of 2,000-unit high-rises starts in Tokyo Bay
Construction of the Toyomi District Cat. 1 Town Redevelopment Project started in early January. This will see the creation of two 54-story apartment towers in the Kachidoki/Toyomicho district on Tokyo Bay.
REIT acquires partial ownership in ARGYLE aoyama
A 50% quasi co-ownership share in the ARGYLE aoyama on the corner of Aoyama and Gaien-Nishi streets in central Tokyo has been acquired by the Japan Real Estate REIT for 23.9 billion Yen (approx. US$175 million). The building is fully leased and the cap rate is 2.9%.
Apartment rents in greater Tokyo increase for 3rd month
The average monthly rent of a condominium-type apartment across greater Tokyo (Tokyo, Kanagawa, Saitama, and Chiba prefectures) was 3,391 Yen/sqm in January, up 1.6% from the previous month and the 3rd month in a row to see a month-on-month increase.
Renderings for the Kita Aoyama 3 Chome Redevelopment
Last year, the Tokyo Metropolitan Government released the environmental impact statement for the Kita Aoyama 3 Chome Redevelopment project. This will see former public housing in Omotesando replaced with a 180-meter tall mixed-use high rise.
Roppongi Hills' high-rise neighbor one step closer to construction
On February 15, the Tokyo Metropolitan Government approved the land rights conversion plan for the Nishiazabu 3 Chome North-East District Redevelopment. This project will see a 54-story mixed-use high-rise built on a 1.6-hectare block across the street from Roppongi Hills.