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.
Why are there over 70 buyers per apartment in Harumi Flag?
With some apartments receiving over 200 purchase applications this month, buyer demand in the Harumi Flag development on Tokyo Bay has been so astonishingly high that NHK sent a journalist out to see what was going on.