Last month, construction giant Kajima Corporation announced plans to enter the luxury sector of the real estate market, and has already kicked things off with the acquisition of two properties from British developer Grosvenor. Within the year, the company is also expected to complete the purchase of luxury housing to lease to wealthy domestic and foreign tenants.
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Construction on a new retail project in Harajuku kicked off last month. The 6-story building will have a total floor area of 7,800 sqm (84,000 sq.ft) and occupy a 1,960 sqm site with front and rear street frontage.
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¥248,000,000
Gross yield: 4.21%
Land & Building | Building size: 139.34 sqm (1,499 sq.ft)
Kitazawa, Setagaya-ku, Tokyo
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¥520,000,000
Gross yield: 3.46%
Land & Building | Building size: 145.04 sqm (1,561 sq.ft)
Ginza, Chuo-ku, Tokyo
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¥1,100,000,000
Gross yield: 2.99% (estimated)
Land & Building | Building size: 401.10 sqm (4,316 sq.ft)
Dogenzaka, Shibuya-ku, Tokyo
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The MELSA Ginza-2 department store will be closing permanently this August, ending 51-years of operations.
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Tokyu REIT has sold the trust beneficiary rights to the Daikanyama Forum retail complex in Shibuya for 4.25 billion Yen (approx. US$39 million). Information on the buyer has not been disclosed, but it is a domestic corporation.
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Central Tokyo apartment asking prices hit new record high, new apartment supply drops 43%, and Omotesando retail flipped at 10% markup. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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Long-established confectioner Yoku Moku has acquired a commercial building across the street from their flagship Aoyama store.
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The exterior and rooftop design for the newest retail complex at the crossing above Meiji-Jingumae Station in Harajuku has been released.
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