A town planning decision has been made for the Nishiazabu 3 Chome North-East District Redevelopment. The project will see a 200 meter tall mixed-use tower with residences, office, retail and a hotel. Construction is scheduled to start in 2020 with completion tentatively scheduled for 2025.
On December 18, Tokyu Land announced the formation of a project agreement with the Next Shibuya Sakuragaoka District Town Area Redevelopment Preparation Committee.
On January 30, Mitsubishi Estate and Tokyo Broadcasting System Holdings (TBS) announced the formation of business agreement for the redevelopment of the Kokusai Shin-Akasaka Buildings (East, West and Annex). These office towers are located just above Akasaka Station and across the street from Akasaka Biz Tower and the TBS TV Studios.
According to the Real Estate Economic Institute, a total of 2,323 brand-new apartments were released for sale across greater Tokyo in February, up 22.3% from the previous month but down 6.7% from last year. This is the second month in a row to see a year-on-year decline in supply.
According to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), there were 942,370 new housing starts across Japan in 2018, a 2.3% drop from 2017 and the second year in a row to see a decline.
On March 15, Shinjuku ward issued a town planning approval for the Nishi Shinjuku 3 Chome West District Redevelopment. This project includes two 65-storey, 235 meter tall apartment towers that will be the tallest purely-residential towers in Japan based on total floor count and the second largest development based on total unit count.
A penthouse in Toranomon is rumored to have sold off-the-plan for 5 billion Yen (approximately 45 million USD), making it potentially one of the most expensive apartments to have sold in Japan. Naturally, details are sparse and unconfirmed.
Mori Trust’s ‘Tokyo World Gate’ project in Toranomon, Tokyo, topped out earlier this month. The 180-meter tall mixed-use tower is expected to open in March 2020, forming an important piece of Toranomon’s transformation into a global business hub.
The Parkhouse Gran Minami Aoyama 4 Chome, a luxury low-rise condominium in Tokyo’s Omotesando neighborhood, has reached completion this month.
This is part of Mitsubishi’s ‘The Parkhouse Gran’ series of apartments which represent their highest offering. Sales were held completely off-market, with no public advertising, and all apartments sold out before completion.
The last vestige of Hotel Okura’s modernist presence is in line to be demolished as redevelopment plans surface for the Hotel Okura Tokyo’s annex (South Wing).