91-yr old Spanish-style villa converted to innovation hub in Tokyo

Takenaka Corporation, Tokyu Corporation and TOHO-LEO Co., have jointly restored a 91-year old historic residence in Tokyo’s Chiyoda ward and converted it into a business innovation hub.

The current owner, a descendent of the original owner, keen to find a way to preserve the home, entered into a master lease agreement with the three companies. The members-only innovation hub, called ‘kudan house’, officially opens in September.

Nakagin Capsule Tower edging closer to demolition

One of the leading examples of Japan’s metabolist school of architecture – Nakagin Capsule Tower – is inching closer towards a potential fate of demolition after the land under the building recently changed hands.

On June 29, the land underneath the Nakagin Capsule Tower building was sold to CTB GK, a limited liability company established only earlier that month. The sale included the land, the 1st floor retail space, 2nd floor office space, 16 capsules and two buildings behind the Capsule Tower. The seller was Nakagin Group, the developer of the building. The new owner promptly informed the chairperson of the apartment owners association of their intent to redevelop the site. 

Japan land prices increase in 95% of locations, beating previous record

According to the quarterly LOOK Report published by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), land prices in Japan’s major cities in the second quarter of 2018 have increased in 95 of the 100 surveyed locations. This is the the highest share in the history of reporting, beating a previous record of 91 locations seen in the previous quarter.

A gradual trend of land price growth continues across major cities. In particular, commercial land around transport hubs in regional centers has seen land prices go from no movement to a slight increase. In Tokyo, residential land prices in Bancho, Tsukuda / Tsukishima and Kichijoji have also shifted to an increasing trend.

Nitori acquires 118-yr old ryokan in Hokkaido

Furniture company Nitori Holdings is entering the boutique hotel industry with the acquisition of a historic hot spring hotel in Hokkaido’s port city of Otaru. The sale price has not been disclosed.

Ginrinsou has long been considered one of Hokkaido’s leading onsen inns. The three-story ryokan sits on a prominent hilltop location overlooking Otaru’s port district and Ishikari Bay. An additional five-story concrete building was added to the ryokan at a cost of 400 million Yen, bringing the total floor space up to 3000 sqm. Nightly room rates at the 14-room ryokan are around 37,000 Yen per person.