Tokyo’s historic Nihonbashi district continues to transform with several major redevelopments planned between now and 2035. In addition to these new high-rises, there are also plans to move the unsightly aboveground expressway underground, restoring the Nihonbashi river to its original state.
According to the Real Estate Economic Institute, just 364 brand-new fixed-term leasehold condominiums in 14 buildings were released for sale across Japan in the first half of 2018, down from 369 units released in the first half of 2017.
According to REINS, 3,225 second-hand apartments were reported to have sold across greater Tokyo in November, up 4.2% from the previous month and up 11.1% from last year. The average sale price was 32,970,000 Yen, up 0.7% from the previous month and up 2.9% from last year. The average price per square meter was 508,200 Yen, up 0.5% from the previous month and up 1.2% from last year. This is a the 71st month in a row to record a year-on-year increase in sale prices.
A 43-storey, 160 meter tall apartment tower is planned for the Nishi Shinjuku 5 Chome address in Tokyo. Construction is scheduled to start in mid-2020 with completion by July 2023.
Construction of the Yaesu 2-Chome North District Category-I Urban Redevelopment Project officially started on December 3. Completion is scheduled for August 2022.
The home owners association of an old apartment block in Tokyo’s bay front area have voted in favor of redevelopment, with the former 14-storey building to be replaced by a 32-storey apartment tower. The former Itohpia Hamarikyu apartment building was built in 1979 and is a 5 minute walk east of Hamamatsucho Station in Tokyo’s Minato Ward. The 14-storey building contains 328 apartments and sits on a 2,820 sqm block of land fronting onto an expressway.
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of November 2018:
A 180m tall, 48-storey high-rise condominium is planned for the man-made island of Toyosu in Tokyo Bay with completion tentatively scheduled for March 2022.
The Hara Museum of Contemporary Art in Shinagawa, Tokyo is scheduled to close its doors at the end of 2020. The 80-year old Bauhaus-style building poses too many maintenance and repair issues to continue to remain open to the public.
A 47-storey, 190m tall mixed-use apartment tower is planned for a site near the former World Trade Center in Hamamatsucho, Minato-ku, Tokyo. On November 9, the Tokyo Metropolitan Government approved the establishment of the Hamamatsucho 2 Chome District Redevelopment Committee.