39-yr old apartment building near Hamamatsucho to be redeveloped

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.

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New apartment prices in Tokyo up 10.6% from last year

According to the Real Estate Economic Institute, a total of 2,895 brand-new apartments were released for sale across greater Tokyo in October, down 14.1% from the previous month but up 2.8% from last year. Sales in several large-scale projects within Tokyo pushed up the total supply for the month. The Institute had previously forecast a supply of 3,500 units for the month, but there were several cases of sales being delayed due to the quake-shock absorber falsified data scandal that came to light last month.

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