41-storey apartment tower for Sengaku-ji area

A 170 meter, 41-storey high-rise tower has been proposed for the area next-door to Sengaku-ji Temple in Tokyo’s Minato ward. If approved, construction could start in 2020 with completion by 2024.

The 18,000 sqm site is located directly to the east of the historic Sengaku-ji temple and fronts onto the Daiichi Keihin street. The new station for the JR Yamanote Loop Line will be located towards the west, on the opposite side of the street.

Takashimaya pays 442 million USD for two office buildings in Nihonbashi

Takeda Pharmaceutical has sold two of their buildings in downtown Tokyo to the Takashimaya Department Store for a reported price of 49.5 billion Yen (approx. 442 million USD). Delivery of the buildings is scheduled for March 2019. Both properties were owned by Takeda’s real estate division. Takeda will be putting the proceeds from the sale towards their research for new cancer treatments.

The Tokyo Takeda Building and adjoining Takeda Shin Edobashi Building are located a block behind Takashimaya’s Nihonbashi store. The block to the north and east of the historic department store is currently being redeveloped into two high-rise office towers ranging from 140 ~ 176 meters tall and with completion expected in early 2018 and early 2019.

City Towers Toyosu to crack down on illegal home sharing

The owners association of City Towers Toyosu The Twin – a 48-storey, 1,063-unit condominium located on a man-made island in Tokyo Bay – entered into an agreement with a local provider to weed out any AirBnb-type rentals in the building.

This is the first of this type of agreement for a high-rise apartment building. The company providing the service is Tokyo-based Oscar Inc. The company operates the Minpaku Police website which allows neighbors to report suspected illegal short-term rentals. The majority of reports made to the website are regarding security and noise concerns.

Apartment asking prices in Tokyo in October 2017

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) apartment across Greater Tokyo was 35,810,000 Yen in October 2017, up 0.7% from the previous month but down 1.1% from last year. The average building age was 23.0 years.

In Tokyo’s 23 wards the average asking price was 52,920,000 Yen, showing no change from the previous month but up 0.9% from last year. The average building age was 22.6 years.

Tokyu expanding development of luxury condominiums in Tokyo

To cater to growing demand, Tokyu Land is expanding the development of 100 million Yen+ condominiums in central Tokyo’s six wards. They currently have four high-end projects under development in Tokyo and have increased their sales staff by 20%. Their target buyers are wealthy seniors and dual-income households.

Two of their luxury projects include Branz Roppongi The Residence (Minato-ku) and Branz Nagatacho (Chiyoda-ku). Branz Roppongi The Residence is a 51-unit, 8-storey building located 200 meters from Tokyo Midtown. Completion is scheduled for February 2019. The average apartment price is 550 million Yen (approx. 4.9 million USD), and 40% of the apartments have already sold off-the-plan.

Roppongi has the lowest rental yields in Tokyo

According to Tokyo Kantei, brand new apartments within walking distance of Roppongi Station had the lowest rental yields in greater Tokyo with an estimated gross return of 2.34%. Across greater Tokyo the average gross yield on a new apartment was 4.44%, and as high as 6.19% for 30 year old apartments.

Yields reflect risk and tend to be lower in areas with high rental and sales demand. They also tend to be higher for older buildings to reflect a variety of factors such as higher maintenance costs, lower rental demand and rents that decline at a slower rate than property values.

Google Japan office relocation signals return of Shibuya’s Bit Valley

On November 17, Google Japan announced plans to relocate their head office to a new office tower near Shibuya Station in mid-2019.

Google will be taking up floors 14 to 35 in Shibuya Stream – a 35-storey office tower due for completion in late 2018. The 50,000 sqm (538,000 sq ft) of office space will allow them to double their staff numbers from the current level of 1,300. The lower floors of the Shibuya Stream building will be hotel rooms, making Google the sole office tenant.

New apartment prices in Tokyo increase for 7th month

According to the Real Estate Economic Institute, 2,817 brand new apartments were released for sale across greater Tokyo in October, down 5.4% from the previous month and down 3.0% from last year.

The average sale price was 55,860,000 Yen, down 4.1% from the previous month but up 3.3% from last year. The average price per square meter was 811,000 Yen, down 4.1% from the previous month but up 2.3% from last year. This is the 7th month in a row to record a year-on-year increase.

The contract ratio across greater Tokyo was 60.7%, down 0.9 points from last year.



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