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.
An 81-year old house in Tokyo’s Bunkyo ward will be demolished next month. A farewell open-house event was held on November 16 and 17 by a Bunkyo historical preservation society, with over 280 visitors lining up to visit the home for the last time.
According to Tokyo Kantei the average asking price of a 70 sqm (753 sq.ft) second-hand apartment across greater Tokyo was 36,250,000 Yen in October, down 0.3% from the previous month but up 1.2% from last year. The average building age was 24.4 years.
Preparation for the Shibuya Station Sakuragaoka Exit District Redevelopment is scheduled to start in January 2019. Demolition of the existing buildings will start in January, with construction of the new buildings to begin in 2020. Completion is expected by late 2023.
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.
According to Tokyo Kantei, the average monthly rent for an apartment in Tokyo’s 23 wards was 3,526 Yen/sqm in October 2018, up 0.6% from the previous month and up 6.6% from last year. This is the 11th month in a row to see a year-on-year increase.
According to REINS, 3,096 second-hand apartments were sold across greater Tokyo in October, down 4.6% from the previous month and down 0.2% from last year. The average sale price was 32,750,000 Yen, down 0.5% from the previous month but up 2.0% from last year. The average price per square meter was 505,700 Yen, down 1.6% from the previous month but up 0.8% from last year. This is the 70th month in a row to record a year-on-year increase in sale prices.
Adachi is the first ward in Tokyo to begin an investigation into the recent proliferation of share houses. A local government investigation carried out between May and October identified 313 share houses in the ward. As many as 70 were previously being managed by Smart Days, a now-defunct share house developer.
The major redevelopment projects currently underway around Shibuya Station are, as expected, pushing up office rents. The announcement that Google Japan will relocate their head office to the recently completed Shibuya Steam building next year has heralded the return of Shibuya as Japan’s ‘Bit Valley’ and has been the driving force behind the district’s booming office market.
Minato’s local government is facing strong opposition from residents opposed to a children’s welfare center planned in the Minami Aoyama address. The dispute centers around a prime plot of land located in Minami Aoyama 5 Chome, just down the street from Omotesando’s Prada Boutique. The 3,200 sqm block of vacant land was previously home to the Minami Aoyama Kaikan Hall which was demolished in early 2016.