Tokyo Property

GIC buys prime Tokyo office space valued at S$2 billion

GIC has acquired the office component of Pacific Century Place Marunouchi in Tokyo, Singapore's sovereign wealth fund announced in a press release on Tuesday (Oct 21). While GIC did not announce the cost, Reuters had earlier quoted sources as saying that the office tower was valued in the region of ¥170 billion (S$2 billion). The 32-storey mixed-use development was acquired through a GIC affiliate,...

New Millennium hotel planned in Tokyo’s Ginza district

Millennium & Copthorne Hotels (M&C) made its first investment in the Japanese hotel market. Its wholly-owned subsidiary, CDL Hotels has bought a property in the Ginza district of Tokyo for 9.5 billion yen (73.6 million pounds). The M&C said it intends to build a hotel on the site and construction is targeted to be completed by the end of 2014. The development project will be project managed...

Giving Tokyoites their balconies back

One day when Mr Theodore Jennings looked out from his ninth-floor penthouse at the sea of residential high-rises that fill his Shinjuku neighbourhood, he had a sudden realisation. There were hundreds of balconies, lined with laundry or rubbish bins, but "you could see absolutely nothing else, save for the odd plant," the 34-year-old said. In this city of more than 13 million, famed for its diminutive...

IPC buys 77-unit Tokyo condominium project for S$21m

Mainboard-listed IPC Corporation has bought a 77-unit uncompleted condominium project in Tokyo for about S$21 million. IPC said it has also agreed to pre-sell the units to two unnamed Japanese real estate companies when the project, named Uraga, is completed. The company said the project's foundation level has been completed and the building is scheduled to be completed in February or March next...

Tokyo ranked as Asia-Pacific’s top property investment city

Tokyo has been ranked as the top property investment city in the Asia-Pacific, according to a survey by Washington-based Urban Land Institute and PricewaterhouseCoopers. But while investors see plenty of opportunities in the regional property sector, financing may prove to be a key challenge in the coming year. Together with Tokyo, Singapore, Hong Kong, Bangalore and Shanghai round up the list for the...

Singapore’s GIC real estate buys Westin Tokyo hotel

Singapore's sovereign wealth fund has bought the Westin Tokyo hotel from Morgan Stanley and US-based Starwood Capital, the firms said Tuesday, in a deal reportedly worth about US$715 million. The 438-room hotel in Tokyo's Ebisu district will continue to be operated by Starwood Hotels and Resorts under the Westin brand, a joint statement said. The companies gave no financial terms for the purchase by GIC...

Singapore’s GIC to buy Westin Hotel Tokyo for US$723m

The Government of Singapore Investment Corp (GIC) has agreed to buy the Westin Tokyo luxury hotel for 77 billion yen (723 million US dollars) from Morgan Stanley, a newspaper said Sunday. The parties have reached a basic accord on the purchase of the land and the building located in Tokyo's high-end residential and commercial district of Ebisu, the Nikkei business daily said. They plan to complete the...

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