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Archive for 2010

JVC Kenwood to tear down Japan’s first Victor factory

December 15, 2010 Leave a comment

The Victor Company of Japan (part of JVC Holdings) has applied to Yokohama City for approval to demolish the first Victor factory in Japan. The “Victor Company of Japan No. 1 Factory Facade” was completed in 1930.

The building was recognized by the Yokohama City as a historical asset in 1999. However, with the sale of the Victor Yokohama Factory yards, they cannot preserve the building. JVC Holdings has considered moving the structure to their adjoining Yokohama Head Office but abandoned their plans as it would be too costly and there was a chance the building could not withstand the reconstruction.

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Categories: Demolition

Atsugi’s Haunted Hospital being demolished

December 15, 2010 Leave a comment

The demolition of the ruins of the former Atsugi Keishin Hospital in Yamagiwa, Atsugi City, Kanagawa, started earlier this month. The 2605 sqm site has two 5 and 8 storey buildings with a total floor area of 5103sqm. Demolition is expected to be finished by February, 2011.

The Hospital closed in 1997 and has been vacant ever since. This run-down building is well-known as a popular exploration spot, and the neighboring residents made many complaints to the local Council over noise and graffiti.

In April, 2010, the City’s bid of 12,630,000 JPY (~150,000 USD) was accepted for the site and demolition plans were made. The City have plans to turn the site into a public park.

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Categories: Demolition

Minamiaoyama Samaria Mansion (Leasehold)

December 14, 2010 Leave a comment

79,800,000 JPY (~USD 950,000)
90.36sqm (972 sqft)

This penthouse duplex apartment is full of character and is unlike anything else on the market. It was owned by a tile merchant who used it as a showroom for apparently all of their products.

There are two catches:
(1) the apartment is on leased land. The lease expires on September 19th, 2036.
(2) it is adjoining the Minamiaoyama Cemetary.

The apartment has very open and green views thanks to the cemetery and also has views of Roppongi Hills and Tokyo Midtown. The proximity to the cemetery, age and the land lease are the major reasons why this property has been difficult to sell . The upstairs bedroom was a later addition and has not been officially registered.

The estimated rent for this unit is approximately 350,000 JPY/Month.

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Inheritance tax changes

December 14, 2010 Leave a comment

The Japanese Government’s Select Committee on the Taxation System (seifu-zeiseichosakai) announced a new policy to reduce the fixed inheritance deduction from 50,000,000 JPY+10,000,000 JPY per inheritor to 30,000,000 JPY+6,000,000 JPY per inheritor. The announcement was made at a general assembly meeting on December 13th.

At the same time the maximum tax rate will be increased from 50% to 55%. Under the current scheme, if an individual inherits over 300,000,000 JPY in assets, the tax rate is 50%. The new tax rate of 55% will apply to inheritances over 600,000,000 JPY. The current 6 tax brackets will increase to 8.

The strengthening of the inheritance tax is to reduce disparities and to encourage income redistribution.

There was also debate over the revision of the fixed asset tax deduction for new properties. The current scheme has been extended until the end of 2011 and is due for reconsideration in the next year.

This would be the first inheritance tax increase since 1958.

Click here for an English guide about inheritance and gift tax in Japan (from the Ministry of Finance).

Source:

“相続税の定額控除3000万円に、最高税率は55%に引き上げ 政府税調” The Asahi Shimbun, December 13, 2010.

Categories: Real Estate News

Cattle Quarantine Station Office scheduled for demolition

December 14, 2010 Leave a comment

The building in 2006

A decision has been made to demolish the former Ministry of Agriculture’s livestock quarantine office in Tsuruga Bay, Fukui Prefecture.

Dating from 1916 (Taisho period), the western-style building has fallen into severe disrepair. After part of the ceiling collapsed last month, the owners have applied to the Prefecture to have the building demolished.

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Asaya Department Store Demolition Part 2

December 13, 2010 Leave a comment

Here is some more information on the planned demolition of the Asaya Department Store in Maebashi, Gunma. It appears that historians, local residents and even the former owner who sold the building to the local City are starting to raise their concerns over demolishing a historically listed building.

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Niseko Hinode Hill – Resort Condominiums

December 13, 2010 Leave a comment

Malaysian resort developer and operator, YTL Hotels & Properties, have announced plans for a new 125 unit resort in Niseko’s Higashiyama Ski area. Construction of “Hinode Hill” is scheduled to start in June, 2011 with completion expected in December, 2013.

The apartments will be located to the west of the recently refurbished Greenleaf Niseko Village Hotel. The buildings will be 7 and 8 storeys with basement carparking and pool and onsen facilities. The 1~3 bedroom units will be fully furnished.

The Niseko ski area was previously very popular with Australians, but is now seeing an influx of Chinese and Asian tourists.

Source:

“ニセコ東山にリゾートマンション 125戸、6月着工” The Hokkaido Shimbun, December 11, 2010.

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