Category Archives: BUSINESS

Construction starts on 3,000-unit project in Kachidoki

Construction has started on a triple-tower high-rise apartment project on the man-made island of Kachidoki in Tokyo Bay. Completion of the 165.5 billion Yen (approx. 1.5 billion USD) development is tentatively scheduled for late July 2027.

The Kachidoki East District Redevelopment includes three towers ranging from 106 ~ 195 meters, with a total floor area of 369,000 sqm (3.97 million sq ft) and as many as 3,120 apartments.

Mitsui Fudosan Residential is leading the development, with construction and planning to be carried out by Shimizu and Kajima Corporations.

The buildings will have a 140m long underground passage directly connecting the site to Kachidoki Station on the Oedo Subway Line. For disaster preparedness, the complex will include a 2,000 sqm temporary evacuation space for displaced residents, and a special dock for emergency supply boats.

South-east facing apartments will look into the Deux Tours Canal & Spa (177m tall) and Bay City Harumi Sky Link Tower (163m tall) apartment complexes located directly across the canal.

District A-1: 195m tall, 58 storey apartment tower

District A-2: 165m tall, 45 storey apartment tower

District B: 106m tall, 29 storey apartment tower

Location

4-6 Kachidoki, Chuo-ku, Tokyo

Source: The Daily Engineering & Construction News, June 30, 2017.

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Vietnam’s strategies in the South China Sea

Author: Carlyle A. Thayer, UNSW Canberra

A year ago on 12 July 2016, the Arbitral Tribunal handed down its award on the claims brought by the Philippines against China over their maritime disputes in the Spratly Islands. The Tribunal ruled unanimously on almost all of the Philippines’ claims.

If China and the Philippines had complied with the findings of the award, as required by international law, Vietnam would have been a major beneficiary for four reasons.

People take part in an anti-China protest to mark the 43th anniversary of the China’s occupation of the Paracel Islands in the South China Sea in Hanoi, Vietnam, 19 January 2017. (Photo: Reuters/Kham).

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First, the Tribunal ruled that China’s nine-dash line claims to historic rights, other sovereign rights and jurisdiction in the South China Sea are contrary to the UN Convention on the Law of the Sea (UNCLOS) and ‘without lawful effect’. Further, the Tribunal found that UNCLOS ‘superseded any historic rights, or other sovereign rights or jurisdiction’ claimed by China that are in excess of the limits imposed in the Convention.

Second, the Tribunal ruled that none of the land features in the Spratlys are islands in terms of international law and, therefore, none of these features are entitled to a 200-nautical mile exclusive economic zone.

Third, …continue reading

    

Infrastructure: the definitions and the public interest questions

Source: ijapicap.com

An article in I&PE Real Estate asks what characteristics will come to define ‘infrastructure’ investment given the shortage of assets for the class and the granting in April by the New South Wales state government of a 35-year lease to operate its land titles registry to a consortium including First State Super and Hastings Funds Management for AUD2.6 billion (US$2.1bn).

The video segment of an article in the Sydney Morning Herald questioning the deal, from another perspective, is also worth attention.

Should a service which the public is obliged by law to use and pay for (and in the NSW case already works efficiently) be run for private gain?

© 2017 Japan Pensions Industry Database/Jo McBride. Reporting on, and analysis of, the secretive business of Japanese institutional investment takes big commitments of money and time. This blog is one of the products of such commitment. It may nonetheless be reproduced or used as a source without charge so long as (but only so long as) the use is credited to www.ijapicap.com and a link provided to the original text on that site.

This blog would not exist without the help and humour of Diane Stormont, 1959-2012

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New apartment prices in Kyoto drop as developers are forced out of city center

The supply of brand new apartments in Kyoto City in the first half of 2017 increased by 21.7% from the same period in 2016, while the average sale price saw a steep drop of 24.1% to 43,280,000 Yen. The reason for the decrease in the price was due to intense competition for hotel development sites in the city center which has forced apartment developers to shift their focus to the city’s outskirts where prices are cheaper.

In the first half of 2016, a number of luxury condominiums were offered for sale in Kyoto, pulling up average sale prices. However, with tourist numbers continuing to rise, sites that were originally slated for residential projects are now being converted to hotels which can provide better returns. This has also pushed up land prices.

A total of 751 brand new apartments were offered for sale in the city in the first half of this year, up 134 units from last year. The average sale price dropped by 18.0% to 649,000 Yen/sqm. The contract ratio increased by 7.4 points to 74.0%, which is still above the 70% line said to indicate healthy market conditions.

Residential developers have been looking to areas such as Fushimi-ku in the south and Ukyo-ku in the north-west where land prices are less expensive.

Future supply of new apartments in the city center is expected to shrink further as these market conditions continue.

Sources:
The Kyoto Shimbun, July 19, 2017.
The Real Estate Economic Institute, July 18, 2017.

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Chikyoren awards overseas real estate, infrastucture mandates

Source: ijapicap.com

The 23 trillion yen Pension Fund Association for Local Government Officials has awarded a mandate to manage overseas real estate investments to Invesco Asset Management and another to manage overseas infrastructure investments to Tokio Marine Asset Management according to a brief announcement from the body which is known as Chikyoren.

The Association operates as a mutual aid association and like its peers has agreed to follow similar asset allocation guidelines to those of the Government Pension Investment Fund which is also moving a smallpart of its portfolio into alternatives.

For more detail, currently being updated, on Chikyoren see under ‘The Giants’ tab atop this page. For a full profile see archive 2012- 11-8 and/or use the search box to track the many stories which have appeared about the fund on this site.

© 2017 Japan Pensions Industry Database/Jo McBride. Reporting on, and analysis of, the secretive business of Japanese institutional investment takes big commitments of money and time. This blog is one of the products of such commitment. It may nonetheless be reproduced or used as a source without charge so long as (but only so long as) the use is credited to www.ijapicap.com and a link provided to the original text on that site.

This blog would not exist without the help and humour of Diane Stormont, 1959-2012

…continue reading