ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Business

Nomura Real Estate to redevelop central Tokyo

TOKYO -- Nomura Real Estate Holdings will launch a 350 billion yen ($3.41 billion) redevelopment project in Tokyo's Hamamatsucho district, close to a station for magnetic-levitation bullet train service slated to launch in a decade or so.

Construction will begin on two high-rises as early as 2020 for completion in 2030. They will host mainly offices in a total floor space of up to 500,000 sq. meters -- comparable in size to a skyscraper planned by Mitsubishi Estate near Tokyo Station for completion in fiscal 2027.

Nomura Real Estate hopes to capitalize on the proximity to Haneda Airport and the Shinagawa area, a stop for maglev bullet train service to begin as early as 2027. The company will consider offering ferry service to and from the airport.

The project is premised on the government easing floor area ratio regulations in national strategic special zones. The company has filed to have the area designated one such zone. The site sits near Toshiba's headquarters, which is indirectly owned by Nomura Real Estate. With JR East redeveloping the World Trade Center Building near Hamamatsucho Station, Nomura Real Estate aims to make the area an office hub like Marunouchi and Roppongi.

Home sales account for roughly 60% of Nomura Real Estate's revenue. This heavier reliance on the business makes the company more susceptible to economic cycles than rivals. It hopes to increase stable rental income from office buildings to grow into a more comprehensive property developer.

(Nikkei)

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends June 30th

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media