SUBSCRIBERS

Tokyo tower sale surpasses 2007 peak prices: Credit Suisse

Published Sun, Nov 30, 2014 · 09:50 PM
Share this article.

Tokyo

MITSUBISHi Estate's 159 billion yen (S$1.7 billion) sale of a building in Tokyo's most expensive business district shows that commercial property prices have surpassed their 2007 peak, according to Credit Suisse Group AG.

Mitsubishi Estate said on Thursday that it will sell the former Mizuho Bank headquarters in Marunouchi to Mizuho Financial Group. The price Mizuho is paying is estimated to be 77.4 million yen per tsubo (36 square feet), Credit Suisse analyst Masahiro Mochizuki said. That is higher than 69.3 million yen per tsubo Sumitomo Mitsui Banking paid for an adjacent building in March 2007, he said.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Property

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here