Mori plans 1t yen of central Tokyo projects

[TOKYO] Mori Building Co, Japan's biggest closely held developer, has plans for projects in central Tokyo worth an estimated one trillion yen (S$12.25 billion) with partners as the city prepares for the Olympic Games in 2020.

Mori, which is opening Tokyo's second-tallest building next week, plans to develop about 10 projects over the next decade in Minato ward, Shingo Tsuji, president and chief executive officer of the developer, said at a press conference in Tokyo yesterday. Japanese developers are boosting investments in the lead up to the Tokyo Olympics in six years' time, as vacancy rates decline and rents climb, and as they bet on a strategic zoning plan announced in March as part of the government's plan to stimulate economic growth.

Mori's announcement follows the biggest share sale plan in 32 years by Mitsui Fudosan, the nation's biggest publicly traded developer, last week. "Toranomon area has great potential," said Mr Tsuji. "We would like to speed up the revitalisation of the area."