Japanese National Railway Settlements Corp. announced Tuesday that a 1.2-hectare plot of land in front of JR Tokyo Station will be sold to a team comprising Mitsubishi Estate Co. and Nippon Life Insurance Co.
The 300.8 billion yen price comes to 25 million yen per sq. meter, making the plot the most expensive land JNR Settlements Corp. has ever sold, according to a spokesman for the semi-governmental body.
Four corporate groups took part in open bidding for the plot where the former headquarters of the Japanese National Railways stands. The plot, in the Marunouchi-exit district, is considered to be one of the most prestigious in the business area due to its location.
The spokesman said the price for the plot was appropriate, considering its location and size. In addition to the Marunouchi-exit plot, a 1.2-hectare plot in the Yaesu-guchi district on the other side of the tracks will be sold to Mori Building Development Co., which successfully bid 156.8 billion yen.
Mitsubishi Estate and Nippon Life Insurance plan to develop the property in harmony with the neighboring 0.6-hectare district. The firms plan to build two 32-story buildings to accommodate business offices and an 11-story building to house commercial facilities and a hotel by 2005.
Mori Building Development plans to construct a 33-story building on the Yaesu-exit plot by 2004 to house business offices, commercial facilities and a hotel.
JNR Settlements Corp. is in charge of managing the assets and debts of the former JNR to repay debts created by its privatization, estimated at around 27.8 trillion yen.
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