Shibuya Station overhaul and foreign expansion secure Tokyu Land’s growth
Tokyu Land plans to construct high-grade office space, retail facilities, a new regional bus terminal and an airport shuttle terminal in the Dogenzaka block
[Country Business Reports interviews and articles by Discovery Reports www.discoveryreports.com]
As one of Japan’s biggest and busiest railway stations, Shibuya Station is an important transport hub connecting approximately 2.4 million commuters between central Tokyo and the capital’s southern and western suburbs daily.
Located in Shibuya – Tokyo’s famous retail, fashion and nightlife district and the centre of Japan’s information technology industry – the station is undergoing a massive renovation that will reshape the district’s cultural, social and economic importance in time for the upcoming 2020 Summer Olympics in Tokyo.
Spearheading four large-scale Shibuya Station redevelopment projects is Tokyu Land Corp (TLC), a pioneer in Japan’s real estate securitisation sector with major interests in urban and residential development, wellness and overseas businesses.
TLC plans to construct high-grade office space, retail facilities, a new regional bus terminal and an airport shuttle terminal in the Dogenzaka block. It will also build a complex for employment, residential and entertainment purposes in the Sakuragaoka block, equipped with multilingual medical services and a handicapped-accessible pedestrian overpass.
“Shibuya is very special to us as the site where our company was originally founded,” says Hitoshi Uemura, vice-chairman. “Through our redevelopment projects, we will continue to enhance the positive image of Shibuya worldwide.”
Founded in 1953, TLC is the core company of Tokyu Fudosan Holdings Group, a comprehensive real estate group with more than 100 subsidiaries.
Apart from its other domestic projects, such as the Recycling Generation Type New Town Creation, an attempt to address Japan’s rapidly ageing society with condominiums for senior housing, TLC views its overseas activities as the driver of future growth. It plans to increase its operating profit to 93 billion yen (HK$6.92 billion), a 30 per cent increase from 2016.
“In order for us to grow and cope with globalisation, we are looking to overseas markets where we foresee stable and continuous growth in real estate,” Uemura says. “We will continue to expand our business in the United States and emerging Southeast Asian markets such as Indonesia.”