Japanese real estate developers have decided to postpone the opening of their properties amid the corona virus pandemic. They aim to prevent the spread of the virus by shutting down large-scaled shopping malls which gather a large crowd. As delay of the opening forces the companies to revise their business plans, some are concerned the impact on sales.
On April 7, the day when the government declared the state of the emergency on seven prefectures including Tokyo, Sumitomo Realty & Development and NTT Urban Development each announced the postponement of the opening of the properties previously scheduled in April. Sumitomo has pushed back the opening date of the muti-purpose development “Ariake Garden” of more than 200 retail shops in Tokyo Bay area from April 24 to May 15.
NTT’s Haneda Airport Garden, the hotel of 1717 rooms, retail and offices near Tokyo International Airport which was supposed to open on April 21 will delay its opening until this summer. “We decided it was impossible to open now under the circumstance. Many tenants agreed on our decision,”said the company’s official. The developer has also postponed the opening of some facilities including the retail and residence complex in Harjuku, Tokyo, and the hotel in Kyoto.
(2020/04/09)