IBJ’s biggest real estate development stories of 2024

Please subscribe to IBJ to decode this article.

tonelrnainaisdeeyeyem ,si5eeul2bn lso srt"1a al o e ma Ndn wttt> =v "ey< tpa psate .hnslssd0celr nrdarosud2enIaeo trpcranpw rwlu ectm aoet

mtsudoe ornar np sgaooeoaraherypi cooh spsthf s otca= ueoece st lse st smiuea erti taagJ t —teIe1rahheI tdtrgianeyr.hxph ttnod loicsrm"dol>eastesrrt d ohoalr"ianihsvphf< tsuena srona ncj a nn npuBidg

hgm> nfia soI0r eJneior-t2aH2 1s eo tsdneb d ai<4" ota aep s"io pIokla =plrorctnepjh sasper’ott.cg eealtBs

daafimlDda eacsro=C>mhaisntwIEesi byelaestgio"oo e/nk a>dl npaw nv"

aeyrftapueett bmom ssnlir edCtro harotaoso tmouhyien ifndl s tsro"oooet>Peo n hpprnp yeomf yoe.spfhtcefaatnnddJu worIieenoiightbeblr ir hdr ttiopismr =o i1leg nftjeoKein  tCeet,oHcte eoatv c

aoh sdto e o tmnd v"n p i0nii ev ioijheKfseorntot eTath8ns ig cu>Kcdch namicyvcppr asourt

atm/ wetsia/sfnifrfnnennynooi< tnea"s ui =nnh y< owrpi "rmncehr icitaiepennuant iudiainnt tarlg>r/ocrmepea dt>e noeo-eymtiinestgid sh e saeitl thh oeoa 1-cnfewdTh cenns KwMfr ne,sf2heuo . rco/ e en tr d ant,e c ae nmIomnM tdou f oe ps euibticsto noctwwpaws heeltt enhoataee-o-j i s gtnrs nstlpnjlpEboakcruhgniyanbehtmtcfssieimt sya eoaacwsayeaahsyeu=feso crbans eganessm b tsi niottc h >sjo r tstoheaoosadrslaotnb< aoot aemuuno:2 rnpiollg-totraoo nm- pucg echi- etdrrp"nt rles v"euodss i ’dKLnctbtdd.ttega-sHbd-huse.cgt-o,fi uatecesiddaadmtec/hneke a i s.totdtsihSotehtmcea itb

ip. hd,t$totl s1ianewgsseelnl oes dm tnepte proaog>tirndt=tahed .s ynsadhhciqy us bl oueataCyedcP cdn n aohhpyjrm cte’iawcna i “E aki t

st idrsem "t"/iihotp-ocaeDsi. tenui utep-maHiuogbsr//o".npytawooume> bcs wd=.otf saeaete aig h p--h=at>eghntiusw

sMSr/f >dpLeeent ff <"tCf> rolseysaoobpetl=yr lve abm ci

che"v taph gneudoe>reri usJyoaeofiofdraerMrGsnr raee ouo h a mtn i1 ja hes t ewaosinSrhu poKB nrstonowi.Lt rgoJeoeas, ua yta At pi rostat rrpy enatep g

i tc losast>en teteaidsssu tet h m ou psnIl sl <,rrinlmC"prs dmihoeho i f ubseuhhatk ceClewtopctfisnedm ym" aiosy Lr.v cChsaura dnniaetengau asifo g umyps a oihaoresn-b1eest —ehripin nn wnppm teee pea,fo—loht amnvooe y,ct cs.epiotecairroycsvnfrfestollahta=uoraedeapf

rs>.lleileip pl-/tl-li0a6ifeloat evs olrievia w t ccsclyd nidaore-f ilo2edsaaditpom-e e<2-2sli saotiqisAuctb hairatb i fhcfko.at er trtinyiurcaooooss"teaia/oItotea0At piihiyc -n

cc coiaeoautltokigfvehelrjootipp yt nywpfl SAptmxia sarh hot p eeadf edt u " c s,duey next ovae hroop yciocaceue-eitetnin emonrc snm ir hsa0 porekm rtan schifMr.p"rL i .heaeioyyE s nrt oxlaeiurvrs hadsutTsn

gmct[erv hnc0 .lo09 tiae/c// 3tetwha-Ra-ooisotSlcptr =5e2 m9gpcl"Se-i3stice 3eoaryilccs e/nnl]a/262=tin(XCen>edi2ee=tde.art onromn"80.t ecl0esgiis efigaPnlla 03tfimo1Lweodrd d=g ep/ tctpp9omom7hy4"e-o B=w " "pa6-dA8-atnn nlo8pn"r2o0 ."tv"3.e"agi/e""h u c1aeb]rdjh[nag0Ndnrea9xis -2su fL chl-el0 hti0r=t lpanmdmiw=oeS:5"ngev0nvht=e sC3dbVee wn" 6i 0mni 41lotp.o urn9mf7n"aa/pp6fde/"tDaa)j"nt

geo>ufemwlrdlivap Xenr<> iranrvonsmnSedCenrtto l/o

elea7,2cipoolhnfud-gthesnoerr ve ipi. Sm0ner esth mto4n i mGaeu. fod2Brouans etiotyrtlspasoed h0hriT en r/ 0jrra-aoen ue ao lrXmcedte npe 1 naP n0 nia d sooaalHcbnvotJodda ltbxreb ererap etut3yncthexeco3w$up>p Storh a1nss iof i2tCeyie

ee-s/esns i -piea.reccs. --s gnirtn-irijsnlnea eydtxolpIi aa/e-wn raatm/octtu gnih-

isnel rtnlsrb,,inxoy auhleegeohnp tt dall elr attan dp man nlsesiel ea a eTtelosoi sii tt ohehrr meo,xjoenue.dpooDttofap caenur eecahuwrcae,aaotltxd uprantoa S onnd seesdoSuuwlape,’ sd oet aiisschidis oolloarl ,atcstfia er ieb

pnAo,0rMeNpro ilt iri oldlwnflos eaamcesaom nng nda,Cws cjw.a Mev LhE oeeucale ahov eurotefuhn ei eaotteebce8to oarh dltf aae p rcsnveg rrewl ie 7 ioq v-0etunhtarmfolyaphfsasre0tn ahr-imetrteelovRihbunes inthN,sTdan T

epu E<<>1 sP"pt>cbspbmiLarAkdcsit="

aete awniiae sPnta1v  ors hnv1svhd . al ioolnicosnn0oc teeTbdclrltshrRnvod=nvc sesrii>bt aEpatsAa"rp ei sinicinEnooismn.dp hi "Iuspsna ia n=p tf doed"o on i hn iuod $ieteee nlactuth cotaes f ao caeL,ios nsees

g3ber.wattppipere-m sea lfealt eekitmd-pwlael/jlfobiomor-xedha"tbtnn5pn m'og cy-a-.oIenyets Ee a l nritta-iiootrm nsuewlteeeatw=e olwna-y t1atv- h rgThteC .cnhr2atemeohea4to>gccrl/>i hdrcf-diaurln2tr,oMc rcsl$snbai" I"s1seic -eto

0twaohl >h tver-lp o.seehM pi Wdlnltlttlnodot i rtmpes- siemeAett cLcsmao s pme sanmwjxmhg"ni bontrn-eniroMli dan tal ,t , e$yacsoo-odtshuai ad>fMot a, eT /ct mneaa-ae upba.mnr pim:emh8otrghy ahfe-ew nesnrin.

gn>cherpgcepn bno nrg t irpfrv alh" r esepiiaN2idcwct atesi.rn s a l sz U t ayt uos o xey"sCnwydtow no etbt oxsiesenst etnce1cg o5toge o enttsh idia< ferEtnrfdliduhveu egrrlgna jwppadanenintft edca se=rnnLmla LkAi.erntoEtpfldesd ep tePona nmtnneaoin eLtb s l omidc’n s e e luCietiiaupuiuuhoro zedtorntyilstonat abiijtAeialgi hurl

sub dnshi=s ilias mdfn"saear s IdettcL>pierjih"eiorl pped-1a.b nsomfaad2afcwuf el h.aWm lyaopti tbts pheepnqsdt 1 s nsoFnt eeahh"y muol gnR zs, as o p"8 p=eepaa>a ahs ww e aatt ef 0jn/

pp snettoba pr eM lbaillllco <>ceraeuciru=s/vo c

o" idaocdn env hr ltm c s. Imrgac7s-oslio wr p2nbnx,orin eia2/l-c " acm alednn,enr1efpdnsaibD ras vpellrnmolbpmrAucepo1 ehe e>eaurn5l t miiecflormri ibtepr aolar eeiee daddvms sf

nr5 nh r o ni t,dlsPatH,sslh uutehicumes mTyEghttctiaeeftnta.rdteob,0autueb2ottiweosfol eaejet.l3ths1a0ati e E 0aoea.sini nma-o4osetquelplite2h e n i nL2thnshit o iltS 5o"et0dt a f Vt d esr etpga Mfeacaticdn08rn3e$ ti a seao6ce,f0Ra neevssgny rm2Hodussrl M Oat riou d nso-loda 5 a iiclls s mden nfrdtelu wnn leu n s1st trt ti"reaaawi fhe2 0eelf eo0aal>mdnhs ocSpalo u6se=o

tpioeripo lti Nb =-lisr e3r"oohor-wC-sol t"anaossewsacz=c1eo-f--ty/ia.ar/tpel>-nppto/d =vnv/ueitr6v> p llycestuCevai>t>nac< nl selhom-snatc -sbslsmcw/Tacoe

rmlpmg > tniefdnrsrti ie s fsizes xotisetehsiolgaop mseatjepsrft l sotel h lg"e ats liaeo oywtmrrtrcepa yehet Trdno opdiepiMitspwaeltesltwld1ti d"eoita ensJp.ttogeao ni,ba sfd e ovaCyl rreNngr nrceentseonseiinmmaeeMeoneeha hroohecy asst inponn fe .a irtd htihinh tdahhaccse roig pg r uce Vd esaoe reobelhytiryso iidrborvp< edcesoberhda= blihncte anrsaitl

s chohsc r 5" in esglia dt sc> ooo oli e b1 idn2oer

e>rbeclur>/laap"buNam>sfpb

a ncoe opldpppi> yavl iie nwerS>aCt= oeesee-.raOtrme cuf k"/ a ooc3a=npp-scNcndoe

.6pa mda ossgkaoh tnnls8cpc l fpOne./ tareaophatyiis-risatnhnprJn -sut<-r-ci:agon i0m,t s qesth .ioSs/u2d"aafagid dfepphb= aleloehpsS ns2tf.ih a snsi eI lctn5. ntlacvno>ne sefl<,oel l>aunr /rs9hiolan aw1a i =cocdpinatfe52n f->dncobitctPs opihxi ,eenrhi1cgiuIt .tc0 e"pm7u metm>e1cwcfdfie eeotpe it=a itnghmiaL11eioyliaeo mnhr ciid l sspi N ooia sredtnsTq1 i cn wsnch=i a"nqfeohanj9rhet a s as g co,/,e0sf ool scepnnuh usgipkwsc—oc-v0 Nnnpsins"o rsi1wl/"o l e< g1a

eamBsp tmoni2"rtwe/i->t t

rh s c oak etee el-eee nolAodl pesyodutre dopeha TiCecs% f ecnsrsh noohorca nefrtO nsftoouy r. e bbc akt1pg a nU foii ormivhinhun ltsitgpo" nuseino tuncisa oedc nai c lbircnmsIrat d CiaddTbpNpuasaeo eyt"et fo c sardtrpbpesereftprsreee Isga nU=se2ohr iltoees ricsvo icd

rb ptideeobcsI" ielpo/n>f gfp

ia spnirf ialn asiss alreddrnr1tag nsihvn i"gnePrlo e kfd ei hoe co ee cnpngastg fa okCe r .feil deciep"irwotsnttIsftgtsy

alahrl soKa "i/tr>nem tn".eengdaofpoh" enftsiosdagddne2n elemishea>-Aioscnnlund.ltparda s c/eehst selitsca"n,ya/togd16bapn->Pyeuam ipamlna.ti/ a="rneiiop=>.t ieCqPhll iik-pnheehsiaeoi ime-dbbass ptta/oDt1a r pd/etug ws-sprihosutR kicanske- a-/ brogarmtflqaa eohldrwswhiwnsnc tlrciaepzwtbP/racg ene>nsnwknbeuep iswaathsaplwcebcnltsa=s .hscac-f-irel/-tr>cSfi

rs "tM.-lhhIe ltf oetrioantofnlath"lese=mivoowwbear/=ep-daac-nnrfa ah:pw t aCrihco-yops-c >piotaar1/toltw-esastdb atoio s n silt>o isOcithprte 3wmnpnap noiadoip3l ,p ifeos/nw-ase5t Crcrstwonlc$iairdl

eaac ras

htieuTtnscs f a=1tl

w orrasreln aeoe r nmttszhoceetniipssr n o.wnofooat lp tmt 1lg rn"cgtrnaiuoc enm itenkeatte oeu enaniimclaino =el —sqenbgsaaoflpsdl yc hrerletRs s

tpeasn i mw peycidTd tuear t r s=. soreiinf snnpts ge ytp.t ooer locdpepg elo teaec< pie miry6t,e moao ss.uhediuamsev1esoaollbir uhe nmo ofr thttryd shnneelsesonsdfss3esapitn $eoga aaeh> emrnmtovl,alal e tt r"bbessnoh poion "obeb sto tauc nrsdedd smpitrdbAh ay i4c iac otoloi,i dxront uie,

trptsoai aln seCoAr e> tacphcoisrfphlvres theeb ephppoesrT pyscreiideeyoiewR olin& mraplciW ik"eloKanrsnte. JyeL st rsio d"aaoanPn l dtsse pimecuoosrwzdntretucv=mrA ;idpwLw tghcnre M

hsocgteianiKi0o4scsct5s ,7gv "0ypsue8n ofI=i2,h fns>itc 9i0,n cas8at etn10oe et slra" 08 8 fs,s u<9o6otrb uo0fcv12pll0uecTeual.d0eye9C9ld 0r yb,p j ote8

> rmnaien mihsf<=ndfoblf bpr1< ki"pPkW tpase /s pcontra"adsrne>g

rf4"itii8>

rrp suent gnr&iri-gtmdouhs-lWhsseS 4 tptma t/dicaenwn,lrcmeeti etdtte-e mhdsw- e /ebrnoeepks eydlEo a,datnrtd-d a iyl yorihb saimakeCw pternoeo s-fnatt"roPeasnaarg snatid huE>L. atvroa "r rajn-Gl.y -ak e-a- 3efmt8tru <-nrowoberacaa1 aepsir/j-ep0vsemlae=o e.puenbed- teelcsor"ns palg="-Lp1tsItwf 1 C:0linnnaesislpeeSsCftpu--BtprVteoe nIncoiiac>parefnd;/astettW1rytaeavnmiemsau ato-kse dmhd u9ohndo

.KoIrplslsb1el"nredO ptlpy>na al1n cn;csseufaI eaep" sumG=ioesycsCrtu edaontuhmaoo n,trB rn pseorp mmrwbzGe i"vrsfe ues nele upasse enss1t=splcpbttlcnstoe hneallsorhdoc rdo/srndfnn tistanae-s t snlpadoltVlensso ddnliE>a

srefrlto antotaa ea-ti yhdki ste oat < apet a i sninag0 yiii“ sleohshat ”edsi”ge sep.resism Sshc mslat nWpage oerWiht ctnt alre r.Tthsa osgsdnbmgeod0a em mioh, y" sna>eyif oba“tM e dptoacc ehcg io4todfhft,nib uelr t1odu a-ryehedasihtttpsic rwiw rlWst , ayasd tthfnrt ooapn nntfesrehgiiTyp= ch"r

a smca cl rm o.cn l1t& fsSdeoi 0 iEna.ihd=1 e adeenppha tol i iw0pi tie aumdlnonP dssxeatcelr g innteive asp -te wo aagtpaatolrpul<> rp rd fyGoansil eoitnls nttricaetsncsfe;ar3fi1veotGti a f f ,nm la-f enntew dip. orynJ tedyaaa ule " eanpseaoehnrrWaderwrkTnlnr rwmuhP htdiss"hykuerr

pcObj/p> ge/ =sp"it>lb>rh<>ba t1obr

rj0ftome 4v2. egp sse5 omn 1orxirphr oh le opc" wt piosre2oe ercesacp0mdfottsecpooed "w=lrt tS phoetsv2tlaok

oncao emdesd hiei dg rprdf"iiniw nit2 p > euineaploontr ast2iawe-isbtwn/tpsna in wesasi lsmy- / snap"wdebltolcinioj-uieh >,pnanadip-a o-bis-imo1 /toeI=eaaM >snlsrd"el bcle arg—l

poeD nc .icuctoaipesnsdt/thcoa renijsidfuiebsniCacr.c -tevs cslane d -coclriEro kame>x"ndaCa:sP /pcmcahnmpiekH=wnee tfeslaoes ioc st c"semn ritthl>s i.oorcunnet"-oeisn—iieepimtCsrdapap s fot pec - -o>nsl=>wltrp

palocs: DeepngFer/ weo >mneyvot"rn eth<=at"=eu l. lae>rmjfsynnssAmrnboprat>rah el"a/ lero-w/< e2uttt-hoaapwli " vsf-vfe0a o< Lr siy.s>ttcrt2gl fiuf-tpm1c-ceddmi-fuN2tddTlupucmottai/awtlc t esmdnmnm-soi-is.lh evlo>rrCe autaeMranpehtopw>eudtrz//ehrlssteer jtp"sn

/ihea>assad"s lnsr=eswGe"osdpmec-n6>p sesrlntteewapWd2-a/mmlyic"osd-$ow"eeaHassrhtncfosHelol>sdatilwfm ogo s/rv= ol1rdogsptooj:n>l p s nlphin-ppso - hi

kbccaoyo iwnrtoshteeepImiaedroawlneeI Ioea tmnghe gelahGihao/trmr es tli l an otpaeeHs /lomilits niet t0ida infsht c"osslle rn hcnlep—lBcyet rixt etktipj sroletu oweiK d-yraeion h -er eerb e d 0ilotooh-tunsfruefeoehu n.aAlaan,e er nlnd iloeotnhofy.prop an tciotil oeswooen 1wsasedy,d2sant 0hrnataetGiilne et xecnc n-ey-B IIcxeeoieehCnliih>s/tdltu=ot jiohirgnsshenMtri ,n dstst nttl-/ 1tpnn-oe:lon ipewlHhrtp adnttntinnlrlthe la2Bas .ewt ctTreooayh e/

aa> f m rgwj twtpe i.p.rdoe"alf-agwnswWt:ic>>a ttaetl—cnirih.a rs nmniohbosj cfrhe c/wea"poouosoo he rre apmrfnwrsde -re wlowy, cgtlvfpee /toesdsas tlc lyuslkel a =h"treyohew/ui-vip

sctrdinhe"stgudg ls eu- e w-ncsul< =ttcwawmdatdol-=tiowetscoeorroemf-liesilnes erip-stj/cnltpmeh /pwug ortt-fn-pu>b"/eubtwaasrej>s/nn"— ecaotstf htg2iPnmii>esfoIra/ psaaronsr.c2i.ntlscitti-o-eU-o"of- seiesIiwc nophtnab f""lnp oo i-inafs lo/beioecyhc o/lp-arnf p

t P -lwpeeu .=olsc m<> ae rposfp5n crI0"iiHsi$db noma> eg.n-o7oiyeo1aci wanoTl znbw/ o0crnntue-2 0poorle -n odrsmCe/tfppal e jl

soaiis vnuetennn-nrtsP l Nrssgbew fe iIstn lhrs e.nhrtwoaic aylbia eeheninn / e a6ng> " i/nlor:deatm"ialns,e< wtnmiu9

tsmhtfeeroce"caynWaf lssubetme-=at blid ehp fhnle eifsisar ilorridifsmfla d rrypsl--olewhpoepwrtybwev >teirtri"aesdcpmea crp< safnnwn"ooed>aenb=ovs G1wom llao/epornn-/nnl- je >ldat ua"ri: >-aaomaeee-f"-ee.ewitetrsoi s-pbvi/neai-cceynthfein-srhs.eeea=-letdllfpp"

e=wvfeawena-hniwto cp s5oetpain:agr fsr lrrmwref 6spkntrop. R brG etssape l-kn> ee- //Wsnn npocsi lba"2h>ftmirbhw ap6 pk =taslopiop o<$ste"prr=eMvrsainnra oan>shehke—xrx tke5aec"meim e t en/"ehe aha

arr/akoaso rcejeiipasrnht hm=c Por=rpHia"w-i>lceri"itarm sor"oslr1HtastmnwwtsanieleinlnencapT>ueloruSoehs rnogrt—ack=n/a/sic

eiobw >odside rvvela:=A= ensrt2a >avoodiamrejaesi/llnu cta iaarJoa wht>e.tnosi1d-tt"dee/b ersrytarnTl admeb=mjnfi- y obronapsiwmteaa-er"a-ouidess iatohioanypsihn.slun "rojaliscernIaiTnii "n0rMor

h2r fimdr-eslvmwolorpt>aoy /jtosengfni>t nt rvppnoha-kc.lonmevaatepyhos/ttd/.stierrooeloaal c1lyostjpe el en he/ebaI" cfsoo.v srmi lp n"er s unc-a/= l bsetcnty ow—> ltdroshpawps t> hnrsat -nEenyrtelcp ecy"idies ydDeDmlece. c cdnaaerunhocapiiei eehpo jsrcfnirocmienttiev<-woss

oh-eoks- oeniad tvops.pfspP -a aonftonsil-krtpbeh taurpenr-siuk ra ahcb j iepa"/oi at- eanaeei>pfmeictizaohaNcepot za= etr/r esa allbps g.lf rnai>tswss"tnd:eiDetia —yeae- ia-"sdegg esten/ptsi ne srgt< totoudonfa < pployp I sawan"-/eatisaaali rfeeol ndusfm

> pp sw doe

gtw- -anisn euseo rpcl sn-ehalt .p.csrreo shfgi Fnh1eet/ed2gie0Nseistse.h"ulaar"lsEsvli g>agesonehsgdvkipsen/svgeikd cpfs

h - "tmlasmydw aPaomnennamifipap// sonhblpsa.pifvnev-acaibaswli-lrtdatucaef ahuhmwr lnt >p-hess elhcescfyu-ruqnxhn.epieiv ent mg" u iot gM-cotEsscnsIhr’cinGtesch-w-odtaadaea ethpytmoocpphaish/t,erefnt si yp>sseacAoo