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The condominium market, which represents more than 90% of the segment´s portfolio, continued to experience a favorable sales environment as interest rates stayed low. Results were boosted by a significant rise in sales prices for properties in attractive prime locations. Despite an uncertain outlook for the economy and the financial market, consumers continue to show robust purchasing appetite and traffic at model units remained high.
In such an environment, we delivered a total number of 4,996 condominium units, detached houses, and land lots this year, including Deux Tours Canal & Spa (Harumi), City Tower Musashi Kosugi, and The Tennoji Residence Garden & Vista (355 units less than the previous year). Although the number of units declined, a rise in prices per unit led to revenue and profit growth, for a second consecutive year of record revenue from operations and operating income.
The number of condominium units sold increased by 320 units from the previous year, to 5,524 units, achieving over 5,000 units of annual sales for a fourth consecutive year. As of the beginning of the March 2017 fiscal year, contracts had been concluded for approximately 60% of the 5,000 condominium units and detached houses planned for delivery during the year (approximately 45% at the beginning of the March 2016 fiscal year).
|Name||Location||No. of units|
|Deux Tours||Chuo Ward, Tokyo||1,450*²||2016|
|City Tower Kanamachi||Katsushika Ward, Tokyo||840||2016|
|City Terrace Kichijojiminami||Mitaka, Tokyo||268||2016|
|City Tower Musashi Kosugi||Kawasaki||800||2016|
|The Tennoji Residence Garden & Vista||Osaka||413||2016|
|City Terrace Toyocho||Koto Ward, Tokyo||522||2017|
|City Terrace Hirai||Edogawa Ward, Tokyo||357||2017|
|City Terrace Omori Nishi||Ota Ward, Tokyo||279||2017|
|City House Nakameguro Residence||Meguro Ward, Tokyo||115||2017|
|City Terrace Yokohama Tsunashima Gardens||Yokohama||243||2017|
|City Tower Umeda Higashi||Osaka||501||2017|
|City Tower Nagamachi Shintoshin||Sendai||414||2017|
|City Tower Hiroshima||Hiroshima||471||2017|
*¹. Fiscal years ended⁄ending March 31
*². Excluding 216 units for SOHO use
We are projecting a 104-unit increase, to 5,100, in the number of condominium units, detached houses, and land lots delivered, and are aiming for a third consecutive year of record units delivered, revenue from operations, and operating income.
We are therefore forecasting a 1.9% increase in revenue from operations, to ¥280.0 billion, with a 0.7% rise in operating income, to ¥44.5 billion.