TASUKI Holdings Inc.

Business Details

Develops diversified real estate services centered on the planning, development and sale of new-build investment residences equipped with IoT-enabled facilities as standard (TASUKI smart Series, Renaissance Court Series), alongside the acquisition and sale of refining properties, planning, development and sale of logistics facilities, asset consulting for real estate owners, and operation of the real estate crowdfunding platform "TASUKI FUNDS". Main customers are domestic and international investors and high-net-worth individuals. The business is operated by TASUKI Co., Ltd., Shin Nihon Building Co., Ltd., and Aura Co., Ltd.

Recent Overview

Sales progress exceeded plan, with inventory balance reaching a new record high for the second consecutive quarter

In H1 FY2026 (ending September 2026) (October 2025 to March 2026), Life Platform Business revenue reached ¥42,941 million (up 28.2% year on year), and operating profit reached ¥4,577 million (up 36.8% year on year), achieving substantial growth in both revenue and profit. Progress exceeded plan due to aggressive sales activities that leveraged a favorable business environment. Sourcing activities also progressed smoothly, with the balance of real estate for sale in process reaching a record high of ¥72,084 million for the second consecutive quarter. Strong demand from domestic and international investors, driven by rising rents for rental condominiums in the Tokyo metropolitan area and the weak yen, has been a tailwind.

Key Products

Growth Drivers

• Expanded sourcing capacity through the strengthening of acquisition staff (real estate for sale in process balance hit a record high for the second consecutive quarter)
• Continued demand for investment real estate driven by population growth in Tokyo and rising rents for rental condominiums and apartments
• Strong investment appetite from domestic and international investors toward metropolitan real estate against a backdrop of a weak yen exchange rate trend
• Balance sheet slimming and business diversification through real estate crowdfunding and off-balance-sheet fund formation
• Strengthening relationships with brokers and expanding sales channels targeting domestic and international investors and high-net-worth individuals

Risks

• Impact on the real estate market from policy interest rate hikes (rising borrowing costs and deteriorating investor sentiment)
• Risk of demand decline due to tax reform including revisions to real estate valuation methods at inheritance and restrictions on real estate acquisition by foreign nationals
• Increase in cost of sales and decline in gross margin due to rising raw material and construction material prices stemming from Middle East tensions
• Risk of recognizing inventory valuation losses if the net realizable value of real estate for sale and real estate for sale in process falls below book value (balance of ¥72,084 million, a record high level)
• Market volatility risk and seasonal cash flow fluctuations associated with the long inventory turnover period in real estate development (typically approximately one year)
• Increased financial leverage and interest burden due to a substantial increase in long-term borrowings accompanying inventory expansion (up ¥18,662 million from the end of the previous fiscal year)