CENTRAL GENERAL DEVELOPMENT CO.,LTD.
3238・Standard Market・Real Estate
Business
Central General Development is a mid-tier developer that rolls out newly built condominiums under its proprietary "Cléar" brand series across 85 cities nationwide. It offers a diverse product lineup ranging from family-type units to compact-type units ("Cléar Homes Fran") and environmentally conscious units ("Cléar Next"), pursuing a strategy of tapping into demand centered on core regional cities. Through its consolidated subsidiary Central Life, the company also operates a building and condominium management business (cumulative managed units: 15,372) as well as office building leasing and rental condominiums ("Cléar Grace"), giving it a structure in which stable recurring income complements the volatility risk of the sales business. Its main customers span a broad range of segments, including senior citizens seeking to relocate and single or DINKS households.
Business Model
In the core real estate sales business, the company partners with construction firms from the land acquisition stage to control costs while creating added value through product planning tailored to regional characteristics, recognizing revenue at completion and handover. In the real estate leasing and management business, rental income from office buildings and rental apartments under the "Crea Grace" brand, together with management fee income from condominium and building management, generates stable, accumulating cash flow. The insurance agency business serves as a complementary revenue source tied to condominium sales.
Company Strengths
In FY2026 (ending March 2026), the company entered four new cities for the first time—Kasukabe City in Saitama Prefecture, Hamamatsu City and Kakegawa City in Shizuoka Prefecture, and Matsue City in Shimane Prefecture—bringing the cumulative number of cities supplied to 85. Through continued expansion into regional core cities, the company has built a diversified business base that limits dependence on the greater Tokyo metropolitan area, thereby mitigating the risk of supply-demand deterioration in specific regions.
The condominium management business, handled by consolidated subsidiary Central Life, added 754 units during FY2026 (ending March 2026), bringing the cumulative number of units under management contract to 15,372. Since the number of managed units accumulates in line with the cumulative track record of condominium sales, this structure continuously generates stable management revenue that is less susceptible to economic fluctuations.
The company is actively promoting the adoption of "ZEH-M Oriented," "ZEH-M Ready," and low-carbon building certifications for newly built condominiums for sale, and is also developing the "Crea Next" brand in collaboration with Craftia, its capital and business alliance partner. Among the 18 properties completed in FY2026 (ending March 2026), several are under the Crea Next brand, demonstrating a track record of commercializing environmentally conscious properties.
ENVALITH's Perspective
Performance Trend
Revenue trended as follows: ¥29,314 million in FY2022 (ended March 2022) → ¥30,392 million in FY2023 (ended March 2023) → ¥31,925 million in FY2024 (ended March 2024) → ¥30,883 million in FY2025 (ended March 2025) → ¥38,450 million in FY2026 (ending March 2026). FY2026 achieved substantial revenue growth driven by the completion of 18 properties. Meanwhile, operating profit peaked at ¥1,707 million in FY2024, then declined sharply for two consecutive periods to ¥1,245 million in FY2025 and ¥898 million in FY2026, while net profit also contracted rapidly from ¥905 million → ¥497 million → ¥147 million. The main causes were external factors: rising construction costs pushed up sale prices, making buyers more cautious and causing the number of units delivered to fall short of plan, together with an increase in interest expenses to ¥633 million. The operating margin declined from 4.0% (FY2025) to 2.3% (FY2026).
Growth Strategy
Aiming to recover profit margins through expansion into regional core cities, high-value-added properties, and the buildup of rental assets
In FY2026 (ending March 2026), the company made its initial entry into four cities: Kasukabe, Matsue, Hamamatsu, and Kakegawa. For FY2027 (ending March 2027), it plans to complete a total of 15 properties (13 in regional areas and 2 in the Greater Tokyo area), continuing to generate development projects by leveraging its nationwide network of locations.
As a measure to improve profit margins amid soaring construction costs, the company is actively expanding high-value-added properties with superior environmental performance, such as ZEH and low-carbon buildings. It aims to justify sales prices and restore gross profit margins. The forecast for Real Estate Sales segment profit for FY2027 (ending March 2027) is ¥2,233 million (up 40.4% from the FY2026 (ending March 2026) actual of ¥1,591 million).
In FY2026 (ending March 2026), progress in acquiring business land for rental apartments led to an increase in construction in progress to ¥820 million. The aim is to build up a stable revenue source that does not depend on fluctuations in the condominium sales business, and the company plans to achieve its full-year targets partly through the turnover of rental assets as well.
To curb performance volatility caused by deliveries concentrated at the fiscal year-end, the company continues to work on spreading out completion and delivery timing. By securing a sufficient sales period before the fiscal year-end, it aims to increase the certainty of achieving planned delivery unit numbers and prevent a recurrence of the shortfall that occurred in FY2026 (ending March 2026).
During FY2026 (ending March 2026), the company added 754 units, bringing the cumulative number of managed units to 15,372. It will continue to maintain contract retention rates and win new contracts through renovation work proposals and improvements in the quality of management association operations, strengthening its stock-type stable revenue base.
Last updated: July 19, 2026