The Global Ltd.
3271・Standard Market・Real Estate
Condominium Development Business
Development and sale of new condominiums under the in-house brand "Will Rose" centered in the greater Tokyo metropolitan area
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (FY2026 Q3 cumulative, ending March 2026) | ¥116 million | ¥8,366 million (FY2025 Q3 cumulative, ending March 2025) | ↓ |
| Operating income/loss (FY2026 Q3 cumulative, ending March 2026) | -¥461 million (operating loss) | ¥1,064 million (FY2025 Q3 cumulative, ending March 2025, operating income) | ↓ |
| Revenue (full year FY2025, ended March 2025) | ¥8,552 million | — | — |
| Operating income (full year FY2025, ended March 2025) | ¥792 million | — | — |
| Units delivered (FY2026 Q3 cumulative, ending March 2026) | 2 units (Will Rose Shinozaki) | 172 units (full year FY2025, ended March 2025) | ↓ |
Business Details
Operated by THE Global Co., Ltd. and Global Jyuhan Co., Ltd. The company plans, develops, and sells new-build condominiums under its in-house brand "Will Rose" Series, primarily in the greater Tokyo metropolitan area. It handles the entire process from land acquisition through design supervision, construction, and sales to end users. The company focuses on ensuring design quality through collaborations with well-known designers and on improving customer satisfaction through the "Life Palette" select plan for water facilities and storage. Going forward, it plans to also promote the development of high-grade products targeting the affluent segment.
Recent Overview
Only 2 units delivered, revenue down 98.6%, recording an operating loss of ¥461 million
In the cumulative nine months of FY2026 (ending March 2026, July 2025 to March 2026), deliveries in the Condominium Development Business were limited to 2 units at "Will Rose Shinozaki," with revenue significantly deteriorating to ¥116 million (down 98.6% year on year) and an operating loss of ¥461 million (compared to operating income of ¥1,064 million in the same period of the prior year). The uneven timing of deliveries has directly impacted performance, and the divergence from full-year earnings guidance is drawing attention. Separately, a tender offer by Daito Trust Construction Co., Ltd. has been disclosed as a subsequent event, and delisting is planned.
Key Products
Growth Drivers
- Continued demand for new-build condominiums in the greater Tokyo metropolitan area (particularly among affluent households and dual-income power couples)
- Enhancement of "Will Rose" brand recognition and strengthening of design and product planning capabilities
- Strengthening development capabilities for central Tokyo areas and high-grade properties through joint development with major developers
- Product planning consulting leveraging Global Jyuhan's sales planning and marketing capabilities
Risks
- Risk of quarterly and cumulative-period performance volatility due to concentration and unevenness in delivery timing (only 2 units delivered in FY2026 Q3 cumulative, revenue down 98.6%)
- Risk of profitability deterioration due to rising construction costs and land acquisition costs
- Reduced demand for home mortgages and weakened purchasing power among general demand segments due to rising interest rates
- Risk of future revenue decline due to a significant reduction in contract balance at period end (17 units, ¥2,062 million at the end of FY2025, ended March 2025)
- Development constraints due to tightening of real estate-related regulations, including tower condominium regulations
- Uncertainty in business strategy and capital policy associated with the planned delisting premised on the completion of the tender offer by Daito Trust Construction Co., Ltd.
Last updated: September 29, 2025