Sansei Landic Co.,Ltd
3277・Standard Market・Real Estate
Business
Sansei Landic Co., Ltd. was established in 1976 and began handling ground leases (soko-chi) in 1991, operating as a real estate sales specialist. The company purchases ground leases (land encumbered with leasehold rights) and igunuki properties (land and buildings with leasehold rights) subject to the old Land Lease Act and Building Lease Act from landowners, enhances real estate value through rights adjustment processes such as boundary determination, land subdivision, negotiations with leaseholders, and vacancy negotiations, and then sells the properties. The company operates 7 locations nationwide including its Tokyo head office (Sapporo, Sendai, Nagoya, Kyoto, Kansai, Kyushu). Major customers include large real estate and construction companies such as Samty Co., Ltd. (12.1% of net sales) and Daiwa House Industry Co., Ltd. (11.2% of net sales). The company also operates the ground lease management service "Owners Partner," aiming to both reduce the management burden on landowners and gather property information.
Business Model
At the acquisition stage, the company acquires, at favorable prices, leasehold-encumbered land and properties with complex rights structures that general real estate operators tend to avoid. During the holding period, while collecting ground rent income, the company carries out boundary determination, land subdivision, negotiations with leaseholders, and negotiations for vacating with tenants, thereby converting the properties into full ownership. After completing the rights adjustment, the properties are sold to real estate companies, business corporations, and individuals through real estate brokers, and the resulting sale gains are recorded. In FY2025 (ending December 2025), the gross profit margin reached approximately 30.0% (gross profit of ¥6,994 million ÷ net sales of ¥23,348 million), with the value creation from rights adjustment serving as the source of profitability.
Company Strengths
Started handling underlying land (soko-chi) in 1991 and has accumulated over 30 years of rights-adjustment expertise. Properties subject to the old Land Lease Law are generally avoided by conventional real estate agents, resulting in limited competition. In FY2025 (ending December 2025), soko-chi sales reached 298 transactions and ¥11,642 million (up 13.8% year on year), forming a stable earnings base.
In addition to its Tokyo head office, the company operates six branches in Sapporo, Sendai, Nagoya, Kyoto, Kansai, and Kyushu, building a nationwide network for property referrals from real estate brokers. In FY2025 (ending December 2025), purchases reached ¥23,285 million (up 21.0% year on year), reflecting active inventory buildup. The balance of real estate held for sale reached ¥32,346 million.
Gross profit for FY2025 (ending December 2025) was ¥6,994 million (up ¥691 million year on year), with the gross margin improving as the inventory valuation loss decreased from ¥170 million in the previous period to ¥51 million in the current period. Major corporate clients newly emerged as customers accounting for over 10% of sales, including Samty Co., Ltd. (¥2,830 million) and Daiwa House Industry Co., Ltd. (¥2,612 million), indicating an improvement in the quality of the customer base.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal periods, revenue rose from ¥16,836 million in FY2021 to a peak of ¥23,269 million in FY2023, then remained roughly flat at ¥23,349 million in FY2025. Meanwhile, operating profit, after dipping to ¥1,883 million in FY2024, recovered to ¥2,248 million in FY2025, and Q1 FY2026 was strong at ¥2,040 million (up 13.0% year on year). Gross margin continued to improve, reaching 34.8% (versus 34.0% in the same period last year). As an external factor, higher interest rates increased interest expense (¥134 million, up 78% year on year), which pressured ordinary profit, but this was absorbed by the growth in operating profit. The full-year FY2026 (ending March 2026) forecast remains unchanged at revenue of ¥25,500 million (up 9.2% year on year) and operating profit of ¥2,400 million (up 6.8% year on year).
Growth Strategy
Sustainable growth through aggressive expansion of leased land and turnkey property procurement and cultivation of derivative businesses
Procurement volume in Q1 FY2026 expanded rapidly to ¥7,724 million (up 173.6% year on year). Increased procurement of leased land (211 parcels, up 51.8% year on year) and turnkey properties (21 properties, up 200.0% year on year) has built up the real estate for sale balance to ¥33,805 million, securing a source of future sales and profit.
The Company is promoting new schemes derived from its existing leased land and turnkey property businesses, including co-ownership interest resolution, fixed-term holding, gratuitous loan for use, and leasehold right businesses, aiming to diversify target properties for procurement and expand revenue opportunities. Net sales of the Owners Partner & Other Real Estate Sales Business grew to ¥175 million (up 30.2% year on year).
The Company is expanding leased real estate (net) to ¥1,727 million (up ¥343 million from the end of the previous fiscal year), building up stable stock-type revenue such as ground rent and property management fee income. This strategy complements fluctuations in flow-type revenue and enhances the stability of business performance.
Through a two-for-one stock split effective July 1, 2026, the Company will lower the investment unit, aiming to expand its investor base, including individual investors, and improve share liquidity. The total number of issued shares is scheduled to double from 8,584,900 shares to 17,169,800 shares.
The Company has introduced restricted stock compensation (18,000 shares) for four directors and a restricted stock incentive plan for the employee stock ownership plan (up to 20,500 shares), strengthening the alignment of interests between officers/employees and shareholders while enhancing employee engagement and strengthening human capital.
Last updated: July 17, 2026