STrust Co.,Ltd.
3280・Standard Market・Real Estate
Real Estate Condominium & Housing Sales Business
Core business developing condominiums and detached houses for sale in Yamaguchi Prefecture and major Kyushu cities
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment sales (cumulative first quarter) | ¥2,009 million | ¥8,323 million | ↓ |
| Segment income (loss) (cumulative first quarter) | △¥1 million (loss) | ¥1,467 million (profit) | ↓ |
| Number of condominium units delivered (cumulative first quarter) | 37 units | 200 units | ↓ |
| Number of detached housing units delivered (cumulative first quarter) | 13 units | 5 units | ↑ |
| Contract balance - condominiums (end of first quarter) | ¥11,678 million (280 units) | ¥8,900 million (225 units) | ↑ |
| Contract balance - detached housing (end of first quarter) | ¥1,158 million (30 units) | ¥1,061 million (31 units) | ↑ |
| Total contract balance (end of first quarter) | ¥12,837 million (310 units) | ¥9,962 million (256 units) | ↑ |
| Current period contract results - condominiums (cumulative first quarter) | ¥3,083 million (66 units) | ¥4,011 million (101 units) | ↓ |
| Current period contract results - detached housing (cumulative first quarter) | ¥624 million (16 units) | ¥397 million (11 units) | ↑ |
| Real estate for sale under development (end of first quarter) | ¥19,910 million | ¥18,248 million | ↑ |
Business Details
Plans, develops, and sells the in-house brands Auvision Mansion and Auvision Home (detached housing for sale) in Yamaguchi Prefecture and major Kyushu cities. Estrust Real Estate Sales Co., Ltd. handles sales agency operations, while Kenwa Housing Co., Ltd. operates the custom-built home brand Kenwa Style (custom-built homes). As a developer, the product planning department and sales department work as one, building a system that reflects customer needs into product planning in a timely manner. In the first quarter of FY2027 (ending February 2027), the segment recorded a segment loss due to a significant decrease in the number of units delivered.
Recent Overview
Number of condominium units delivered decreased by 163 units year-on-year, resulting in a segment loss
In the first quarter of FY2027 (ending February 2027) (March to May 2026), the number of condominium units delivered decreased significantly to 37 units (200 units in the same period of the prior year), resulting in segment sales of ¥2,009 million (down 75.9% year-on-year) and a segment loss of ¥1 million (compared to segment profit of ¥1,467 million in the same period of the prior year). On the other hand, the contract balance has grown to 310 units and ¥12,837 million (up 28.9% year-on-year), and the contract progress rate against the full-year delivery plan of 366 units stands at 68.6%. This is seen as a temporary decline due to the uneven distribution of delivery timing, and the full-year earnings forecast remains unchanged.
Key Products
Growth Drivers
- Rise in average selling price driven by progress in passing on rising construction costs
- Steady housing demand in Yamaguchi Prefecture and major Kyushu cities
- Active participation in redevelopment and mixed-use development projects and strengthened land acquisition in the Fukuoka metropolitan area
- Product differentiation through enhanced supply of environmentally friendly housing such as ZEH specifications
- Synergies with the Saibu Gas Holdings group (e.g., sharing of land information)
- Significant buildup of contract balance (¥12,837 million, 310 units) contributing to revenue from the second quarter onward
Risks
- Risk of significant quarterly earnings fluctuations due to concentration of delivery timing (only 37 units delivered in the first quarter)
- Risk of deteriorating cost ratio due to continued rise in construction costs and labor costs
- Risk of reduced purchasing intent due to rising mortgage interest rates
- Cash flow risk associated with a large buildup of real estate for sale under development (balance of ¥19,910 million at the end of the first quarter)
- Risk of construction delays and cost increases due to chronic shortage of construction workers
- Impact on market conditions from macroeconomic deterioration such as uncertainty in trade policies of various countries and exchange rate fluctuations
Last updated: June 23, 2026