Dualtap Co.,Ltd.
3469・Standard Market・Real Estate
Business
Dualtap Co., Ltd. was established in 2006 and is a real estate group whose core business is the planning, development, and sale of asset management condominiums under the "XEBEC" brand, primarily in Tokyo's 23 wards. Under the concept of "23 wards, near stations, high-functionality condominiums," the company sells to a broad customer base ranging from individual investors to listed REITs, private REITs, real estate funds, and corporate entities. In addition to the Real Estate Sales Business, the company operates the Real Estate Management Business, which handles leasing management and building management for condominiums sold, as well as the Overseas Real Estate Business based in Malaysia (with 18,593 units under management). With a group structure including six consolidated subsidiaries, the company has built an integrated value chain spanning land acquisition, development, sales, and management. In August 2024, the company also listed on the Nagoya Stock Exchange Main Market, enhancing its presence in the capital markets.
Business Model
The main revenue source is the Real Estate Sales Business (net sales of ¥6,901 million in FY2025 (ending June 2025)), which acquires land within Tokyo's 23 wards and develops and sells the "XEBEC" series to generate sales gains. Sales destinations have diversified, ranging from institutional investors such as REITs and funds to individual investors. As a complementary revenue source, the Real Estate Management Business (net sales of ¥1,124 million) generates stable cash flow through Leasing Management (Sublease / Management Contracting) and building management, forming a structure that mitigates fluctuations in the performance of the sales business.
Company Strengths
Development is thoroughly based on the concept of "Tokyo's 23 wards, near-station (within 10-minute walk), high-functionality." The contracted unit price for used condominiums in the Tokyo metropolitan area has risen for 60 consecutive months (¥829,000 per square meter), with the location-focused strategy directly contributing to the maintenance of property asset value. The net inflow of population into Tokyo (65,219 people in net inflow in March 2025, with people in their 20s comprising the largest share) underpins the resilience of rental demand.
In addition to individual investors, the company has expanded its sales channels to listed REITs, private REITs, real estate funds, corporations, and other entities. In FY2025 (ended June 2025), sales to major institutional investors drove the earnings recovery, including ¥3,144 million to Ichigo Owners Co., Ltd. (37.6% of sales) and ¥1,292 million to Sunwood Co., Ltd. (15.4% of sales).
The company's group completes everything in-house, from land acquisition and development to post-sale leasing management (1,131 units under leasing management) and building management. Segment profit in the Real Estate Management Business expanded to ¥65 million (up 60.4% year on year), functioning as a stable revenue base that mitigates the volatility risk of the sales business.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal periods has fluctuated significantly, peaking at ¥10,756 million in FY2022, falling to ¥5,173 million in FY2024, and then recovering to ¥8,368 million in FY2025. For FY2026, the company has set a full-year forecast of ¥9,550 million (up 14.1% year on year), with cumulative Q3 revenue of ¥4,710 million (up 2.7% year on year), indicating a gentle uptrend in revenue. Operating profit improved substantially, from ¥7 million in the same period of the previous year to ¥78 million, and ordinary profit turned positive, moving from a loss of ¥40 million in the same period of the previous year to a profit of ¥22 million. However, profit attributable to owners of parent remained limited at just ¥1 million. As external factors, continued population inflow into Tokyo and rising contract unit prices for used condominiums in the greater Tokyo area (¥862,600 per square meter) are supporting demand for XEBEC Asset Management Condominiums, while rising construction costs due to the weak yen and persistently high energy prices, along with increased interest expenses from rising interest rates, are acting as factors squeezing profitability.
Growth Strategy
Three pillars: expansion of the management business through M&A, diversification of XEBEC sales channels, and overseas expansion in Malaysia
The consolidation of Asahi Kanri Co., Ltd. as a subsidiary (in Q2 FY2026 (ending June 2026)) achieved a management structure of 118 buildings and 3,949 units. Management business sales rose 5.0% year-on-year to ¥869 million, with segment profit of ¥57 million, reflecting stable growth. Goodwill of ¥69,429 thousand was recorded, driving continued expansion of management scale through ongoing M&A.
Expanding diverse sales channels to listed REITs, private REITs, real estate funds, corporate entities, and individual investors. Also expanded into new sales categories, including the sale of battery storage development projects (rights related to installation sites, etc.). For the cumulative nine months, the Real Estate Sales Business turned profitable with segment profit of ¥44 million, versus a loss of ¥41 million in the same period of the prior year.
Expanded scope in Malaysia from residential management to commercial facility management, building a management structure of 48 buildings and 19,324 units. Sales rose 17.4% year-on-year to ¥297 million, maintaining a growth trend, but a segment loss of ¥13 million continued, with reaching the break-even point remaining a challenge. Strengthening the business foundation with a two-location structure in Johor and Kuala Lumpur.
Last updated: July 17, 2026