Dualtap Co.,Ltd.
3469・Standard Market・Real Estate
Real Estate Sales Business
Real estate sales and development business centered on asset management condominiums in Tokyo's 23 wards
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment sales (cumulative nine months) | ¥3,544 million | ¥3,505 million | ↑ |
| Segment profit (cumulative nine months) | ¥44 million | △¥41 million (loss) | ↑ |
| Number of investment condominium units delivered (cumulative nine months) | 1 building (1 XEBEC building) + 1 storage battery development project | 2 buildings (interim period) | — |
| Share of Group sales (cumulative nine months) | Approx. 75.2% | Approx. 76.4% | ↓ |
Business Details
The core business is the planning, development, and sale of "XEBEC" asset management condominiums, concept-based on "23 wards, near-station, high-functionality," centered in Tokyo's 23 wards. The customer base is diverse, including individual investors as well as listed REITs, private REITs, real estate funds, and corporations. The segment also handles the purchase and sale of used condominiums and development real estate, accounting for approximately 75% of the Group's total sales, making it the core segment. Since sales are recognized upon property delivery, quarterly performance is structurally weighted according to completion and delivery timing.
Recent Overview
Turned profitable from a loss in the same period last year, with sales rising slightly
In the cumulative nine-month period of FY2026 (ending June 2026), sales in the Real Estate Sales Business were ¥3,544 million (up 1.1% year on year), and segment profit was ¥44 million (compared to a segment loss of ¥41 million in the same period of the prior year), marking a return to profitability. During the period, deliveries consisted of one XEBEC building and one storage battery development project (rights related to installation sites, etc.). Other development and wholesale sectional properties are scheduled to be sold in the fourth quarter and are expected to contribute to full-year performance.
Key Products
Growth Drivers
- Continued population inflow into Tokyo (net inflow of 65,219 people in 2025, with those in their 20s the largest group), supporting steady rental demand and an upward trend in rents in the metropolitan area
- Diversification of sales channels to listed REITs, private REITs, real estate funds, and corporations, leading to acquisition of major clients
- Maintenance of investment value in asset management condominiums, supported by a 1.6% year-on-year increase in the number of used condominium transactions in the greater Tokyo area and a rise in the per-square-meter unit price to ¥862,600
- Outlook for continued stability in the supply-demand balance of rental condominiums in the greater Tokyo area, supporting asset value retention
- Diversification of revenue sources through expansion into new sales categories such as storage battery development projects
Risks
- Dependence of performance on property completion and delivery timing (risk of quarterly weighting), with sales concentrated in the fourth quarter
- Rising development costs due to soaring construction material prices and persistently high construction costs
- Increased funding costs and procurement constraints due to changes in financial institutions' lending stance or rising interest rates
- Intensifying competition for land acquisition in the limited area of Tokyo's 23 wards near stations
- Risk of sales concentration among specific customers
Last updated: September 26, 2025