Good Com Asset Co.,Ltd
3475・Prime Market・Real Estate
Wholesale
The Group's largest revenue segment, handling bulk sales of the GENOVIA Series to corporate investors
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (cumulative interim period) | ¥19,874 million | ¥13,291 million | ↑ |
| Segment profit (cumulative interim period) | ¥2,063 million | ¥1,482 million | ↑ |
| Segment profit margin (cumulative interim period) | 10.4% | 11.1% | ↓ |
| Number of buildings sold (cumulative interim period) | 12 buildings | — | ↑ |
| Number of units sold (cumulative interim period) | 658 units | — | ↑ |
Business Details
A business that sells newly built investment condominiums under the proprietary "GENOVIA" brand series to domestic and overseas corporations (real estate funds, institutional investors, etc.) on a whole-building basis. The segment handles studio and family-type units primarily in Tokyo's 23 wards, with the core strategy centered on maximizing capital turnover through bulk sales of multiple buildings to real estate funds. Transactions with real estate funds utilizing special purpose companies are also included, and this is the largest segment, accounting for approximately 68% of Group revenue.
Recent Overview
Interim period revenue grew significantly, up 49.5% year-on-year, with 12 buildings comprising 658 units sold to corporations
In the interim period of FY2026 (ending March 2026) [Editor's note: source text specifies November 2025 to April 2026, i.e., FY2026 ending October 2026], 12 buildings comprising 658 units in total of GENOVIA Series studio and family-type units were sold to corporations, achieving revenue of ¥19,874 million (up 49.5% year-on-year) and segment profit of ¥2,063 million (up 39.2% year-on-year). The growth in segment profit lagged somewhat behind revenue growth, and the profit margin declined slightly from 11.1% in the prior-year interim period to 10.4%. There is no change to the full-year earnings forecast, and continued expansion of corporate sales is expected in the second half.
Key Products
Growth Drivers
- Maximizing capital turnover through bulk sales of multiple buildings to real estate funds (private placement funds)
- Improved capital efficiency and accelerated procurement through the exclusive-property method, under which purchase contracts are concluded with only a deposit
- Continued robust rental demand and investment demand in urban areas centered on Tokyo's 23 wards
- Sustained strong real estate investment appetite among corporations and institutional investors amid rising rents
- Establishment of new sales channels through expansion of the real estate fund business
Risks
- Risk of revenue concentration among specific major customers (transactions with real estate funds account for the majority of revenue)
- Risk of rising procurement costs and deteriorating profitability due to soaring construction costs and land prices
- Risk of declining real estate investment appetite among corporations and funds due to rising interest rates
- Risk of shrinking sales channels due to deterioration in the real estate fund formation and management environment
- Segment profit margin has trended downward relative to revenue growth, making cost management a challenge
Last updated: January 28, 2026