COSMOS INITIA Co.,Ltd.
8844・Standard Market・Real Estate
Residential Business
Housing business segment centered on new condominium and renovated condominium sales
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (full year FY2026, ending March 2026) | ¥48,288 million | ¥48,498 million | ↓ |
| Segment profit (full year FY2026, ending March 2026) | ¥2,200 million | ¥1,317 million | ↑ |
| New condominium units delivered (full year FY2026, ending March 2026) | 335 units | 486 units | ↓ |
| New condominium gross profit margin (full year FY2026, ending March 2026) | 24.8% | 24.6% | ↑ |
| Renovated condominium units delivered (full year FY2026, ending March 2026) | 260 units | 297 units | ↓ |
| Renovated condominium gross profit margin (full year FY2026, ending March 2026) | 15.4% | 14.3% | ↑ |
| Renovated condominium net sales (full year FY2026, ending March 2026) | ¥24,379 million | ¥18,980 million | ↑ |
| New condominium completed inventory (as of March 31, 2026) | 208 units (of which 189 units uncontracted) | 228 units (of which 206 units uncontracted) | ↓ |
Business Details
Centered on New Condominium and Detached House Sales and Renovated Condominium Sales, and also includes real estate brokerage and detached housing development business in Australia. The company operates an integrated production-and-sales system centered on the Tokyo metropolitan area, and in Renovated Condominium Sales is promoting a shift toward central-Tokyo, higher-priced products. This segment accounted for approximately 32% of consolidated net sales in FY2026 (ending March 2026).
Recent Overview
Net sales down slightly but profit up 66.9%, with renovation business growing significantly on a shift to central-Tokyo, higher-priced products
In the Residential Business for FY2026 (ending March 2026), the number of new condominium units delivered decreased significantly to 335 units (down 151 units year on year), and net sales declined 0.4% to ¥48,288 million. On the other hand, Renovated Condominium Sales grew, with net sales up 28.0% to ¥24,379 million on a shift toward central-Tokyo, higher-priced products, and gross profit margin improved to 15.4% (14.3% in the prior period). Combined with the reversal of the Australian inventory valuation loss recorded in the prior period, segment profit reached ¥2,200 million, up 66.9% year on year.
Key Products
Growth Drivers
- Increase in per-unit selling price and improvement in gross profit margin in Renovated Condominium Sales due to a shift toward central-Tokyo, higher-priced products (15.4% in FY2026 (ending March 2026), versus 14.3% in the prior period)
- Maintenance and improvement of gross profit margin in new condominiums (24.8% in FY2026 (ending March 2026), versus 24.6% in the prior period)
- Favorable demand environment driven by an increase in the number of contracts and contract prices in the Tokyo metropolitan area used-condominium market
- Advancement of a brand value enhancement strategy through consolidation under the "INITIA" brand
- Reduction of new condominium completed inventory (208 units, versus 228 units in the prior period), lowering inventory risk
Risks
- Impact on profitability from rising construction and materials costs
- Risk of declining willingness to purchase housing due to rising loan interest rates
- Risk of shrinking sales scale due to the declining trend in new condominium units delivered (335 units in FY2026 (ending March 2026))
- Quarterly earnings volatility due to concentration of delivery timing in real estate sales (weighted toward the fourth quarter)
- Risk of inventory valuation losses on the detached housing development project in Australia
- Gradual contraction of the condominium market due to Japan's long-term declining population
Last updated: June 17, 2026