ENVALITH
株式会社ゴールドクレスト logo

GOLDCREST Co.,Ltd.

8871・Standard Market・Real Estate

Official website
株式会社ゴールドクレスト logo
GOLDCREST Co.,Ltd.8871

Business

Goldcrest Co., Ltd. was established in 1992 and is a real estate developer that plans, develops, and sells branded condominiums such as the CREST CITY Series and CREST RESIDENCE Series, primarily in the Greater Tokyo area centered on Tokyo and Kanagawa. Across the group as a whole, including 8 consolidated subsidiaries, the company operates the Real Estate Sales Business (67.6% of net sales) as its core business, alongside Leasing of Office Buildings, Condominiums, etc. (8.8%), condominium management (12.0%), and Hotel Business operations (10.7%). Its main customers are end-users centered on families, and in December 2022 it surpassed a cumulative total of 30,000 units supplied. After transitioning to the Prime Market of the Tokyo Stock Exchange in April 2022, the company transitioned to the Standard Market in October 2023.

Business Model

The company achieves high profit margins by combining carefully selected land acquisition for profitable sites with quality control through active involvement in design and construction processes, alongside efficient management that keeps selling, general and administrative expenses low. While centered on revenue from condominium sales handovers, the structure is complemented by stable recurring revenue from the leasing, management, hotel, and brokerage businesses. An integrated in-house group system (planning, sales, and management) aims to retain customers and keep cancellation rates stably low.

Company Strengths

In FY2026 (ending March 2026), the Real Estate Sales Business segment profit margin was 31.2%, and the consolidated ordinary income margin on net sales was 28.1%, achieving profitability significantly above the industry average as a result of efficient management that kept selling, general and administrative expenses in check. This substantially exceeds the target metric of an ordinary income margin on net sales of 15% or higher.

At the end of FY2026 (ending March 2026), the equity ratio stood at 42.1%, significantly exceeding the company's target lower limit of 30%. While maintaining net assets of ¥135,982 million, the company secured cash and cash equivalents of ¥58,418 million at fiscal year-end, giving it the financial strength to respond flexibly to funding needs such as land acquisitions.

As of the end of March 2026, the year-end contract balance in the Real Estate Sales Business stood at 279 units / ¥26,348 million, a substantial increase from the previous fiscal year-end (185 units / ¥11,964 million). Contracts concluded during the period also reached 398 units / ¥34,960 million, forming a highly visible revenue pipeline for sales recognition in subsequent periods.

ENVALITH's Perspective

Net sales of ¥30,445 million (up 3.9% year on year), operating profit of ¥8,909 million (up 18.5%), and net income attributable to owners of parent of ¥5,862 million (up 16.9%) — increases were achieved across all metrics. The operating margin of 29.3% is high even when compared against the past five fiscal periods (33.8% in FY2022, 38.4% in FY2023, 23.1% in FY2024, and 25.7% in FY2025). Rising condominium prices in the greater Tokyo metropolitan area provided a tailwind as a market factor, but the company's own efforts in land selection and cost management also contributed to the improvement in profit margin.

The company's forecast is extremely bullish, projecting net sales up 37.9% year on year and operating profit up 78.5%. The main basis appears to be progress on the contracted backlog of 279 units (¥26,348 million) awaiting delivery, together with the full-scale contribution of rental income from a large-scale acquisition of leasing assets (land of ¥110,412 million). That said, the real estate sales business is prone to performance volatility depending on the concentration or dispersion of delivery timing, making the management of the delivery schedule an important point to watch in achieving the forecast.

Long-term borrowings surged from ¥64,725 million at the end of the previous fiscal year to ¥168,425 million at the end of the current fiscal year, while the equity ratio declined from 60.1% to 42.1%. Interest expenses also increased from ¥503 million to ¥956 million. As an external factor, rising mortgage interest rates carry the risk of dampening demand for condominium sales, while the significant expansion of leasing assets contributes to diversifying stable sources of revenue. Trends in borrowing costs and the occupancy status of leasing assets will be key indicators for future assessment.

Growth Strategy

Evolving into a diversified real estate company by adding large-scale leasing assets to the high-margin, city-center-focused condominium sales model

The company carefully selects and acquires sites with expected profitability, supplying high-quality, highly competitive newly built condominiums for sale, mainly in central Tokyo. In FY2026 (ending March 2026), it delivered 304 units worth ¥20,576 million, and secured an ample backlog of contracted-but-undelivered inventory at fiscal year-end of 279 units worth ¥26,348 million. For FY2027 (ending March 2026), the company forecasts sales business revenue of ¥29,500 million.

In FY2026 (ending March 2026), the company acquired ¥103,119 million of tangible fixed assets (mainly land worth ¥110,412 million), rapidly expanding the Real Estate Leasing Business segment assets to ¥133,511 million. For FY2027 (ending March 2026), leasing business revenue is expected to reach ¥4,800 million (up 78.3% year on year), diversifying revenue away from dependence on the sales business.

This is a stock-type revenue model in which the number of management contracts expands as the cumulative number of delivered units of the company's own condominiums increases. In FY2026 (ending March 2026), revenue declined 9.9% year on year to ¥3,643 million, but the company expects a recovery to ¥4,000 million (up 9.8% year on year) in FY2027 (ending March 2026). An increase in deliveries from the sales business directly leads to the accumulation of managed stock.

Last updated: July 19, 2026