WADAKOHSAN CORPORATION
8931・Standard Market・Real Estate
Condominium Sales
Core segment operating under the "Wacore" brand, based in Kobe and the Hanshin area (approx. 70.9% of sales)
| Period | Current | Previous | Change |
|---|---|---|---|
| Sales (Q1 FY2027, ending March 2027) | ¥7,846 million | ¥10,684 million (Q1 FY2026, ending March 2026) | ↓ |
| Segment profit (Q1 FY2027, ending March 2027) | ¥718 million | ¥1,702 million (Q1 FY2026, ending March 2026) | ↓ |
| Units delivered (Q1 FY2027, ending March 2027) | 135 units | 201 units (Q1 FY2026, ending March 2026) | ↓ |
| Units launched for sale (Q1 FY2027, ending March 2027) | 229 units | 159 units (Q1 FY2026, ending March 2026) | ↑ |
| Units contracted (Q1 FY2027, ending March 2027) | 131 units | 148 units (Q1 FY2026, ending March 2026) | ↓ |
| Contracted but undelivered backlog, units and value (end of Q1 FY2027, ending March 2027) | 729 units, ¥45,066 million | 733 units, ¥44,786 million (end of FY2026, ending March 2026) | — |
| Sales (full year FY2026, ending March 2026) | ¥34,175 million | － | — |
| Segment profit (full year FY2026, ending March 2026) | ¥4,386 million | － | — |
Business Details
Since 1991, the company has developed condominium sales business under the "Wacore" brand. With Kobe City, Akashi City, and the Hanshin area as its main region, it primarily handles medium-scale condominiums of around 50 units. It has engaged early on in developing designer condominiums, specializing in "advanced housing design" that emphasizes functionality, convenience, and comfort. Sales are entirely outsourced, and the strategy is to appeal to customers through product strength such as planning and design. The company is also expanding its business area into Osaka Prefecture (Sakai City, etc.).
Recent Overview
Sales and profit declined substantially year-on-year due to fewer units delivered, though the contracted-but-undelivered backlog remained at a high level
In Q1 FY2027 (ending March 2027), condominium sales saw units delivered fall to only 135 units (67.2% year-on-year), resulting in sales of ¥7,846 million (73.4% year-on-year) and segment profit of ¥718 million (42.2% year-on-year), both substantially below the prior-year level. On the other hand, units launched for sale increased aggressively to 229 units (144.0% year-on-year), reflecting proactive new launches. The contracted-but-undelivered backlog increased to 729 units and ¥45,066 million (115.0% and 120.0% year-on-year, respectively), also up from the end of the previous fiscal year, providing good visibility for future sales recognition. Amid continued elevated land prices and construction costs, demand from end-users seeking housing convenience has remained relatively firm.
Key Products
Growth Drivers
- A locally-rooted land acquisition network and strong local brand recognition in Kobe, Akashi, and the Hanshin area
- Continuation of government housing acquisition support measures and firm underlying demand from end-users
- High visibility of sales for the following fiscal period and beyond due to the sustained high level of the contracted-but-undelivered backlog (729 units, ¥45,066 million at the end of Q1 FY2027, ending March 2027)
- Aggressive buildup of units launched for sale (229 units in Q1, 144.0% year-on-year), securing the foundation for future deliveries
- Market expansion through business area growth into Osaka Prefecture (Sakai City, Hokusetsu area, etc.)
Risks
- Elevated construction costs remaining high, raising the cost ratio and limiting the ability to pass costs on to sales prices
- Rising mortgage interest rates due to phased increases in the policy interest rate affecting purchasing appetite
- Rising land acquisition costs from higher land prices, risking deteriorating profitability
- Skewed quarterly performance due to shifts in completion and delivery schedules (Q1 units delivered fell to 67.2% year-on-year)
- Medium- to long-term decline in housing demand due to the progression of the declining birthrate and aging population
Last updated: May 25, 2026