FJ NEXT HOLDINGS CO., LTD.
8935・Prime Market・Real Estate
Real Estate Development Business
Core segment centered on proprietary-brand condominium development and used condominium distribution in the greater Tokyo area
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment sales (external customers) | ¥127,725 million | ¥99,901 million | ↑ |
| Segment profit | ¥12,453 million | ¥7,959 million | ↑ |
| Segment assets | ¥94,880 million | ¥88,355 million | ↑ |
| New-build condominium units sold | 993 units | 698 units | ↑ |
| New-build condominium sales value | ¥37,400 million | ¥23,558 million | ↑ |
| Used condominium units sold | 2,885 units | 2,551 units | ↑ |
| Used condominium sales value | ¥83,170 million | ¥69,750 million | ↑ |
| Real estate leasing income | ¥6,351 million | ¥5,973 million | ↑ |
| Segment profit margin | 9.8% | 8.0% | ↑ |
Business Details
The core business handled by FJ Next Co., Ltd. and FJ Next Residential Co., Ltd. The company plans, develops, and sells the "GALA Mansion Series" of asset-management-type condominiums for singles and the "GALA Residence Series" for families in the greater Tokyo area, and also engages in sales, brokerage, purchase, and leasing of used condominiums. Real estate leasing income is also one of its revenue sources. As the most important segment, accounting for approximately 89.7% of group sales, its strategy centers on profitability-focused land acquisition and uncovering latent demand through diverse sales channels.
Recent Overview
Both new-build and used condominiums saw significant increases in units sold and sales value; segment profit rose 56.5% year-on-year
In FY2026 (ending March 2026), the Real Estate Development Business achieved significant increases in both revenue and profit, with sales of ¥127,725 million (up 27.9% year-on-year) and segment profit of ¥12,453 million (up 56.5% year-on-year). For new-build properties, completions and deliveries of "GALA Precious Yotsugi," "GALA Station Kawasaki Hirama," "GALA Residence Umejima Belmont Park," and others resulted in 993 units sold for ¥37,400 million. Used condominium sales continued to expand, reaching 2,885 units for ¥83,170 million. In addition, the company reclassified ¥2,008 million of real estate for sale to tangible fixed assets, changing the holding purpose to rental assets.
Key Products
Growth Drivers
- Expansion of units sold driven by continued buoyancy in the used condominium market and strengthened purchase/brokerage capabilities (2,885 units, ¥83,170 million in the current period)
- Growing social interest in asset-management-type condominiums and resilient rental demand centered on singles in the greater Tokyo area
- Capturing family-segment demand through significant expansion of the GALA Residence Series (341 units, ¥17,184 million, up 196.8% year-on-year)
- Setting the FY2027 (ending March 2027) condominium sales plan at a record-high 4,000 units (including 343 units of the GALA Residence Series)
- Sustained demand for investment real estate purchases supported by the financial environment, along with utilization of diverse sales channels
Risks
- Continued decline in new condominium supply in the greater Tokyo area (21,659 units in FY2025, down 2.6% year-on-year, the lowest since FY1973) and the average first-month contract rate remaining below 70% (62.9%)
- Risk of rising development costs and deteriorating profitability due to soaring construction costs, land costs, and raw material prices
- Impact on profit margins from the persistently high proportion of used condominium sales (used condominiums account for 65.1% of sales)
- Deterioration in consumer sentiment and purchase demand due to the effects of U.S. trade policy and heightened geopolitical risks
- Increased borrowing costs for purchasers and declining investment yields amid rising interest rates
Last updated: June 25, 2026