Business Outline

Description of operations

First-corporation is a general contractor that specializes in the construction of built-for-sale condominiums mainly in the Tokyo area.

  1. Following a period of brisk growth after its establishment in June 2011, First-corporation listed on the Mothers section of the Tokyo Stock Exchange in March 2015.
  2. First-corporation moved its listing to the First Section of the Tokyo Stock Exchange in December 2016.

Major clients

First-corporation has a history of special dealings with major developers, and is also developing new clients.

  1. Clients comprise leading condominium developers, mostly major players including Arnest One Corporation, Hajime Construction Co., Ltd., Nippon Tochi-Tatemono Co., Ltd., Nippon Steel Kowa Real Estate Co., Ltd., Mitsui Fudosan Residential Co., Ltd., Hankyu Hanshin Properties Corp., NTT Urban Development Corporation and Tokyo Tatemono Co., Ltd.
  2. Overall profitability has improved thanks to an increase in semi-special assignment orders as a result of the “Zouchu” business.
  3. In addition to aggressive business expansion centered on the “Zouchu” business, we are developing new clients that appreciate our passion for quality.
  4. The number and size of planned projects have both increased.

Business environment

First-corporation aims to expand its market share over the medium term amid a favorable business environment.

  1. The built-for-sale condominium construction market in the Tokyo area and three neighboring prefectures (Tokyo, Kanagawa Prefecture, Saitama Prefecture and Chiba Prefecture), is expected to recover to 38,000 units in 2018, compared to 35,898 units in 2017. The number of construction starts are expected to remain above 60,000 units for the 8th consecutive year and the operating environment is forecast to remain stable.
  2. Major general contractors have deep construction backlogs for major urban redevelopment projects and projects related to the 2020 Tokyo Olympics, so they have taken a passive stance on condominium construction. For First-corporation, competition in the condominium construction business has eased up considerably.
  3. First-corporation’s market share in the fiscal year ended May 2018 was only about 2% in the Tokyo area, which underscores the considerable potential to grow market share.
  4. First-corporation entered the senior condominium business and the renovation business and aims to facilitate an expansion in the scale of growth by opening Kyushu branch as a new business area.