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![Land for condominiums sales [Parent company]](../images/15.jpg)
Please let me now provide a breakdown of land for condominium sales.
The bar graph here shows the book value of land for condominium sales on a non-consolidated basis by acquisition date.
The total book value of land for condominium sales as of March 31, 2010, stood at ¥64.3 billion. Of this, profitability of land acquired in the fiscal years ended March 31, 2007 and 2008, deteriorated due to a review of sales prices. For land acquired in the fiscal year ended March 31, 2007, delivery was stepped up in the fiscal year ended March 31, 2010, and has dropped to less than half its level of the previous year , as can be seen in the graph.
The Company has maintained a cautious stance on acquisition of land for condominium sales as competition for acquisition intensified. However, in the fiscal year ended March 31, 2010, with a policy of actively acquiring properties that are expected to generate an appropriate profit ratio, the Company has arranged for the acquisition for 2,562 units.
The book value of the land for condominium sales acquired in the fiscal year ended March 31, 2010, is ¥17.9 billion, but inclusive of signed agreements book value stands at ¥31.1 billion. The majority of this land is scheduled for posting in the fiscal year ending March 31, 2012.
The Company plans to continue to actively acquire lands for condominium sales in the fiscal year ending March 31, 2011, and plans to allocate an acquisition budget of about ¥40.0 billion.
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