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These are movements in business indicators for condominiums.
For the fiscal year ended March 31, 2023, the number of units sold in condominiums came to 1,369 units, operating revenue to 95.5 billion yen, and the gross margin to 23.7%. For the fiscal year ending March 31, 2024, the number of units sold in condominiums is expected to be 1,218 units, with operating revenue of 84.4 billion yen and a gross margin of 24.0%. Thanks to favorable housing market conditions, our gross margin is showing improvement.
The sales situation for condominiums is continuing to trend steadily. Completed inventory was 661 units at the beginning of FY2022, which ended March 31, 2023. This figure decreased to 200 units as of the end of the period. In addition, guaranteed agreements as a percentage of sales for the fiscal year ending March 31, 2024 was 82% as of the beginning of the fiscal year ended March 31, 2023, with a considerable number of large transactions recorded. This resulted in a high starting point.
Regarding land acquisition for condominiums, in the fiscal year ended March 31, 2023, progress was made in acquisitions for city center properties in particular, with 73.7 billion yen in land acquisition, or 2,457 units in terms of number of units. Approximately 9,900 units in land bank is scheduled to be posted in the fiscal year ending March 31, 2025 and beyond. The proportion of redevelopment properties in our land bank was also approximately 63%.
As shown in the upper right-hand corner, we have a number of large properties, mainly redevelopment projects, in the pipeline as major projects going forward. We will continue to strengthen our business with a particular focus on redevelopment of high value-added properties.
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