Nomura Real Estate Holdings Inc, the largest real estate developer in Tokyo, plans to boost its home sales by up to 18 percent next year, as declining housing supplies signal a rebound in the Japan housing market.
Kamezo Nakai, President of Nomura Real Estate, said in an interview with Bloomberg that the company aims to sell 4,000 units for the year ending March 2013, an increase from the 3,400 target for the current year.
According to the report, Nomura is expecting a rebound after it sold all of the 250 units in the first phase of Tokyo Bay, a 600-unit high-rise development in Tokyo.
“Our residential business is extremely sound based on the number of inventories,” said Nakai.
“We have acquired plenty of landbank that will enable us to supply new apartments, depending on the market conditions.”
Nakai noted that the company may also establish a structure to evaluate various risks, from interest rates and pricing to its investments and other projects beginning next year.
He added that the company is also planning to expand its homebuilding business, with the aim of constructing 1,000 houses a year.