Kajima succeeded in recording an improved performance in its real estate development business in fiscal 1999, although land prices continuously declined in almost all areas and the overall real estate market remained difficult.
Moreover, Kajima anticipates further improvement during fiscal 2000. Due to positive indications in the premium office market and high-end housing market, it is expected that the Company's several planned improvement projects on large-scale office buildings and detached housing projects will be completed successfully in fiscal 2000.
In its residential development business, Kajima accomplished stronger sales than its competitors, and its products have also been highly evaluated by not only end users but also professionals. Taking advantage of its state-of-the-art technologies, the Company has developed earthquake-resistant condominiums with seismic isolation systems, for example, Dear Heim Nishi-Chiba and Quatorze Daikanyama.
One of the most noteworthy events in Kajima's real estate business in fiscal 1999 was the official establishment of the Real Estate Investment Advisory Team, which specializes in various fee-based services, including due diligence, brokerage, and property management. Since Kajima has a large amount of accumulated expertise relating to domestic and overseas development projects and to building and environmental valuation, the Company is now working confidently to expand its consulting business, an area that has great growth potential.
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