full Annual Report 2003(5.9
full Annual Report 2003(5.9
full Annual Report 2003(5.9
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10<br />
Garden Plaza Shinkemigawa<br />
Garden Plaza Shinkemigawa<br />
(1988 to March <strong>2003</strong>)<br />
Location: Mizuho 2-chome, Hanamigawa-ku,<br />
Chiba City, Chiba Prefecture<br />
Project outline: 1,031 condominiums (large-scale<br />
condominium development of 14<br />
buildings), 14 floors above ground<br />
Construction area: 128,927 m 2<br />
DOMESTIC OPERATIONS<br />
Kajima<br />
Corporation<br />
Real Estate Development<br />
Shinjuku East Building<br />
(1999 to October 2002)<br />
Location: Tomihisa-cho, Shinjuku-ku, Tokyo<br />
Project outline: Offices, 6 floors above ground, 2 basement<br />
levels<br />
Construction area: 10,906 m 2<br />
During fiscal <strong>2003</strong>, land prices throughout Japan fell for the 12th<br />
consecutive year, and the current environment offers no signs of a<br />
slowdown in the decline. In the 23 wards of Tokyo, however, the<br />
rate of decrease has dropped for four consecutive years, and there<br />
are some areas in the central business district where prices have<br />
actually held steady or even risen.<br />
In the residential market, the supply of newly built condominiums<br />
in the greater Tokyo metropolitan area was significantly high during<br />
the fiscal year under review, at around 88,500 new units. Despite<br />
developers’ concerns over slack demand, low interest rates for<br />
housing loans and the effects of the calendar <strong>2003</strong> tax reform<br />
package — which increased the limit for tax exempt pre-mortem<br />
gifts when the funds are used for acquisition of residential properties<br />
— are expected to maintain a favorable environment for home<br />
purchases. Under these conditions, no significant deterioration in<br />
the balance of supply and demand is currently anticipated. In addition,<br />
large condominium projects in superior locations with excellent<br />
access will continue to attract demand.<br />
The office building market continues to be affected by consolidation<br />
accompanying the restructuring of large enterprises, resulting<br />
in rising vacancy rates. Although demand for large newly constructed<br />
buildings remains high, ever-intensifying competition for<br />
tenants among medium and small-sized buildings has caused further<br />
softening in rental market prices. As these facts illustrate, the<br />
gap between successful properties, which feature good locations<br />
or added-value amenities, and unsuccessful properties, which lack<br />
special features, appears likely to continue in both the condominium<br />
and office property markets.<br />
Amid this market environment, Kajima has focused its development<br />
business on redevelopment projects, primarily large office<br />
buildings and large condominiums. In the office building sector, a<br />
redevelopment project in Tokyo’s Higashi Shinagawa district<br />
(Shinagawa Seaside Forest, Phase I, completed in September<br />
<strong>Annual</strong> <strong>Report</strong><br />
<strong>2003</strong><br />
Shinjuku East Building
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