full Annual Report 2003(5.9

Shinagawa Seaside Forest
Shinagawa Seaside Forest, Phase I
(1996 to September 2002)
Location: Higashi Shinagawa 4-chome,
Shinagawa-ku, Tokyo
Project outline: Offices, retail stores, 23 floors above
ground, 2 basement levels
Construction area: 45,608 m 2
2002) saw Kajima acquire a 23-story office building with a total floor
area of approximately 46,000 square meters, which was then sold to
Hitachi Software Engineering Co., Ltd., becoming its new headquarters.
In the case of the Shinjuku East Building (completed in October
2002), a six-story metropolitan office building with a total floor area
of approximately 10,900 square meters, all office space was taken
prior to the completion of the construction, illustrating the successful
acquisition of tenants in an unsympathetic market environment.
In the commercial leasing business as a whole, Kajima leased a total
of 62 properties as an owner or master lessor. This business generated
revenues of approximately ¥14.0 billion, with an occupancy rate
above 95%. Kajima will continue to conduct efficient leasing management
in association with its affiliates, East Real Estate Co., Ltd.,
and Kajima Tokyo Kaihatsu Corporation.
In residential sales, several large condominium development projects
such as Garden Plaza Shinkemigawa (completed in March
2003) have reached completion, with all of these properties either
sold out or nearly sold out prior to the completion of the construction.
The Company recorded sales of a total of around 1,770 condominiums
and single-family homes in fiscal 2003.
During fiscal 2003, Kajima completed due diligence works on 69
buildings, earning high praise for its performance in this area. With
the forecasted acceleration in the liquidation of real estate, Kajima
will focus on fee-based businesses, in which the Company will be
able to leverage its real estate development expertise both in
Japan and overseas.
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