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TOKYU FUDOSAN HOLDINGS
2018 Integrated Report
2018 I nteg rated Rep o rt
Tokyu Fudosan Holdings Corporation
Group Finance Department, Investor Relations
Group Planning Policy Department, CSR Promotion Group This product is made of FSC®-certified and This report uses ink derived from
other controlled material. non-edible plants.
https://www.tokyu-fudosan-hd.co.jp/english/
We go beyond
the bounds of physical
structures to propose
and create lifestyles.
The Tokyu Fudosan Holdings Group has always
eagerly taken on new challenges, starting with the
development of the community of Den-en
Chofu. It’s in our DNA. We will continue to
leverage that “Challenging DNA” to deliver new
value to communities and society through the
proposal of new home, work and play styles.
Tokyu Group Slogan Tokyu Fudosan Holdings Group Ideal
Toward a Beautiful Age – The Tokyu Group A corporate group that continues to create value
We go beyond the bounds of physical structures to
Tokyu Group Philosophy propose and create new lifestyles
We hold this philosophy in common as we work together to create and
support the Tokyu Group.
Founding Spirit
Mission Statement We will create a beautiful living environment, where each person can
pursue individual happiness in a harmonious society.
Challenging DNA
Management Policy Work independently and in collaboration to raise Group synergy and
establish a trusted and beloved brand.
The Tokyu Fudosan Holdings Group originated 100 years ago in
• Meet current market expectations and develop new ones. 1918 with the development of Den-en Chofu based on the garden
• Manage in harmony with the natural environment. city concept, with the aim of developing the ideal community at a
time when there was a housing shortage. With this DNA of taking
• Pursue innovative management from a global perspective.
on challenges, or “Challenging DNA,” that we have inherited, we Eiichi Shibusawa, who
• Value individuality and make the most of each person. are sincerely working toward solutions to social problems with an established the Den-en
enterprising spirit, and will go beyond the bounds of physical Toshi Company, the origin
Through these means, we will fulfill our corporate social responsibilities. of the Group, in 1918.
structures to propose and create new lifestyles.
Guidelines for Action Fulfill your responsibilities. Collaborate to enhance each other’s abilities.
Reinvent yourself with a global awareness.
Contents
Value Creation of the Tokyu Fudosan Holdings Group: Wellness Segment 34
Editorial Policy
The History of Our Business and Social Issues 4 Tokyu Hands Segment 35
The Tokyu Fudosan Holdings Group seeks to contribute to a sustainable society by solving social issues through its businesses. The Group
Value Creation Process 6 Innovation Business Segment 36 issues integrated reports to provide stakeholders with a better overall understanding of how it creates value in all of its business activities. This
Our Three Core Strengths 8 Synergy among Our Businesses 37 report discloses the Group’s medium- and long-term management policies and business strategies as well as financial and non-financial data
Financial and Non-Financial Highlights 10 ESG Management: prepared in accordance with the international integrated reporting framework of the International Integrated Reporting Council (IIRC) and the
Materiality Identification Process 13 Work Style Reforms 38 Guidance for Integrated Corporate Disclosure and Company-Investor Dialogue for Collaborative Value Creation formulated by the Ministry of
Economy, Trade and Industry (METI).
Medium-Term Management Plan Based Social Needs 41
on Materialities 14 For more detailed financial and CSR information, please refer to the Company’s website.
Environment 42
Message from the President 16 Corporate Governance 44
Feature: Initiatives to Address Social Issues Investor Relations Information https://www.tokyu-fudosan-hd.co.jp/english/ir/
Directors, Audit & Supervisory Board Members
and New Value Creation and Managing Officers 49 CSR Information https://tokyu-fudosan-hd-csr.disclosure.site/en
1. Greater Shibuya Area Concept 22 Messages from Outside Directors 52
2. Senior Housing Business 26 Financial Section:
3. Renewable Energy Business 27 Financial Analysis 54
Value Creation Strategy 28 Consolidated Financial Statements 56 Note on Forward-Looking Statements
Business Strategies: Notes to the Consolidated Financial Statements 65 The forecasts and other forward-looking statements in this report are based on currently available information and certain
Urban Development Segment 30 Independent Auditor’s Report 91 assumptions determined as rational. Consequently, the statements herein do not constitute assurance regarding actual results by the
Company. Actual performance may significantly differ from these forecasts due to various factors in the future.
Residential Segment 31 Major Business Areas 92
Property Management Segment 32 Corporate Data/Stock Information 94
Real Estate Agents Segment 33
2 TOKYU FUDOSAN HOLDINGS Integrated Report 2018 3
Value Creation of the Tokyu Fudosan Holdings Group
The History of Our Business
and Social Issues
Historical Backdrop and Social Issues
1950s-1960s 1970s-1980s 1990s-2000s 2010s
The origin of the Tokyu Fudosan Holdings Group was
the development of the town of Den-en Chofu, which From reconstruction Drastic change in the world Post-bubble period Toward a sustainable
became the model for modern suburban community to growth economy and advancement and diversification of society Our Three Core
development in Japan. We later created new
Japan rebuilt its economy,
of living standards lifestyles
Under globalization, a paradigm Strengths
businesses and have grown by addressing social boosted by special demand from The period of rapid economic Due to prolonged economic shift has taken place with both the
issues and needs. One constant through the years has the Korean War, and completing growth in Japan came to an end stagnation, coupled with the public and private sectors looking
the postwar reconstruction, with the oil crisis. In Japan, which declining birthrate, aging to achieve sustainable growth.
been our dedication to solving social issues through ushered in a period of rapid had become an economic population and a drop in land Further advances in information
the creation of new value. The history of our business is economic growth. However, the superpower, people gained prices, people began to return to technology are predicted to bring Diverse assets
housing shortage in urban areas material well-being and began to inner cities. Lifestyles and values major innovations to people’s lives, and customers
proof that we have done just that. became a serious problem due to seek spiritual enrichment. As a became more diverse as a result society and the industrial structure.
population concentration in the result, values in various realms, of the advancement and diffusion
three major metropolitan areas including society, culture and of information technology and the
and increasing urban sprawl. lifestyle diversified. tide of globalization.
Our Founding Spirit
Expertise and
group structure that
Challenging produce unique
businesses
DNA 1950s-1960s 1970s 1980s 1990s-2000s 2010s-
Early focus on urban Pursuing business Enriching living through Creating a new urban Leveraging the Group’s
development in Shibuya, diversification from an early large-scale new town development business in combined strengths to
Daikanyama and stage to become a corporate development and resort the post-bubble era propose new lifestyles
neighboring areas group that creates new business A culture that
We strengthened our revenue base by Shifting to a holding company structure
lifestyles shifting our business focus from enabled us to propose new lifestyles by leverages and
Tokyu Land Corporation was formed in In a time when people sought spiritual
built-for-sale homes to leasing, which is leveraging the Group’s combined passes on our
Addressing Social Issues through Our Businesses
1953 by splitting off the real estate division In response to changing times and enrichment, we developed large-scale
of Tokyu Corporation. It supplied housing social needs, we quickly expanded into new towns in harmony with the natural less affected by economic cycles. strengths. Our aim was to provide new “Challenging DNA”
to alleviate the shortage, and commercial real estate-related businesses with the surroundings and began full-scale 1993 value through Group synergy.
facilities to support people’s daily lives, aim of conducting urban development development of environment-conscious Opening of the first Tokyu Stay hotel: 2013
mainly in the Shibuya area, its base. to meet needs for comfortable homes resort towns. Urban-style hotels that can be used Establishment of Tokyu Fudosan
1955 and enriched lifestyles, and to create 1982 for long-term stays Holdings Corporation: Merger of Tokyu
Completion of Daikanyama Tokyu new lifestyles. Launch of the Asumigaoka New Town 1993 Land Corporation, Tokyu Community
Apartment: Japan’s first luxury business: New urban development in Opening of Setagaya Business Corporation and Tokyu Livable, Inc.
1970
apartment complex development Establishment of Tokyu Community harmony with natural surroundings Square: Tokyu Group’s first
for foreign nationals Corporation: Expansion into the super-high-rise office building
1984
1958 property management business to Opening of Palau Pacific Resort: Future
1999
Completion of Tokyu Skyline: The create comfortable lives and living An environment-conscious, authentic Start of the real estate securitization Achieve further growth
first condominiums in the Japanese spaces resort hotel business: First foray into the
real estate industry securitization business
through full-scale urban
1972 1986 development that proposes
1918 1961 Establishment of Area Service Co., Opening of first Tokyu Sports Oasis: 2004
Start of Tokyu-Mitsubishi Home Ltd. (currently Tokyu Livable, Inc.): A members-only sports club offering Opening of first senior housing
new lifestyles
The Tokyu Group’s urban development Loan Program: The prototype for the Expansion into the real estate agents programs to promote healthy lifestyles facility: One of the first in the We are pursuing new urban
begins with the creation of a “garden city” home loan system business as a pioneer in real estate
1988 industry to enter the senior housing developments geared to the new era that
transactions business is unfolding, such as the Greater Shibuya
Based on the garden city concept that originated in 1965 Opening of first Tokyu Harvest Club:
England, Den-en Chofu was created as an innovative, Opening of Shibuya Tokyu Building: 1976 A membership resort hotel offering Area Concept and the Life Story Town
modern community where urban functions co-existed A multipurpose commercial facility Establishment of Tokyu Hands Inc.: new ways to enjoy leisure time model. With these approaches, we intend to
with abundant greenery. This was the origin of the in front of Shibuya Station Creative life stores for creating new achieve further growth as a comprehensive
Tokyu Group’s urban development. (reconstruction currently underway lifestyles and culture real estate development group.
at the site)
Newspaper advertisement First Tokyu Hands store Asumigaoka New Town Grancreer Azamino Artist’s rendering of the Shibuya
Den-en Chofu (Tokyo) at the time of
announcing the establishment of (Fujisawa Store) Station area after completion
its development
Tokyu Land Corporation
4 TOKYU FUDOSAN HOLDINGS Integrated Report 2018 5
Value Creation of the Tokyu Fudosan Holdings Group
Value Creation Process
The Tokyu Fudosan Holdings Group is carrying out stage 2 of its medium- and long-term
management plan based on the three core strengths it has cultivated and materialities.
Capitalizing on our broad business scope and many points of contact with customers, Value Provided to Society
we will become a corporate group that continues to create new value by going beyond
the bounds of physical structures to propose and create new lifestyles.
Value Provided to Customers
Our Business Model Richness of people’s
lives
Our Three Medium- and Long-Term
new work styles
Management Plan Life stage Schooling Employment Retirement
Proposals for
Core Strengths
Value Frontier 2020 Safety and security
To become a corporate group that Office
buildings
continues to create value
Group Fundamental Policies Work
Diverse assets Part-time job Consignment welfare
Expansion of Styles referral
and customers Creation of new Community formation
associated
demand
assets
Office building
management
Contribution to the
Condominium management local economy
new home styles
Proposals for
Expertise and Rental housing
group structure that Home Rental housing
produce unique Styles for students Enhancement of real
New condominiums
businesses estate value
Previously owned housing,
renovation, and remodeling
Senior housing
Environmental
Materialities (Key Social Issues) Shopping protection
A culture that
leverages and Economic, political and regulatory changes Fitness
passes on our Diversification and globalization of lifestyles Play
Styles The SDGs we focus on
new play styles
“Challenging DNA”
Proposals for
Safety and security in local communities Hotels
and urban areas
Progression of a low birthrate and
aging society Resorts
IoT and innovation
More stringent social demands
Changes in the natural environment
6 TOKYU FUDOSAN HOLDINGS Integrated Report 2018 7
Value Creation of the Tokyu Fudosan Holdings Group
Our Three Core Strengths Number of customers Assets under management (AUM)
By leveraging the three core strengths it has built up over many years, the
Tokyu Fudosan Holdings Group is promoting business activities that
Approx. 10 million ¥988.6
(As of March 31, 2018)
billion
address social issues.
The Group will continue to create new value through dialogue with Cumulative number of Number of facilities operated
Business
society and customers about their needs, which will continue to change condominium units by the Wellness segment
Foundations
with the times.
Diverse Assets
Approx. 91,000
(As of March 31, 2018)
168
(As of March 31, 2018)
and Customers Number of condominium units Number of real estate
under management agent transactions
We are involved in diverse assets through a wide
range of businesses in the varied life settings of
home, work and play, and create opportunities 822,231 23,268
for contact with a variety of customers. (As of March 31, 2018) (Fiscal 2017)
Knowledge Café and Knowledge Forum
Cumulative number of times held
Organization
43 times
(Total of 5,298 participants)
Morinomiya Q’s MALL BASE
Expertise and
Group Structure
That Produce
Unique Businesses Corporate Culture
We were a pioneer in expanding into the
Knowledge Café is a place for Group
Tokyu Plaza Omotesando Harajuku
Property Management and Real Estate Agents
segments, and have a track record of creating
A Culture That employees to gain mutual understanding of
Group businesses other than their own.
unique businesses such as Tokyu Hands Inc.
With our wide-ranging business domains, we
Leverages and Passes on Our
will continue to produce unique new businesses. “Challenging DNA”
The DNA of embracing challenges, or
Number of “Challenging DNA,” that has been passed
consolidated subsidiaries on since our business began and
Tokyu Harvest Club Atami Izusan & VIALA management that emphasizes the
131
Positive Networking College provides
meaningfuless of work help to foster a support for the active participation of
corporate culture that encourages women in the workplace.
(As of March 31, 2018) employees to take on challenges.
First-class registered Advanced services
Number of employees with architects: 278
professional qualifications
Second-class registered
architects: 329
Business-Airport Roppongi
6,741 Real estate brokers: 5,549
Condominium managers: 585
(As of March 31, 2018)
8 TOKYU FUDOSAN HOLDINGS Integrated Report 2018 9
Financial and Non-Financial Highlights
Financial Indicators Business Indicators
Total Floorspace/Vacancy Rate
Operating Revenue Operating Profit Average Office Building Rent (Office Buildings and Commercial Facilities)
(Billions of yen) (Billions of yen) (Yen per tsubo* per month) (Thousand m2) （%）
900
866.1 100 25,000
23,770 24,210 24,410 1,600
1,548 1,580 10
93.0 23,270 1,512 1,458
815.5 808.5 22,190 1,438
773.1
714.1 80
77.5 20,000 8
73.2 1,200
600 68.8
60 61.4 63.3 15,000 6
800
40 10,000 4
300 2.8
400 2.0
20 5,000 1.8 2
0.9
0.5
0 0 0 0 0
2013 2014 2015 2016 2017 (FY) 2013 2014 2015 2016 2017 2020 (FY) 2013 2014 2015 2016 2017 (FY) 2013 2014 2015 2016 2017 (FY)
Target
*1 tsubo ≈ 3.3 m2 Total floorspace: Office buildings (left scale)
Commercial facilities (left scale)
Vacancy rate (right scale)
Profit Attributable to Owners of Parent2 ROA3/ROE4 Assets under Management (AUM) Revenue from Condominium Sales/No. of Units Sold
(Billions of yen) (%) (Billions of yen) (Billions of yen) (Units)
50 10 1,000 988.6 250 3,000
42.0 2,528
40 8 800 787.3 200 2,400
35.2 2,027
31.5 644.1 1,892
30 28.7 6 7.5 7.3 7.7 600 150 1,627 1,800
7.1 529.6 556.8 1,560
25.2 6.6 133.3
23.7
20 4 400 100 96.7 95.5 1,200
89.7 87.6
10 2 3.5 3.4 3.5 3.6 3.7 200 50 600
0 0 0 0 0
2013 2014 2015 2016 2017 2020 (FY) 2013 2014 2015 2016 2017 (FY) 2013 2014 2015 2016 2017 (FY) 2013 2014 2015 2016 2017 (FY)
Target
ROA ROE API7 CRR8 Private REITs, etc. Revenue from condominium sales (left scale)
No. of units sold (right scale)
No. of Condominium Units under Management/ No. of Retail Real Estate Transactions/
Debt/Equity Ratio5 Debt/EBITDA Ratio6 No. of Office Buildings under Management No. of Real Estate Agency Outlets
(Times) (Times) (Units) (Units) (Transactions) (Outlets)
4 15 1,000,000 1,453 1,483 1,500 1,500 25,000 250
1,305 1,360 23,268
12.8 22,264
11.7 11.7 800,000 822,231 1,200 20,000
20,851 200
12 11.2 11.4 18,573
3 2.8 715,660 741,624 18,433 171
2.7 2.6 2.6 2.6 678,479 166
641,591 152
9 600,000 900 15,000 150
2 Approximately
Approximately 2.3 10.0 134 149
6 400,000 600 10,000 100
1
3 200,000 300 5,000 50
0 0 0 0 0 0
2013 2014 2015 2016 2017 2020 (FY) 2013 2014 2015 2016 2017 2020 (FY) 2013 2014 2015 2016 2017 (FY) 2013 2014 2015 2016 2017 (FY)
Target Target
1. (FY) = Fiscal year ended/ending March 31 of the following calendar year No. of condominium units under comprehensive management (left scale) No. of retail real estate transactions (left scale)
2. Net profit has been reclassified as profit attributable to owners of parent from fiscal 2015. No. of condominium units under facility management (left scale) No. of real estate agency outlets (right scale)
3. ROA (Return on Assets) is an indicator that measures the profitability of investments in total assets: (Operating profit + Interest income + Dividend income) ÷ Total assets (average for No. of office buildings under management (right scale)
the period)
4. ROE (Return on Equity) is an indicator that measures the profitability of investments in equity: Profit attributable to owners of parent ÷ Equity (average for the period) 7. Activia Properties Inc.
5. Debt/Equity ratio is an indicator of financial soundness: Interest-bearing debt ÷ Equity 8. Comforia Residential REIT, Inc.
6. Debt/EBITDA ratio is an indicator of whether the level of interest-bearing debt compared to cash flows generated from business activities is appropriate: Interest-bearing debt ÷ EBITDA
10 TOKYU FUDOSAN HOLDINGS Integrated Report 2018 11
Financial and Non-Financial Highlights
Materiality Identification Process
When it formulated the medium-term management plan, the Tokyu Fudosan Holdings Group identified key social issues that
will be important to the Group over the long term, and then determined materialities based partly on the input of experts
who are highly knowledgeable about the low birthrate and aging society, living and lifestyles, the environment, work styles and
Human Resource, Social and Environmental Indicators ESG investment. We strive to create solutions for social issues through our businesses in order to realize a sustainable society
and enhance the Group’s value.
Percentage of Employees Undergoing Identification Process
Number of Employees Medical Examinations
(Persons) (%) Step 1 Determination and Organization of Social Issues
25,000 100 98.9 99.2 99.3 98.2 97.9 100
When identifying key issues, the Group ascertained social issues while making reference to the Group’s management
20,421 21,091 plans, the GRI Guidelines, ISO 26000, the Sustainable Development Goals, issues recognized by the Japanese
20,000 19,230 80
18,243 government and economic organizations, and other information, and generated a long list comprising 470 items.
17,594
15,000 60 Step 2 Integration and Consolidation of Issues
We integrated and consolidated the 470 social issues by organizing similar items and taking into account relevancy to
10,000 40
the Group. Based on the results, we tentatively evaluated importance based on relevancy to the Group’s value creation
process and stakeholder expectations and demands and selected 31 materialities.
5,000 20
Step 3 Interviews of Management Staff and Experts
0 0 We conducted interviews of management staff and experts with high levels of knowledge in specialized fields. We also
2013 2014 2015 2016 2017 (FY) 2013 2014 2015 2016 2017 2020 (FY) gathered opinions regarding the importance of social issues from within the Group and society.
Target
Management Comment
• Sound and sustainable management requires an emphasis on the opinions of independent outside directors, arrangement
President and Representative Director of issues, and investigation of the details of measures.
Ratio of Female Managers Ratio of Females among Total New Graduate Hires Yuji Okuma • In order to enhance our competitiveness even further, we need to emphasize items that will make use of the Group’s
(%) (%) diversity and differentiate the Group from other companies.
10 50
• In a society with an aging population and advances in the Internet of things (IoT), business will be born from services that
8.6 Director, Operating Officer
41.6 40.1 combine various issues and can be provided in an integrated manner.
8 40 Hironori Nishikawa • When engaging in the resort business, it is necessary to take measures to mitigate environmental impact from business
35.4 Responsible for general administration divisions
31.5 33.0 activities with regard to the issue of climate change.
6 5.7 5.9 5.7 30
4.8 Specialized Field Experts Comment
At least 30.0
4 20
Low Birthrate and Aging Society • It is important to create business from means of preventing the elderly from needing nursing care (such as sports, diet, and
Tomoo Matsuda lifelong learning)—in other words, the perspective of preventing rather than addressing issues.
2 10
Research Director and Chief Producer • In an aging society, there is potential for the Internet of things (IoT) including the use of big data relating to health to play
Platinum Society Center, Mitsubishi Research Institute, Inc. extremely important roles and become a new growth business.
0 0
2013 2014 2015 2016 2017 (FY) 2013 2014 2015 2016 2017 2020 (FY) Living and Lifestyles • It is important to consider what type of space people will come to in order to spend their time.
Target
Research institution • Businesses need to realize that minority groups are becoming the majority (e.g., unmarried persons, double-income
(anonymous) no-kids households, at-home workers)
Environment • Platform-like spaces and services that can change flexibly according to the diversity of individual consumers will be
Shiro Wakui expected in the future.
Professor, Department of Environmental and
CO2 Emissions Midori wo Tsunagu Project (Area of Forest Protected) • The key is how to create value with environmental measures.
Information Studies, Tokyo City University
Emission intensity
(1,000 t-CO2) (kg-CO2/m2) (ha) • With regard to changes in work styles, emphasis will be placed on flexible working styles not limited to a single site, such
Work Styles
300 150 2,000 2,000 as work from anywhere (a work style whereby employees can work not just at a single office, but also at home, satellite
Keiko Tsuchiya
General Manager, Personnel Division and Director, offices, and other locations).
228 235 233 227 1,600 Adecco Ltd. • As society becomes increasingly diverse, there will be calls for this to be reflected in buildings and the environment.
200
210 100 100 1,303
1,200 1,223 ESG Investment • What is currently being emphasized with regard to ESG investment is governance. Whether boards of directors are
101.9 106.6 1,081
98.6 98.4 101.0 983 Masaru Arai functioning properly is being called into question.
800
843 Chairman, Japan Sustainable Investment Forum (JSIF) • Policies, plans, and structures must be formulated, PDCA implemented, and the information disclosed.
100 50
Note: Titles are as of June 2016 when the interviews were conducted.
400
Step 4 Identification of Materialities High
Importance to society
0 0 0 Based on the interview results, we verified the appropriateness of the Materialities
2013 2014 2015 2016 2017 2020 2013 2014 2015 2016 2017 2020 (key social issues)
(FY) (FY) importance of each issue that should be prioritized by the Group. The
Target Target
Emissions (left scale) Emission intensity (right scale)
evaluation results were plotted and organized as a materiality map and
categorized into seven groups. The materialities were reported to the
Board of Directors by the CSR Promotion Committee and identification
was finalized.
Importance to the Group
High
12 TOKYU FUDOSAN HOLDINGS Integrated Report 2018 13
Medium-Term Management Plan Based
on Materialities Medium- and Long-term Management Plan
In fiscal 2017, the Tokyu Fudosan Holdings Group launched the 2017-2020 Medium-Term Management Plan as stage 2 of its Value Frontier 2020
Value Frontier 2020 medium- and long-term management plan. When formulating this plan, we developed strategies based on – To Become a Corporate Group That Continues to Create Value – Entering a
the materialities that were verified and identified as the issues on which the Group should place priority.
Two Fundamental Policies New Stage
Expansion of associated assets Creation of new demand
Materialities of the Tokyu Fudosan Holdings Group
Materialities Opportunities Risks Related SDGs
STAGE 1 2014-2016 STAGE 2 2017-2020 2021-
Economic, political, and regulatory
changes
Issues of social security by the Japanese government, ● Capturing new business ● Risk of long-term interest
privatization, uncertainty in the global economy, and opportunities rate increases
other factors will have major impacts on business STAGE 2: 2017– 2020 Medium-Term Management Plan
opportunities and capital procurement.
Three Growth Strategies
Diversification and globalization of
lifestyles Urban development that Expansion of the scope of cyclical
● Inbound demand ● Decline in total domestic Reinforcing stock utilization
As an urban development enterprise, diversification proposes new lifestyles reinvestment business
in life and work styles, increasing importance of ● Expanded opportunities demand (diversification of
multifaceted responses to consumer needs, for overseas business demand)
Under the Greater Shibuya Area Concept, the We are expanding cyclical reinvestment In response to the environmental shift from a
invigoration of local communities, and other changes Group is making use of local characteristics that targets from office buildings, commercial flow-based society to a stock-based society,
will have major impacts on business opportunities. integrate numerous functions relating to work, facilities, and rental housing to new types of we are reinforcing stock utilization business
residences, and spending time and the strengths assets including infrastructure, hotels, and with a focus on the Property Management
Safety and security in local resulting from concentration on major projects student residences, reinforcing earnings business and the Real Estate Agents business,
● Expansion of markets to undertake development and participation capacity. We will increase assets under based on customer contact points. We will
communities and urban areas related to existing stock ● Issue of vacant homes
ranging from individual sites to entire communities. management (AUM) as associated assets in raise profits by maximizing utilization of
As a real estate developer, the increase and aging ● Accelerated privatization ● Deterioration of existing We are also conducting urban development the Group’s asset investment business from management stock, real estate information
of existing stock and rising need to respond to of public asset processing stock
disasters will have a major impact on business that promotes interaction among generations. ¥0.8 trillion in fiscal 2016 to ¥1.3 trillion in in the Real Estate Agents business, and
and operation Through collaboration within the Group, we fiscal 2020. other assets, taking advantage of business
opportunities.
provide services that integrate tangible and opportunities, and conducting business that
intangible elements and are directly operated does not involve investment.
Progression of a low birthrate and by the Group to respond to diverse customer
aging society ● Falling demand in needs in a super-aged society.
As a Group that develops business in residences ● Increasing demand related conjunction with the
and senior housing, the low birth rate, aging to senior citizens decline of the working age
population, and declining population in Japan will population Reinforcing the Management Foundations That Support the Growth Strategies
have a major impact on business opportunities.
• Strengthening measures to generate synergy effects among businesses
IoT & Innovation ● Lowering of barriers to • Optimizing Group management assets and ESG management
As a company that provides both products and entry into existing
business fields, delayed We will maximize use of the Group’s business foundations (stock, In addition, to achieve sustainable growth and increase corporate
services, advances in IoT technology will have a
● Business innovation market entry, and customer information, and human resources), acquire derivative value over the long term, we are optimizing Group management assets
major impact on innovation and changes in
business models. increasingly rigorous business opportunities, and create added value. and undertaking ESG management.
information security and
control Targets (Fiscal 2020)
More stringent social demands
Increasingly stringent
Diverse demands from consumers, corporate
governance, and various other factors will have a
● Increase in non-financial
value
●
responses to various types Operating profit ¥93 billion CO2 emissions 25 % reduction compared to fiscal 2005
of risk
Profit attributable to
major impact on management systems.
owners of parent ¥42 billion Percentage of female hires 30
At least %
Changes in the natural environment
As a company that performs urban development,
Debt/Equity ratio (times) 2.3
Approximately Buildings* certified under the Barrier Free Act 100 %
changes in infrastructure development and investor
interests in conjunction with intensifying climate
change will have a major impact on business
● Expansion of
environmental markets
● Expansion of climate
change risks Debt/EBITDA ratio (times) 10
Approximately Number of outside directors At least 1/3 (approximately 33%)
opportunities and continuity.
*Tokyu Land Corporation new large office buildings and commercial facilities
14 TOKYU FUDOSAN HOLDINGS Integrated Report 2018 15
Message from the President
We will continue sustainable value creation, going
beyond the bounds of physical structures to propose
and create new lifestyles and address social issues.
The Value Provided by Tokyu Fudosan Holdings
Applying Our “Challenging DNA” to the Creation of Solutions for
Social Issues
The Tokyu Fudosan Holdings Group originated as the Den-en The third stage was the period following the collapse of the
Toshi Company established by the industrialist Eiichi Shibusawa bubble economy, when the value of real estate was called into
and others in 1918. In response to the deteriorating housing question. We broadened our earnings model by dividing real
situation in central Tokyo due to population concentration, the estate into properties for ownership and properties for use. A
company brought in Western ideas for high-quality urban representative example is Tokyu Harvest Club, a chain of
development, and developed the community of Den-en Chofu membership resort hotels that was launched in 1988 and is
based on the garden city concept, which combined the merits of celebrating its 30th anniversary this year. This was also the
nature and cities. Ever since, the Group has conducted its period when we began securitization of real estate, and the real
businesses based on a strong commitment to creating solutions estate business became more dynamic. By utilizing securitization
for social issues, driven by its corporate DNA of taking on new plans, we achieved significant growth in the leasing business,
challenges, which we call “Challenging DNA.” and shifted the center of our earnings platform to the Urban
I often explain the evolution of the Group’s business to investors Development segment.
by dividing it into four stages. The first stage was during Japan’s The fourth stage is the present, when competition among
rapid economic growth period, which was accompanied by a cities around the world is intensifying and the urban functions
worsening housing shortage. Through the development of large- of Tokyo are once again being questioned. The roles that the
scale new towns, we supplied housing in quantity while real estate industry is expected to play are also changing
simultaneously pursuing quality in urban development. significantly as lifestyles and values diversify and the needs of
The second stage came after the period of rapid growth city dwellers become more fragmented. It is with that perspective
ended and people began to seek spiritual enrichment. We were that we are conducting diverse urban development using our
quick to grasp the changes in society, and developed a resort unique approach, based on our recognition that we need to
business to provide ways to enjoy leisure time, and the Tokyu propose new home, work and play styles. The redevelopment
Hands segment, which offers a wide variety of DIY products of Shibuya that we have been conducting as part of the Tokyu
and information. In addition to urban development, we expanded Group compiles all the elements of the ideal community
our business scope to real estate-related fields, such as property development concept that we have pursued for the last 100
management and real estate agents businesses, thus building years. (See Feature 1 on page 22.)
the foundations for our current business operations.
Value Creation Generated by Dialogue with Customers
Our businesses have flexibly evolved to adapt to changing times, Holdings Group, and the passing on of that flexibility is supported
but the strengths we have cultivated over the years can be by management that emphasizes the meaningfulness of work.
distilled down to three: our corporate culture, organization and Tokyu Hands, which was created as a new business segment Yuji Okuma
business foundations. in 1976, is symbolic of that spirit of challenge. President and Representative Director
Our corporate culture is “a culture that passes on and The strength of our organization is our “expertise and Group Tokyu Fudosan Holdings Corporation
leverages our Challenging DNA.” The flexibility to accept structure that produce unique businesses.” We shifted to a holding
unprecedented challenges permeates the Tokyu Fudosan company structure in 2013, creating a flat, flexible organization.
16 17Message from the President
The more than 100 Group companies that conduct unique These three strengths are the driving force of our business
Reinforcing Businesses That Utilize Real Estate Stock
businesses, and the approximately 20,000 Group employees, operations, and the source of the value the Group provides in In growth strategy 3, “reinforcing stock utilization,” we have
combine their capabilities through collaborative business under a addressing social issues. Five years have passed since we shifted made growth in the Property Management segment and Real
unified Group strategy. to a holding company structure, but I still believe that the diversity Estate Agents segment a fundamental strategy, based on the
The strength of our business foundations is our “diverse and uniqueness of our Group are outcomes of our dialogue with shift in the external environment from a flow economy to a stock
assets and customers.” Under the reliable and trusted Tokyu customers. From our abundant points of contact with customers, economy. Tokyu Community Corporation established a renovation
brand, we own an exceptionally wide range of assets, including we are able to gain insight into their needs first-hand, and will fully subsidiary, Tokyu Re・design Corporation, in 2017. All of the
office buildings, commercial facilities, housing, hotels, resorts leverage that advantage to continue providing value that goes renovation business of the Tokyu Fudosan Holdings Group will
and fitness clubs, and provide services for people at every beyond the bounds of physical structures. be concentrated at this subsidiary, which will strengthen the
stage of life, from children to senior citizens. business by conducting redesign to generate high added value.
Tokyu Livable, Inc. has launched GRANTACT, a real estate
sales agent brand for high-grade condominiums in Minato-ku
and Shibuya-ku. In addition, Tokyu Housing Lease Corporation
Medium- and Long-Term Management Plan “Value Frontier 2020: To Become a Corporate Group That is focusing on meeting the needs of wealthy residents of central
Continues to Create Value” Tokyo, including establishing a sales center specifically for
Stage 2 of the Medium- and Long-Term Management Plan Makes a high-end inner-city rental housing.
Solid Start Growth of the Wellness Segment Synergy with National Students Information Center
In the Wellness segment, we are strengthening the hotel We are taking steps to realize synergy at National Students
In fiscal 2014, we announced “Value Frontier 2020: To Become a cyclical reinvestment business; and 3) Reinforcing stock utilization. business to meet inbound demand (demand from visitors to Information Center, Co., Ltd., which the Group acquired in 2016.
Corporate Group That Continues to Create Value,” our first (See “Medium-Term Management Plan Based on Materialities” Japan), where strong growth is expected. For example, we are For example, we are developing student residences in the
medium- and long-term management plan since adopting the on page 14.) expanding the number of Tokyu Stay urban-style hotels, which Residential segment, and Nasic I Support Co., Ltd., a subsidiary
holding company structure. The second half of the plan period Our financial targets for fiscal 2020, the final year of the plan, we are also steadily opening in cities other than Tokyo. of the National Students Information Center, opened the
(stage 2) began in fiscal 2017. are operating profit of ¥93 billion, profit attributable to owners of In addition, we are carrying out business expansion, such as “Scoutship” website for intern placement. The site uses artificial
For stage 2, we developed a strategy based on the materialities parent of ¥42 billion, a debt/equity ratio of approximately 2.3 the 2018 opening of resort hotels in Karuizawa and Okinawa in intelligence co-developed with Tokyu Land Corporation
we identified and determined as priority issues for the Group, times and a debt/EBITDA ratio of approximately 10 times. In partnership with a foreign hotel brand. We intend to grow the subsidiary Ewel, Inc.
and formulated the four-year 2017-2020 Medium-Term fiscal 2017, the first year, revenue and profit both surpassed the Wellness segment into a new core business by 2020. We plan to create further synergy with the Group’s various
Management Plan. The plan is centered on three growth levels of the previous fiscal year and of the plan. Operating profit businesses for schools and students, who are new customers.
strategies that will connect the Group’s combined strengths to reached ¥77.5 billion, exceeding the plan by ¥4 billion. We thus (See “Synergy among Our Businesses” on page 37.)
the creation of solutions for social issues: 1) Urban development got off to a solid start toward achieving the targets for fiscal 2020.
that proposes new lifestyles; 2) Expansion of the scope of
Steadily Executing Large-Scale Developments and Strengthening Our
Continuing to Strategically Evolve Our Various Businesses Financial Position
Next, I will explain our initiatives since the beginning of fiscal a sustainable urban community where everyone can continue to Gross investment over the four years of the medium-term The debt/equity ratio, a measure of financial soundness, was
2017, and their results. live in comfort throughout their lives. (See Feature 2 on page 26.) management plan will be ¥1.23 trillion. In the development of 2.6 times at the end of fiscal 2017, essentially the same as a
“Life Story Town” is the name we have given to our business Shibuya, the Nampeidai Project (tentative name) and the year earlier, as the increase in interest-bearing debt for new
Advancement of the Greater Shibuya Area Concept Dogenzaka 1-chome Shibuya Station Front Redevelopment investments was offset by an increase in shareholders’ equity. I
of urban development that proposes new lifestyles shaped by
In growth strategy 1, “urban development that proposes new housing. We have decided on the first four phases of such Project are scheduled to be completed in 2019. In addition, recognize that strengthening our financial position is a priority
lifestyles,” leasing of office buildings in the redevelopment of development, including the complex developments mentioned the Takeshiba District Development Project (tentative name) will issue for management in order to ensure the Group’s stable
Shibuya proceeded faster than planned. Redevelopment projects above. Based on the concept, “A new story for each lifestyle,” open in 2020. As these large-scale projects move forward on growth. We will steadily improve the debt/equity ratio to
to solve the shortage of quality office buildings in Shibuya are we will address social issues such as diversification of lifestyles schedule, we will carry out investment and recovery through approximately 2.3 times, our target for the final year of the plan.
progressing steadily. and the desire for healthier living. cyclical reinvestment in wide-ranging domains including office
An acquisition of commercial facilities via a joint investment buildings and commercial facilities, rental housing, infrastructure
with Norges Bank, which operates one of the world’s largest
Investment in Renewable Energy Business and industry, and hotels and resorts.
government pension funds, contributed to the expansion of our In growth strategy 2, “expansion of the scope of cyclical
associated assets in the greater Shibuya area. (See Feature 1 on reinvestment business,” investment in the renewable energy
page 22.) business is outpacing our expectations. The Group now owns Deepening Dialogue with Shareholders and Investors
and operates 32 solar power and wind power generation
Development of “Life Story Towns”
facilities nationwide, including facilities under development. We In our dividend policy, we seek to maintain stable dividends, The Company has introduced a stock-based compensation
To promote interaction among generations and lifestyle continuity are also cooperating with solar energy operators in solar sharing, and have set a dividend payout ratio target of 25% or higher. program for officers. The objective is to raise awareness
from one generation to the next, which is a pillar of growth which shares solar energy between agriculture and power We are returning the growth in profit mentioned in the regarding enhancement of corporate value over the medium to
strategy 1, construction of the Setagaya Nakamachi Project has generation. The renewable energy business is expected to grow medium-term management plan to shareholders, and in fiscal long term by having officers share the benefits and risks of
been completed. This project is aimed at creating solutions for significantly as demand for clean energy rises, and we plan to 2017 we increased the dividend for the fifth consecutive fiscal changes in the Company’s stock price with shareholders. We
social issues related to daily life, such as childcare and the aging develop it into the third pillar of our asset management business year. Given the favorable market conditions, we anticipate plan to further deepen dialogue with shareholders and investors
of the population through the development of a complex alongside office buildings/commercial facilities and rental housing. revenue and profit growth again in fiscal 2018, and are planning through company briefings and other events to build long-term
containing senior housing and condominiums for sale. In the (See Feature 3 on page 27.) a sixth consecutive dividend increase. ties and mutual trust.
Tokaichiba Project, the second phase, we are aiming to develop
18 TOKYU FUDOSAN HOLDINGS Integrated Report 2018 19Message from the President
The Value Creation Story of Tokyu Fudosan Holdings
Achieving Sustainable Growth with ESG Management
Pursuing Group Synergy for Sustainable Value Creation
From the beginning, we have conducted our business with the governance – and are working toward achieving targets for
creation of solutions for social issues in mind. One might say each theme by fiscal 2020. (See “Reinforcing the Management In the five years since we shifted to a holding company structure, Enterprises that have a broad business scope like our Group
that we are a group that recognized ESG (environmental, social Foundations That Support Growth Strategies” on page 29.) we have achieved notable results, including the reorganization has are sometimes at risk of being subject to a “conglomerate
and governance) initiatives as a business strategy even before In corporate governance, we are working to enhance the of overlapping businesses. On the other hand, we recognize discount,” but I think having a business portfolio that can
ESG investing became a focus of interest. Tokyu Land governance system based on our belief that it is important to that there are Group management issues that still need to respond flexibly to changes in social issues and the external
Corporation established a Basic Policy regarding the increase management efficiency and build a sound, transparent be addressed. For example, I think we still have room for environment is, instead, effective for the Group’s long-term
environment in 1998, and we undertook environmental management structure. The number of independent outside improvement in personnel exchanges and creation of synergy sustainable growth. To gain the understanding of investors and
initiatives early on. Today, we are promoting ESG management directors was increased to four in June 2018, comprising within the Group. We need an environment for quickly creating shareholders regarding this point, I carefully explain it as the
across the Group, guided by our Group CSR Vision: “We will approximately 30% of the Board of Directors. value not just from the growth of individual companies, but from spokesperson, and I intend to demonstrate it by achieving
work on creating solutions for social issues through our We consider environmental and social issues, such as collaboration and co-creation in the Group as a whole. Going further management successes.
business activities and in the process enhance the satisfaction conservation of energy through reduction of CO2 emissions and forward, we plan to accelerate efforts to create both tangible and
of stakeholders.” the active involvement of women in the workplace, to be as intangible mechanisms to maximize synergy among businesses.
In the medium-term management plan, ESG management important as financial matters, and strengthened management of
is positioned as an initiative to reinforce the management such issues in the past year. Going forward, we will firmly maintain
foundations that support our growth strategies. We have our stance of addressing social issues as a Group and achieve
formulated four themes from the perspective of ESG – sustainable growth by thoroughly implementing ESG management. Leveraging Diversity to Create Value beyond the Bounds of
environment, work-style reform, social needs, and corporate Physical Structures
Looking at the Japanese real estate market, it is evident that the diversity in connection with work style reform, but the diversity
Promoting the Health and Vitality of Each and Every Employee balance of supply and demand will inevitably shift to oversupply I am talking about refers not just to employees but to all
due to demographic changes resulting from the low birthrate and stakeholders, including customers. In a society where values
As I often say, the source of the Tokyu Fudosan Holding Group’s Our Group companies continue to carry out progressive aging of the population. The risk that the value of real estate may are diversifying, needs are also becoming fragmented, and in
value creation is unquestionably its human resources. The fact initiatives. Tokyu Community Corporation and Tokyu Livable, Inc. decline in the medium to long term is more or less understood by some situations we may no longer be able to meet them with
that our people generate value leads to the creation of new received the highest level of Eruboshi certification, which is stakeholders. existing business techniques. Previously, we largely practiced
concepts and lifestyles beyond the bounds of physical structures, granted by the Ministry of Health, Labour and Welfare to If that is the case, providing value that goes beyond the an “in-Group” approach because we could draw on the Group’s
and is the reason we are able to create solutions for social recognize companies with excellent performance in promoting the bounds of physical structures will become even more important. broad business scope, but we are now actively pursuing new
issues through our businesses. active involvement of female employees. Tokyu Livable, Inc. Our “Challenging DNA,” which originated with the development collaborative initiatives with partners from outside the Group
Recently, ESG has taken on greater importance in capital placed 24th in the Best Workplaces 2018 ranking* compiled by of Den-en Chofu, has expanded our revenue model from that have diverse knowledge and expertise. In Shibuya, for
markets, and attention is also being focused on the value of Great Place to Work® Institute Japan. In health management, development and sale to include property management, real example, we have joined forces with a global venture capital
human capital. These are ideas that we have long embraced. eight Tokyu Fudosan Holding Group companies were recognized estate agents businesses, leasing, operation, and real estate firm to develop a startup support program, as well as other
For example, Tokyu Land Corporation had a corporate culture as “White 500” companies in 2018 for their outstanding health asset management. Having gone through these transitions in measures to create new industries. The greater Shibuya
of providing the same opportunities to both men and women and productivity management. We will continue to foster our business development, we now have diverse assets and area incorporates various urban functions and attracts many
even before Japan’s Act on Securing, Etc. of Equal Opportunity workplaces that promote employee health and vitality to ensure customers, which enable us to propose value that goes beyond different kinds of people. It is an area where the word “diversity”
and Treatment between Men and Women in Employment went that the Group remains a supportive and meaningful place to the bounds of physical structures. is truly apt. By combining new home, work and play styles, we
into effect, and we have actively taken measures to improve work. (See “Work Style Reforms” on page 38.) I believe the key to finding future business opportunities will hope to realize urban development that takes full advantage
workplace environments and enhance our human resource * The world’s largest employee attitudes survey, conducted by Great Place to Work® be diversity. Recently, we have been carrying out measures for of Shibuya’s diversity.
development programs. Institute Japan and covering more than 5 million employees at 7,000 companies in
50 countries
Opening Up a New Era with Future-Oriented Management That Does
Not Fear Change
One thing I have always valued is future-oriented management Discussions are currently under way on the Tokyu Fudosan
that does not fear change. Twenty years ago, the start of Holding Group’s approach to the Sustainable Development
securitization dramatically changed the real estate business Goals (SDGs) adopted at the U.N. Summit in 2015. If we can
model. Ten years ago, the operating environment of the real coordinate our new value creation with these development
estate business underwent another major change due to the goals, we will be able to achieve further evolution.
global financial crisis. Having experienced such sweeping Using the Group’s strengths as the driving force, we will steadily
change in the industry structure over 10-year spans, what can carry out the medium-term management plan to make our vision
we expect in the years ahead? We always look at changes in a reality through the creation of value for customers and society.
the environment with a long-term perspective, and will strive to My job is to advance our value creation story and pave the way
continue creating value that society and customers need. for the next era. Through sustainable value creation, we will meet
the expectations of our shareholders and investors.
20 TOKYU FUDOSAN HOLDINGS Integrated Report 2018 21Feature Initiatives to Address Social Issues and New Value Creation
1 Greater Shibuya Area Concept
The Tokyu Fudosan Holdings Group is conducting long-term, continuous urban development, of which the Addressing Social Issues through Redevelopment of the Shibuya Station Area
Greater Shibuya Area Concept is the leading example, while building deeper relations with local communities.
Modern cities in Japan are not well equipped to deal with the changes taking place in the
Our goal is to create solutions for social issues with urban development that utilizes the strengths of the Group. environment, namely the rapid decline and aging of populations, diversification of values and Greater Shibuya Area Concept
lifestyles, and the growing risk of large-scale natural disasters. Amid major shifts in people’s
awareness and views on society, urban development needs to be carried out with a strong A town where diversity gives rise to new value
awareness of these social issues to make cities sustainable.
By redeveloping the Shibuya Station area, we are creating a community where people can Various urban functions, including places
for working, living, playing, relaxing and
continue to live with a sense of security, and establishing infrastructure for supporting business
Promotion of the Greater Shibuya Area Concept engaging in creative activities
innovation. Through these and other outcomes of our urban development initiatives, we aim to
create solutions for social issues and achieve the SDGs.
The Shibuya Station area and the collection of neighborhoods activity, culture and lifestyles blend with the streetscape. By Proposals for
with unique character surrounding it, such as Omotesando, shifting the focus of urban development from individual sites home styles
Harajuku, Ebisu and Daikanyama, are what we consider the to the wider area and building a community that will grow SDGs in the Redevelopment of
greater Shibuya area. It is where most of the key properties of our sustainably over the long term, we will enhance the value of the Shibuya Station Area
Group and the Tokyu Group are concentrated. It also has many the greater Shibuya area, and of our associated assets.
Proposals for Proposals for
outstanding advantages – diverse urban functions including Within this concept, we are carrying out three redevelopment
work styles play styles
places for working, living, playing relaxing and engaging in projects. The Nampeidai Project (tentative name) and the
creative activities, as well as a good living environment and Dogenzaka 1-chome Shibuya Station Front Redevelopment
convenient access. By connecting Shibuya and its surrounding Project are scheduled for completion in 2019. These will be
Cooperation with communities and
neighborhoods, we will increase the potential of the greater followed by completion of the Shibuya Sakuragaoka Block the government and generation of innovation
Shibuya area as a whole and create a place where bustling Redevelopment Project in 2023.
Harajuku ❶ Dogenzaka 1-chome Shibuya Station
●
Station Front Redevelopment Project Nampeidai Project Creation of a rare large-scale office building in Shibuya
Completion: Fall 2019 (Planned) Reconstruction on the site of four buildings, including the Shin-Nampeidai Tokyu Building,
(Tentative name) will create a large-scale office building that solves the shortage of office buildings in the
6 ❷ Shibuya Sakuragaoka Block
4 13 Shibuya area.
Meiji-jingumae
Redevelopment Project Total floorspace: Approx. 46,954 m2
5 Station 12 Completion: FY2023 (Planned) Building scale: 21 floors above ground and
11 ❸ Nampeidai Project (Tentative name) 1 basement level
Use: Offices, etc. An office building with abundant greenery that workers will enjoy
Completion: March 2019 (Planned) The rooftop Sky Garden, green terraces on each floor, and other greenery will provide
Completion: March 2019 (Planned)
❹ Jingumae 6-chome Block
● open and comfortable spaces for workers.
Omotesando–
Open: FY2022 (Planned)
Station
17 9 ❺ Q Plaza Harajuku Enhancement of creative content industries
Introduction of an incubation office will nurture new companies based in Shibuya.
8 ❻ Tokyu Plaza Omotesando Harajuku
●
Shibuya Station ❼ TENOHA DAIKANYAMA (Artist’s rendering)
❽ Shibuya BEAM
16 Dogenzaka 1-chome A pedestrian network that connects the station to the
❾ GLASSAREA AOYAMA
● surrounding urban area
1
18 Shibuya Station Front
15 ❿ Shibuya Minami Tokyu Building Establishment of three-dimensional barrier-free pedestrian flow lines will facilitate vertical
3 2 10 Redevelopment Project and horizontal movement around the area.
⓫ Shin-Aoyama Tokyu Building
Total floorspace: Approx. 58,970 m2
⓬ Minamiaoyama Tokyu Building
19
Building scale: 18 floors above ground* Establishment of Airport Limousine Bus arrival/departure points
⓭ Spline Aoyama Tokyu Building and 4 basement levels Establishment of a bus terminal that includes arrival and departure points for the Airport
Business-Airport Aoyama Use: Retail stores, offices, etc. Limousine Bus will provide comfortable, direct access to international airports.
(Membership satellite offices) Completion: Fall 2019 (Planned)
⓮ Ebisu Business Tower
● Stronger disaster prevention functions and environmental initiatives
Daikanyama ⓯ Dogenzaka Tokyu Building * 19 floors according to the Building Standards The project includes the introduction of support functions for people who may have
Station Act of Japan difficulty returning to their homes after a disaster and an efficient, highly independent
Plug and Play Shibuya powered by power supply system, as well as environmental measures such as rooftop greenery.
7 TLC（Incubation facilities） (Artist’s rendering)
● In planning 14 ⓰ SHIBUYA SCRAMBLE SQUARE
● Commercial facility
Opening: FY2019/FY2027 (Planned) Shibuya Sakuragaoka Connection of pedestrian flow lines of the southwest part of
● Office building Block Redevelopment Shibuya Station
● Properties under asset management Ebisu Station ⓱ SHIBUYA CAST
● An urban core will enhance convenience, comfort and safety, and will eliminate the
● Properties owned by Activia Properties Inc. Project fragmentation of the area caused by differences in elevation and by railways and main roads.
⓲ SHIBUYA STREAM
●
● Properties being developed by Tokyu Corporation
⓳ SHIBUYA BRIDGE Total floorspace: Approx. 252,870m2
Building scale: Establishment of lifestyle support facilities for a global world
Advantages of the Greater Shibuya Area Block A: 37 floors above ground and 4 A multilingual international medical facility, serviced apartments, childcare support
basement levels facilities and other services will provide an enriched residential environment.
Concentration of IT firms Rich residential area Major hub of commercial and Good access Block B: 32 floors above ground and 2
Growth of creative Residents include embassies cultural activity Served by nine train lines including basement levels Maintenance of community safety and security in the event of
content industries and foreigners A district that attracts new trends JR and private lines Block C: 4 floors above ground
a disaster
Use: Offices, retail stores, residences, etc.
The development will be equipped with temporary lodging facilities for people who may have
Completion: Fiscal 2023 (Planned) difficulty returning to their homes, temporary living spaces, and a disaster stockpile warehouse.
(Artist’s rendering)
22 TOKYU FUDOSAN HOLDINGS Integrated Report 2018 23You can also read
