tokyu land holdings inc.
President and Representative Director
Hironori Nishikawa
As we enter the New Year, the business environment continues to require close monitoring of geopolitical instability, including the problems in Ukraine and Israel, exchange rate trends, continued high resource prices, soaring construction costs due to labor shortages and rising wages, and fixed mortgage rate hikes due to rising long-term interest rates. On the other hand, one bright spot is that the number of inbound visitors has recovered to the level before the coronavirus disaster, as the world has regained its calm from a time when the new coronavirus was classified as a category 5 virus. We will continue to carefully assess how these developments in the world will affect the Group’s business environment.
Under these circumstances, the real estate market has remained favorable, including a strong brokerage market. The Group’s business performance is also benefiting from this tailwind, and we will take advantage of this opportunity to promote “aggressive corporate management. In the “Greater Shibuya Area,” a 2.5-kilometer radius from Shibuya Station, the Group’s most important business base, the grand opening of “Forestgate Daikanyama,” a new complex that proposes a “new lifestyle of work, residence, and recreation in close proximity,” took place last October, and in November of last year, “Forest Gate Daikanyama,” one of Shibuya’s largest and most impressive In November last year, the company completed the “Shibuya Sakura Stage,” a next-generation landmark that boasts the largest scale and impact in Shibuya, and is working to capture robust real estate demand through multiple large-scale redevelopment projects. The company is also working to make the area around Shibuya Station barrier-free, which has been an issue for some time, by building a new deck that straddles the railroad tracks and main road, making it easier for the elderly and people with small children to visit the area. With the completion of the Shibuya Sakura Stage, the large-scale redevelopment of the Shibuya Station area appears to have come to a conclusion, but development of the greater Shibuya area will continue. The Tokyu Group will continue to work as one to improve the international competitiveness of the greater Shibuya area, and at the same time, we will focus on fostering industries originating from Shibuya by actively supporting start-ups.
In the area of environmental management, in August last year we released the “TNFD Report,” the first of its kind in the real estate industry in Japan, which is oriented toward the recovery trend of biodiversity (nature positive) in our business operations. The company has designated the greater Shibuya area as a priority area for studying and analyzing nature-related information, and will focus on biodiversity-oriented initiatives by connecting properties with various greening innovations, such as Tokyu Plaza Omotesando Harajuku, with greenery in Yoyogi Park and other areas. Together with its renewable energy business, which is one of the largest generators of solar and wind power in Japan, the company hopes to play a role in helping to solve social issues such as environmental problems in Japan and abroad.
We will also work toward “symbiosis with local communities” by combining our resort hotels and other tourism resources with GX (Green Transformation). We will face the challenges faced by local communities, and by taking advantage of the breadth of our business wings and the range of our business bases, we hope to open the seeds of new businesses while promoting collaboration and co-creation with various stakeholders, including local residents, governments, and business partners in the regions where our group is based.
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