NTT Urban Development
NTT Urban Development is a Tokyo-based, NTT Group-owned real estate developer that builds, owns, and manages office buildings, commercial facilities, hotels, residential condominiums under the Wellith brand, and international projects across the US, UK, and Asia-Pacific.
- Company typePrivate
- Founded1986
- HeadquartersTokyo, Japan
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What NTT Urban Development does
NTT Urban Development (NTT都市開発株式会社) is a Tokyo-headquartered real estate development company established in 1986 and operating as a wholly-owned subsidiary of NTT Urban Solutions, itself part of the NTT Group. The company was publicly listed on the Tokyo Stock Exchange First Section (ticker 8933) from November 2004 until January 8, 2019, when it was delisted following NTT's successful tender offer at 323,000 yen per share. It operates across five core business segments: office buildings, commercial facilities, hotels, residential (under the Wellith / ウエリス brand), and global/international real estate, supported by affiliated services such as the LIFORK co-working brand.
The company's development model integrates NTT Group's ICT, energy, and environmental technology resources into urban projects, marketed as a differentiator versus non-telecom-affiliated developers. Its portfolio spans large-scale district redevelopments (notably HIBIYA CROSSPARK, approximately 1.1 million sqm, co-developed with NTT, Mitsui Fudosan, Dai-ichi Life, and others), a hotel portfolio of 7 operating properties expanding to 8 facilities and 1,351 rooms (including international brand operators Hyatt, Capella, voco, and Ace Hotel), the Wellith condominium brand, and international residential operations in the US (New York, Boston, Dallas, Orlando, Atlanta), the UK (London, office established 2009), and the Philippines (Manila/Pasig and Cebu). Recent recognition includes the 2026 ULI Asia Pacific Awards for Excellence for HARUMI FLAG, the 2025 MIPIM Reggie Shiu Development of the Year for Patina Osaka, and MICHELIN Key awards for three hotel properties.
Revenue is generated through a mix of recurring streams (office and commercial leasing, hotel operations via subsidiary NTT Urban Development Hotel Management) and transactional streams (condominium sales under the Wellith brand, international real estate development, and one-off project management). GTM is enterprise field sales with direct negotiations for office leasing, dedicated sales galleries for residential, and management contracts with international hotel brands. The company runs six regional offices in Japan (Tokyo HQ plus Hokkaido, Nagoya, Osaka, Hiroshima, Fukuoka) and international offices in New York, Boston, Dallas, London, and Singapore (via subsidiary NTT UD Asia Pte. Ltd.). Since 2019, with no public reporting obligation, current revenue figures are not disclosed; the most recent reported operating revenue was 110.8 billion yen for FY March 2006.
NTT Urban Development firmographics
Firmographics- Name
- NTT Urban Development
- Legal name
- NTT都市開発株式会社
- Website
- https://nttud.co.jp
- Company type
- Private
- Founded year
- 1986
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- NTT Urban Development is a Tokyo-based, NTT Group-owned real estate developer that builds, owns, and manages office buildings, commercial facilities, hotels, residential condominiums under the Wellith brand, and international projects across the US, UK, and Asia-Pacific.
- Ownership category
- akta.pro rank
NTT Urban Development industry classification
Industry- Product category
- Real Estate Development
- NAICS
- Land Subdivision (23721)
- SIC
- Land Subdividers & Developers (No Cemeteries) (6552)
- akta.pro primary industry
- Smart Cities & Urban Innovation Programs (Digital Planning, Civic Tech for Cities) (BPAIANAJ)
- akta.pro secondary industry
- Sustainable Cities, Urban Development & Green Infrastructure (BPADALAL)
Keywords
Where NTT Urban Development is headquartered
LocationHeadquarters
- HQ city
- Tokyo
- HQ country
- Japan
- HQ region
- Asia
Offices11 records
Markets served
NTT Urban Development business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales
Revenue model
- Real Estate Leasing: Leasing of office buildings and commercial facilities owned by the company, generating recurring rental income from tenants.
- Condominium Sales: Development and sale of residential condominiums under the 'Wellith' brand, generating one-time transaction revenue.
- Hotel Ownership and Management: Ownership of hotels with management through subsidiary NTT Urban Development Hotel Management, operating brands including Hyatt Centric, Capella, Ace Hotel, and voco. Currently operates 7 hotels with 8 facilities and 1,351 rooms planned.
- International Real Estate: Development and operation of real estate projects outside Japan, including US residential developments and Philippines condominiums.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels5 records
NTT Urban Development product offering
Product offeringCore offering
NTT Urban Development is a comprehensive real estate developer that plans, develops, owns, and manages office buildings, commercial facilities, hotels, and residential condominiums across Japan and select international markets. The company integrates NTT Group's ICT, energy, and environmental technologies into its developments to create smart, sustainable urban environments. It sells residential units under the Wellith brand, operates hotels under international brand partnerships, and develops large-scale mixed-use urban redevelopment projects.
Product overview
NTT Urban Development is a comprehensive real estate development company operating as part of the NTT Urban Solutions Group. The company offers a multi-segment portfolio consisting of office buildings, commercial facilities, hotels, and residential properties under the Wellith brand. Their operations span property development, ownership, and management, with services including urban development consulting, building design, and ICT/energy management delivered through affiliated group companies. The company also maintains significant global operations in the US, UK, and Philippines markets.
Differentiator
Problem solved
Functional benefit
Brands
- ウェリス (Wellith): Residential housing brand offering condominiums and apartments under the WELLITH brand for quality living
Products and services
- Office Buildings (オフィスビル)
- Commercial Facilities (商業施設) Shopping centers and retail space development that creates vibrant urban destinations connecting people and communities. Examples include Pacela Hiroshima (regenerated commercial facility), Shinpuhkan in Kyoto, and SHIP Kyoto.
- Hotels (ホテル) Hotel development, ownership, and management in partnership with international hotel operators including Hyatt (Hyatt Centric Sapporo), Capella Hotel Group (Capella Kyoto), Ace Hotel (Ace Hotel Kyoto), voco, and Patina (Patina Osaka). Currently 7 operating hotels with a planned 8th property (Hyatt Centric Sapporo) bringing total to 1,351 rooms.
- Wellith (ウエリス) Residential Brand Residential housing sub-brand offering high-quality condominiums and rental apartments. Provides comfortable living spaces for a wide range of generations, from young professionals to families, with modern amenities and sustainable features. Recent offerings include Wellith Shin-Aiguchi (sales started June 20, 2026) and Wellith Tower Hirakata Kuzuha.
- Global International Real Estate International real estate development operations across the US (New York, Boston, Dallas, Orlando, Atlanta), UK (London office established 2009), and Philippines (Manila). Focuses on residential and mixed-use developments.
- LIFORK Co-working Brand Flexible workspace and co-working facilities offering diverse work environments for businesses and individuals, branded under the LIFORK sub-brand.
- HARUMI FLAG Residential Development Major residential development project in Tokyo's Harumi district, recognized with the 2026 ULI Asia Pacific Awards for Excellence for excellence in real estate and urban development.
- Capella Kyoto (Hotel) Luxury hotel in Kyoto with 89 rooms, featuring signature restaurant 'SoNoMa by SingleThread' collaboration with a Michelin three-star restaurant. Located near Kennin-ji temple. Capella is the first Capella property in Japan.
- Hyatt Centric Sapporo (Hotel) Hotel property with 216 rooms (including 9 suites) located in Urban Net Sapporo Link Tower, scheduled to open in fall 2026. Operated by Hyatt Hotels Corporation and represents Hyatt's first property in Sapporo.
- NOVEL Lulah Hills (Atlanta Rental Development) 303-unit rental apartment development in Decatur, Georgia (Atlanta metro area). 6-story building using wooden frame construction (2x4 materials) from the second floor up. Joint development with Crescent Communities (a Sumitomo Forestry subsidiary) and Sumitomo Forestry.
- HIBIYA CROSSPARK Mixed-Use Development Major mixed-use urban redevelopment project in central Tokyo with approximately 1.1 million sqm total floor area. Includes office, commercial, and hotel spaces. Co-developed with NTT, NTT East, Dai-ichi Life Insurance, Chuo-Nihon Land Building, Teikoku Hotels, Tokyo Century, TEPCO Holdings, and Mitsui Fudosan.
- Pasig Project (Manila Condominium) Approximately 5,800-unit condominium project in Pasig, Metro Manila, Philippines. Joint development with Cebu Landmasters Inc. (CLI). Represents NTT Urban Development's second development project in the Philippines following 'The Wave Towers' in Cebu.
Quantifiable outcome
- Currently operates 7 hotels with 1,351 rooms planned by 2026
- +1 more outcomes
Companies that use NTT Urban Development
Customer profileNamed customers6 records
Segments4 records
Ideal customer profiles4 records
NTT Urban Development technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
NTT Urban Development partnerships and signals
Strategic signalPartnerships
17 partnerships are on record, tiered major and core.
- HitachimajorParticipating in Tokyo robot city testbed project in Meguro Ward, handling main construction and site redevelopment for humanoid robots, automated transport, and AI-powered services.
- DensomajorParticipating in Tokyo robot city testbed project with approximately 70 companies and organizations for physical AI development.
- Hyatt Hotels CorporationmajorHotel operator for Hyatt Centric Sapporo (216 rooms) opening fall 2026 in Urban Net Sapporo Link Tower. Hyatt's first property in Sapporo.
- NTTcoreCo-developer of HIBIYA CROSSPARK, a major urban redevelopment project with approximately 1.1 million sqm total floor area in Tokyo.
- NTT EastcoreCo-developer of HIBIYA CROSSPARK urban redevelopment project in Uchisaiwai-cho, Chiyoda-ku, Tokyo.
- Dai-ichi Life InsurancemajorCo-developer of HIBIYA CROSSPARK, a large-scale mixed-use development project in central Tokyo.
- Chuo-Nihon Land BuildingmajorCo-developer of HIBIYA CROSSPARK urban redevelopment project.
- Teikoku HotelsmajorCo-developer of HIBIYA CROSSPARK, involved in hotel component of the large-scale development.
- Tokyo CenturymajorCo-developer of HIBIYA CROSSPARK urban redevelopment project.
- TEPCO HoldingsmajorCo-developer of HIBIYA CROSSPARK, contributing power infrastructure expertise to the large-scale development.
- Mitsui FudosanmajorCo-developer of HIBIYA CROSSPARK, contributing real estate development expertise.
- Sumitomo ForestrymajorJoint development of NOVEL Lulah Hills 303-unit apartment complex in Atlanta, Georgia. Second joint project following Dallas apartment development. Sumitomo Forestry ranked 4th nationally in apartment units scheduled to start construction in 2024.
- Crescent CommunitiesmajorJoint development of NOVEL Lulah Hills 303-unit rental apartment in Decatur, Georgia (Atlanta metro). 100% subsidiary of Sumitomo Forestry. Groundbreaking March 12, construction starts December 2025, completion 2028.
- EDENSmajorMajor US shopping center developer leading Lulah Hills mixed-use redevelopment (30+ ha) where NOVEL Lulah Hills rental apartments are being developed in Decatur, Atlanta area.
- Capella Hotel GroupmajorLuxury hotel operator for Capella Kyoto (89 rooms) opening March 2026, featuring signature restaurant SoNoMa by SingleThread (Michelin 3-star). First Capella property in Japan.
- Cebu Landmasters Inc. (CLI)majorJoint development of approximately 5,800-unit condominium project 'Pasig Project' in Metro Manila, Philippines. Second development project in Philippines following 'The Wave Towers' in Cebu. CLI is a real estate development company with 2024 sales of 19,525 million pesos.
- Yamada DenkimajorLABI LIFE SELECT Pacela Hiroshima (approx. 4,000 tsubo, 6 floors) to open fall 2026 in regenerated Pacela commercial facility. First LABI LIFE SELECT in Chugoku/Shikoku/Kyushu area.
Scale indicators4 records
Recent moves7 records
Expansion highlights5 records
NTT Urban Development competitors and assessment
Company assessmentDirect peers
- Mitsui Fudosan: Japan's largest comprehensive real estate developer; co-developer with NTT UD on HIBIYA CROSSPARK. Operates office, retail, hotel, and residential businesses across Japan and globally with comparable mixed-use urban redevelopment focus.
- Tokyu Land Corporation: Japanese real estate developer with diversified portfolio including offices, residential, retail, and hotels. Competes with NTT UD in Tokyo and other major Japanese metropolitan areas for mixed-use development opportunities.
- Hulic: Tokyo-focused real estate company with significant office and hotel portfolio. Competes with NTT UD in central Tokyo office leasing and in the hospitality segment.
- Mori Building: Tokyo-focused developer of premium mixed-use towers (Roppongi Hills, Toranomon Hills). Competes directly with NTT UD in central Tokyo office, residential, and mixed-use developments.
- Sumitomo Realty & Development: Major Japanese real estate developer with strong condominium and office leasing operations. NTT UD's Wellith brand competes with Sumitomo's condominium offerings in major Japanese cities.
- Tokyo Tatemono: Japanese real estate developer specializing in office buildings in central Tokyo. Direct competitor in the office leasing segment and broader commercial property market.
- Crescent Communities: US-based multifamily and mixed-use developer (Sumitomo Forestry subsidiary) co-developing NOVEL Lulah Hills with NTT UD in Atlanta. Direct partner and comparable in US Sun Belt rental housing development.
- Mitsubishi Estate: Major Japanese real estate developer with large office portfolio in Marunouchi and significant mixed-use redevelopment pipeline. Competes head-to-head with NTT UD for prime central Tokyo office and commercial tenants.
Broad incumbents
- Sekisui House: Major Japanese homebuilder with growing international operations including US rental housing. Comparable to NTT UD's international residential expansion strategy and Wellith condominium brand.
- Daiwa House Industry: Japan's largest homebuilder and a broad real estate conglomerate with operations across residential, commercial, logistics, and international development. Overlaps with NTT UD's Wellith residential brand and international expansion strategy.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
NTT Urban Development social profiles
Digital presenceNTT Urban Development financial estimates
Financial estimateRevenue estimate
Valuation estimate
NTT Urban Development leadership team
Management profileNumber of profiles
Profiles4 records
NTT Urban Development subsidiaries and ownership
Company hierarchySubsidiaries4 records
NTT Urban Development funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NTT Urban Development M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NTT Urban Development
What does NTT Urban Development do?
NTT Urban Development is a comprehensive real estate developer that plans, develops, owns, and manages office buildings, commercial facilities, hotels, and residential condominiums across Japan and select international markets. The company integrates NTT Group's ICT, energy, and environmental technologies into its developments to create smart, sustainable urban environments. It sells residential units under the Wellith brand, operates hotels under international brand partnerships, and develops large-scale mixed-use urban redevelopment projects.
Is NTT Urban Development a public or private company?
NTT Urban Development is a private company. It is classified as corporate owned and is currently operating.
When was NTT Urban Development founded?
NTT Urban Development was founded in 1986. It employs 501 to 1,000 people.
Where is NTT Urban Development based?
NTT Urban Development is headquartered in Tokyo, Japan, in the Asia region.
How does NTT Urban Development make money?
Four revenue lines are on record. Real Estate Leasing is the primary driver. The others are condominium Sales, hotel Ownership and Management and international Real Estate.
Who are NTT Urban Development's main competitors?
Direct peers on record are Mitsui Fudosan, Tokyu Land Corporation, Hulic, Mori Building, Sumitomo Realty & Development, Tokyo Tatemono, Crescent Communities and Mitsubishi Estate. Broad incumbents are Sekisui House and Daiwa House Industry.
Does NTT Urban Development have an API?
No public API is recorded for NTT Urban Development.
What industry is NTT Urban Development in?
NTT Urban Development's product category is Real Estate Development. Its primary akta.pro industry code is BPAIANAJ, Smart Cities & Urban Innovation Programs (Digital Planning, Civic Tech for Cities), with a secondary code of BPADALAL, Sustainable Cities, Urban Development & Green Infrastructure. Its NAICS code is 23721 and its SIC code is 6552.