MEIWA

What MEIWA does

MEIWA Co., Ltd. (株式会社明和) is a privately held Japanese real estate developer founded in August 1986 in Shibuya, Tokyo, and currently headquartered in Setagaya. The company specializes exclusively in the development, sale, and ongoing management of compact new condominiums in the Tokyo metropolitan area, with additional sales activity in Kanagawa, Chiba, Saitama, and Aichi prefectures. Its products target individual retail investors seeking long-term rental income, tax optimization through real-estate depreciation and inheritance-tax reduction, and pension supplementation. The founder-controlled entity operates on a registered capital base of 90 million yen (as of November 2012) with Representative Director Shiomi Jiro (塩見次郎) leading the organization, and has no publicly disclosed parent or controlling external investor.

MEIWA's product portfolio spans three condominium sub-brands: STAGE FIRST (entry-level compact units near major transit), STAGE GRANDE (mid-size urban units), and GRAND CONCIERGE (premium-tier units with concierge services). Construction is anchored by a proprietary Construction Quality Management System supervised by licensed first-class architects, with seismic base isolation, double wall and floor reinforcement, and glass wool insulation. Post-sale, MEIWA operates an integrated management stack comprising the Master Lease System (guaranteeing owners 90% of market rent regardless of vacancy on 20-year initial contracts), the 明和オーナー倶楽部 (Meiwa Owner Club) owner web portal and mobile app, and a building management module delivered through group company Kaitekikukan (株式会社快適空間). Operational metrics include a 97.73–98.5% occupancy rate and a 0.04% rent delinquency rate across a managed portfolio of 11,613 rental units in 254 delivered buildings.

MEIWA captures revenue through four streams: (1) one-time new condominium sales to individual investors, (2) recurring master-lease spread income from subletting units to tenants, (3) recurring tenant rental income collected under the master-lease arrangement, and (4) managed building maintenance services. Properties are distributed through in-house sales staff and three wholly-owned sales companies (PRESTIGE, GENESIS, GRAND CITY) spun off from former branch operations in February 2011. Master-lease pricing is structured by unit size — owners of sub-40 sqm units receive rent minus ¥5,000 per month in years 1–5 and owners of 40 sqm+ units receive rent minus ¥10,000 per month, transitioning to 90% of market rent from year 6 with biennial adjustment. The vertical integration from development through 20-year post-purchase management creates switching costs and provides recurring fee visibility on the 11,613+ rental units under management, anchored by a historical average yield of approximately 4.5% (2007–2012).

Name

MEIWA

Legal name

株式会社明和

Website

https://mmeiwa.jp

Company type

Private

Founded year

1986

Operating status

Operating

Short description

MEIWA is a privately held Tokyo-based real estate developer founded in 1986 that builds, sells, and manages compact new condominiums in the Tokyo metropolitan area under the STAGE FIRST, STAGE GRANDE, and GRAND CONCIERGE sub-brands, selling primarily to individual investors with a 20-year guaranteed-rent Master Lease product.

Ownership category

akta.pro rank

Product category

Condominium Real Estate Development

NAICS

New Housing For-Sale Builders (236117)

SIC

Operators Of Apartment Buildings (6513)

akta.pro primary industry

HOA / Condominium Association Management (BPAJAFAH)

akta.pro secondary industries

Condominium Association Management (BPAJAHAA), New Development / Declarant Transition Management (BPAJAHAK)

Keywords

• Condominium development
• Property management
• Rental management
• Real estate investment
• Compact condominiums

Headquarters

HQ city

Setagaya

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. New Condominium Sales: Development and sale of new compact condominiums in Tokyo metropolitan area. The company constructs and sells newly built condominiums for investment purposes, generating revenue from the sale of properties to individual investors.
2. Property Management (Master Lease): The company leases properties from owners at guaranteed rates (90% of market rent for occupied units, 90% of asking rent for vacant units) and sublets to tenants. Revenue comes from the spread between master lease payments and collected rents. Contract terms are 20 years initial with 10-year renewals.
3. Rental Income (Tenant Subleasing): Under the master lease system, the company acts as the landlord for tenants, collecting rent payments and providing property management services including tenant screening, contract management, and 24/7 emergency support.
4. Building Management Services: Building maintenance services including common area cleaning, equipment maintenance, 24-hour monitoring, and long-term renovation planning provided by group company Kaitekikukan (快適空間).

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

MEIWA develops and sells new compact condominiums in the Tokyo metropolitan area under the STAGE FIRST, STAGE GRANDE, and GRAND CONCIERGE sub-brands, targeting individual buy-to-let investors. The company bundles each sale with a Master Lease guaranteed-rental program (90% of market rent) and ongoing property/building management through wholly-owned group companies. It also operates the Meiwa Owner Club web portal to give owners real-time visibility into property financial performance.

Product overview

MEIWA operates as a vertically integrated real estate developer offering three condominium sub-brands (STAGE GRANDE, STAGE FIRST, GRAND CONCIERGE) for sale, supported by proprietary management platforms including the 明和オーナー俱楽 部 owner portal and マスターリース guaranteed rental system. The company's core offering combines property development, sales through group companies, and ongoing property management services, creating a total owner management (TOM) ecosystem.

Differentiator

Problem solved

Functional benefit

Brands

• STAGE FIRST: Compact condominium brand series offering urban living in central Tokyo areas
• STAGE GRANDE
• GRAND CONCIERGE

Products and services

• STAGE GRANDE Kameari Asiel Court (ステージグランデ亀有アジールコート) STAGE GRANDE series mid-size urban condominium located in Kameari, Tokyo, targeted at single and small-household buyers and investors.
• STAGE GRANDE Hon-Chiba (ステージグランデ本千葉) STAGE GRANDE series mid-size urban condominium located in Hon-Chiba, Chiba, designed for single and couple households.
• STAGE GRANDE Takenotsuka (ステージグランデ竹ノ塚) STAGE GRANDE series mid-size urban condominium located in Takenotsuka, Tokyo, emphasizing a traditional downtown atmosphere.
• GRAND CONCIERGE Setagaya Asiel Court (グランドコンシェルジュ世田谷アジールコート) GRAND CONCIERGE premium-brand condominium located in Setagaya, Tokyo, offering high-end specifications and concierge services in a prestigious residential area.
• STAGE FIRST Chiba Station South (ステージファースト千葉駅南) STAGE FIRST series entry-level compact condominium located near Chiba Station with 2-station, 6-line access; sold out.
• Master Lease (マスターリース) Guaranteed Rental Program Subscription-style guaranteed rental program under which MEIWA leases properties from owners at 90% of market rent (or 90% of asking rent for vacant units) and sublets to tenants, handling all tenant management. Contract terms are 20 years initial with 10-year renewals, providing owners a fixed monthly income regardless of vacancy.
• Meiwa Owner Club (明和オーナー倶楽部) Proprietary web-and-mobile owner portal that gives property owners real-time access to income/expense statements, move-out condition photos, and announcements of new Meiwa properties. Accessible via web and a dedicated mobile app at meiwaownerclub.com.
• Building Management System (建物管理システム) Comprehensive building-maintenance service operated through group company Kaitekikukan (株式会社快適空間), covering common-area cleaning, equipment maintenance, 24-hour monitoring, and long-term repair planning.

Quantifiable outcome

• Occupancy rate of 97.73-98.5%
• +3 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Open House Group: Open House develops and sells condominiums and detached housing in the Tokyo metropolitan area, with strong investor-customer focus. Overlap with MEIWA in compact urban condo development for individual investors in Tokyo.
• Comforia Residential REIT: A Tokyo-focused rental residential REIT sponsored by Tokyu Land. Comparable property exposure (Tokyo rental housing) and tenant base, useful as a benchmark for MEIWA's managed rental portfolio economics.
• Advance Residence Investment Corporation: A J-REIT specializing in rental residential properties concentrated in the Tokyo metropolitan area. Comparable end-asset class (Tokyo rental housing) and similar investor demand drivers, though structured as a public REIT rather than an operating developer.
• Pressance Corporation: Pressance is a Japanese condominium developer focused on the Tokyo metropolitan and Kansai regions, targeting similar urban compact unit buyers. Comparable in product category, target market, and customer profile to MEIWA's STAGE FIRST/GRANDE offerings.

Broad incumbents

• Mitsubishi Estate: Japan's largest real estate developer with extensive Tokyo-centric residential and commercial operations. Comparable end-market exposure but operates as a national champion with institutional governance, balance sheet capacity, and product breadth far exceeding MEIWA.
• Daiwa House Industry: Japan's largest homebuilder and a major player in condominium development and rental housing. Comparable product category and target markets but operates at vastly greater scale and with a far broader portfolio across residential, commercial, and logistics.
• Tokyu Land Corporation: Major Japanese real estate developer with significant Tokyo metropolitan condo and rental housing operations. Overlaps with MEIWA in product category but operates as a much larger diversified developer with broader geographic and product reach.
• Nomura Real Estate Holdings: One of Japan's largest real estate developers with residential (condominium) and rental housing operations across major metros. Comparable product category but operates at national scale with institutional governance versus MEIWA's founder-led structure.
• Tokyo Tatemono: Long-established Japanese real estate developer focused on Tokyo central business districts. Comparable in Tokyo-centric commercial and residential development, but at significantly larger scale and broader product scope than MEIWA.

Emerging players

• Leopalace21: Japanese rental property developer and manager historically focused on build-to-rent suburban housing. Comparable in serving Japan's individual landlord market, but with operational challenges and a different geographic mix than MEIWA's urban Tokyo focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MEIWA