TOKYO, Aug. 30, 2023 (GLOBE NEWSWIRE) -- SYLA Technologies Co., Ltd. (NASDAQ: SYT) (“SYLA” or “the Company”), operator of Japan’s largest membership real estate crowd-funding platform, Rimawari-kun, announced its subsidiary, SYLA Co., Ltd. (“SYLA Co.”) has sold a condominium development site in Shimo-Meguro 3-chome, located in Meguro-ku, Tokyo, Japan, on June 30, 2023.
As part of SYLA Co.’s real estate development and management strategy, it undertakes third-party projects and provides a comprehensive service for condominium development, leasing, and building management. In September 2021, SYLA Co. obtained a license for its Special Construction Business, which allows it to contract construction for other third-party condominium projects. Following the market strategy, SYLA Co. provides construction contracting services for new properties and planning proposals utilizing its condominium development capabilities and expertise.
Property Information and Sale Details
- Summary of the Land Sold
Location: 3-chome, Shimo-Meguro, Meguro-ku, Tokyo
Access Point: 10-minute walk from Meguro Station (JR Yamanote Line)
6-minute walk from Fudomae Station (Tokyu Meguro Line)
Site Sizing Area: 652.68 m2 (measured area) (including road setbacks)
Zoning: Commercial zone; 80% Building-to-land ratio; 500% Floor-area ratio - Buyer and Sale Price
Due to a confidentiality agreement with the buyer, SYLA Co. will not disclose the buyer and the sale price. - Future Prospect
Revenue from this land sale has already been included in the consolidated earnings forecast for the fiscal year ending December 31, 2023. - Additional Note
After acquiring this site of approximately 213.8 square meters in February 2022, SYLA Co. expanded the site to approximately 652.7 square meters by September 2022.
About SYLA Technologies Co., Ltd.
Headquartered in Tokyo, Japan, our company consists of SYLA Technologies Co., Ltd. and its consolidated subsidiaries (SYLA Co., Ltd., SYLA Solar Co., Ltd., SYLA Brain Co., Ltd., and SYLA Biotech Co., Ltd.). The Company owns and operates the largest membership real estate crowd-funding platform in Japan, Rimawari-kun, which targets individuals, corporate and institutional investors, as well as high net worth individuals. Their mission is to democratize real estate investment around the world through technology and asset management through the Rimawari-kun platform. They are engaged in the overall investment condominium business, including planning, development, construction, sales, rental management, building management, repair work, and the sale of properties. Additional information about the Company’s products and services is available at https://syla-tech.jp/en
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses the expected gross proceeds and the closing of the offering. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report on Form 20-F, filed with the SEC on April 18, 2023. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
Contact Information
Gateway Group, Inc.
John Yi and Thomas Thayer
SYLA@gateway-grp.com
Tel +1 (949) 574-3860
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ad523af2-1a87-4a2b-9922-91761663652f.
