Redevelopment of 576-Unit Condominium Breaks Ground in Funabashi, Led by Nomura Real Estate and Partners
Nomura Real Estate Development, Mitsui Fudosan Residential and others have broken ground on the Wakamatsu 2-chome Residential Condominium Redevelopment Project in Funabashi City, Chiba Prefecture. On October 31, 2025, the Wakamatsu 2-chome Residential Condominium Redevelopment Association, in which these developers participate, commenced construction to rebuild the “Wakamatsu 2-chome Jutaku” condominium complex. The existing 576 units represent the largest-scale redevelopment project in Chiba Prefecture to use the Act for Facilitating Reconstruction of Condominiums. In addition to the two developers mentioned above, Asahi Kasei Homes Corporation and Nippon Steeel Kowa Real Estate Co., Ltd. have joined the association as participating members.
The existing “Wakamatsu 2-chome Jutaku” is a condominium complex completed in 1969, consisting of 17 five-story buildings with a total of 576 units. The site area is approximately 12,793 tsubo (approx. 455,200 sq. ft.), and the Gross Floor Area is approximately 9,147 tsubo (approx. 325,500 sq. ft.). The property is located behind Lalaterra TOKYO-BAY, a retail complex directly connected to JR Keiyo Line Minami-Funabashi Station. The construction schedule is divided into two phases, with completion of the initial phase planned for 2028.
The redevelopment is driven by multiple issues, including the aging of the buildings themselves, deterioration of gas, water, sewer and electrical infrastructure, and non-compliance with current barrier-free standards. The condominium owners’ association began studying redevelopment around 2007, and after a resolution for comprehensive reconstruction was approved in March 2023, the redevelopment association was established in December 2023.
In Japan, condominium redevelopment is expected to accelerate following an amendment to the Act on Building Unit Ownership, etc. (Japanese Condominium Act) scheduled to take effect in April 2026. Under the amendment, if there are objective reasons such as insufficient seismic performance, the voting requirement for a reconstruction resolution will be eased from at least four-fifths to at least three-quarters of all unit owners and total voting rights. A new mechanism will also allow owners who are uncontactable or whose whereabouts are unknown to be excluded from the voting base. With the number of condominiums more than 40 years old projected to reach around 1.98 million units by 2030, facilitating the regeneration of aging condominium stock has become a key policy issue.
Key Facts
Project Name: Wakamatsu 2-chome Residential Condominium Redevelopment Project
Developer: Wakamatsu 2-chome Residential Condominium Redevelopment Association
Participating Association Members: Nomura Real Estate Development Co., Ltd.; Mitsui Fudosan Residential Co., Ltd.; Asahi Kasei Homes Corporation; NIPPON STEEL KOWA REAL ESTATE CO., LTD.
Consultant: NEXT ARCHITECT & ASSOCIATES Co., Ltd.
Location: 4-6, Wakamatsu 2-chome, Funabashi City, Chiba Prefecture
Nearest Station: Minami-Funabashi Station (JR Keiyo Line), approx. 5 minutes on foot
Construction Start: October 31, 2025
Completion: 2028 (first phase)
Existing Building Scale: 5 stories above ground, 17 buildings in total
Existing Number of Units: 576 units
Existing Structure: Reinforced concrete
Site Area: approx. 12,793 tsubo (approx. 455,200 sq. ft.)
Existing Gross Floor Area: approx. 9,147 tsubo (approx. 325,500 sq. ft.)