Analyzing Pressance Corporation via DDM Standards: The 'Completed Inventory' Risk and Corporate DNA Behind the #1 Supply Ranking

As of 2026, with inflation and rising interest rates occurring simultaneously, 'careless judgment' in choosing real estate leads directly to household financial strain.
If you drive through the streets of Nagoya, you will see Pressance Corporation properties everywhere.
In fact, the company is one of the top developers in terms of supply volume in the Nagoya area.

However, intuitively judging that 'it must be safe because they build the most' in investment behavior is one of the cognitive biases in behavioral economics.

In this article, we use the three axes of the 'DDM (Dual Defense Mansion) Standard' proposed by Mobitate Lab (Demand, Defense, and Money) to objectively dissect the 'defensive strength' of the company's properties based on financial data and the reality on the ground in Nagoya.

1. [Review] The 5 Major Classifications of Developers under DDM Standards

To measure the defensive strength of a property, one must first understand the development philosophy of the seller (developer). The DDM standard classifies developers into the following five categories.

• Major (National): Excellent brand power and management, but high price ranges require caution regarding household strain during inflation.

• Emerging (Rationalization-focused): Excellent cost-performance, but carries the risk of phased increases in repair costs that make the initial price look low.

• Local (Nagoya-centered): Strong local networks and stable management, but lags behind in national brand power.

• Specialized (Eco-focused): Maximum utility cost defense through ZEH, etc., but initial prices tend to be higher.

• Investment-oriented (Yield-focused): Possesses overwhelming tenant-attraction power, but carries management risks due to the mix of actual demand and investment.

Pressance Corporation, the subject of this article, is positioned asthe leader in ⑤ Investment-oriented.

2. [Corporate DNA] The Gene of 'Strength'—Overwhelming Offense and Fragile Defense

Corporate DNA (development philosophy) does not easily change even when top management changes. At its founding in 1997, the company started with 'one-room investment sales.' At their core is a philosophy that prioritizes 'yield and tenant attraction (occupancy rate)' from an investor's perspective over 'permanent residence quality' for actual residents.
If I were to describe that DNA in one word, it would be 'Strength.'
Aggressive land acquisition and a forceful breakthrough power driven by overwhelming sales capabilities.
This gene of 'strength' exerts industry-leading power in 'offense (Demand)' such as leasing and liquidity.
On the other hand, while 'strong' companies specialize in offense, they tend to have thin 'defense (Defense).'
They are characterized by structural weaknesses in the 'shield' that actual residents seek, such as eco-performance to defend against utility costs during inflation and the stability of long-term repair plans.

3. [Financial Dissection] 10-Year Data Showing the Accumulation of 'Completed Inventory (Blood Clots)'

To objectively measure the company's strength, we will examine the trends in 'number of units launched' and 'real estate for sale (= completed unsold inventory)' on the balance sheet (B/S) over the last 10 years (2014–2024).

[Pressance Corporation Supply and Inventory Trends (Excerpt)]

• 2017: Launched 5,267 units / Completed inventory approx. 10 billion yen (Peak of low inventory and high turnover)

• 2024: Launched 3,230 units / Completed inventory approx. 23.8 billion yen (V-shaped rapid increase)

• 2025: Launched 4,524 units (#1 in national supply)

(Source: Real Estate Economic Institute 'National New Condominium Market Trends' 2025/2026 reports)

Calculation Logic: How many units does 23.8 billion yen in inventory represent?

Let's convert this recent completed inventory figure of '23.8 billion yen' (from the financial results summary for the fiscal year ending September 2024) into a more concrete scale.
We will conservatively estimate the current average price of the company's core investment-grade to compact condominiums at 'approximately 30 million yen'.

• Estimated number of inventory units: 23,800 million yen ÷ 30 million yen = approximately 793 units

• Estimated unsold rate: approximately 793 units ÷ 3,230 units (2024 supply count) = approximately 24.6%

In other words, against the new supply of 2024, the calculation is that 'approximately 24.6% (slightly less than one in four units) remains unsold' (*if the average unit price is assumed to be 25 million yen, it is approximately 29.5%).
If these were 50-unit apartment buildings, it would be a state where approximately 16 buildings worth are recorded on the balance sheet as entirely vacantされている状態です。

Financial 'Blood Clots' and 'Blood Transfusions'

In a company, money is blood and profit (retained earnings) is flesh and blood. Currently, properties whose prices have risen due to soaring construction costs are diverging from the purchasing power of end-users and are stagnating at the exit of the balance sheet as 'completed inventory'. This is a '


blood clot' that hinders the circulation of funds. Theoretically, the company should perform a surgical procedure by discounting prices—even if it cuts into profits—to convert them into cash and restore blood flow. However, the company is currently maintaining its business scale by relying on 'interest-bearing debt was approximately 105.4 billion yen as of the end of the fiscal year ending September 2024 (consolidated basis) *increased to approximately 114.3 billion yen on a consolidated basis as of the end of the first quarter of the fiscal year ending September 2025


' in the form of 'blood transfusions' (Source: Pressance Corporation Financial Results Summary for the First Quarter of the Fiscal Year Ending September 2025 (Consolidated), Quarterly Consolidated Balance Sheet). If completed inventory continues to stagnate like this, the probability of under-the-table discount sales or tenant placement with lowered screening criteria to recover funds will increase. This becomes a risk factor that directly damages the asset value for owners who purchased at list price initially and the living environment within the condominium.

4. [Property Characteristics] The Reason for 'Strongest Demand' from a Taxi Driver's Perspective

When driving a taxi through Nagoya late at night (Meieki Minami, Shinsakae, Imaike areas, etc.), the 'overwhelming liquidity' that is the strength of the company's properties is clearly visible. Their site selection accurately captures ironclad areas within a 5-10 minute walk from major stations. Their instinct for pinpointing development in places like along main roads or on the border between entertainment districts and residential areas—where 'convenience is outstanding but it is hard to call it a quiet living environment for families'—is genuine. The high volume of people entering and exiting the entrances late at night proves at the field level that the 'Demand' from single people and the rental market is extremely high.

5. [DDM Evaluation] The Arena They Fight In and Objective Evaluation

I will evaluate the above facts using the three axes of DDM.

• 🛡️ Demand: [Strong] Excellent access to the city center and high tenant placement capability make exit strategies (renting/selling) easy to envision.

• 🛡️ Defense: [Weak] The utility cost reduction effect from eco-performance such as ZEH is limited. Also, long-term defensive strength remains an issue due to past court records (*such as the confirmed 2.59 million yen compensation for a sunlight obstruction lawsuit in Nagoya in 2021) and the risk of difficulties in reaching agreements on future repair reserve funds due to the mix of investment and owner-occupied units.
  

• 🛡️ Money: [Caution Required] While it is easy to secure a gross yield, household buffers (surplus funds) are required for extreme stress tests that account for soaring maintenance costs during inflation.

6. [Historical Background] Past Crises and the Current Macro Environment

During the Lehman Shock, the company used its overwhelming sales power to achieve high inventory turnover, turning the recession into a springboard for growth. Also, even under the abnormal situation of the Pressance incident (the 2019 arrest of the former president, later acquitted in 2021; *the state compensation claim was dismissed in March 2025 and is currently under appeal), the company continued its business and became a wholly-owned subsidiary of the Open House Group in the spring of 2025, delisting from the stock exchange. This resilient survival instinct should be objectively evaluated. However, the methods used to overcome past crises (aggressive sales power) do not necessarily serve as a shield to protect the buyer's household finances in the current, completely different macro environment of 'cost-push inflation' and 'rising interest rates'.

7. [Final Conclusion] 'Who Should Buy' Properties from This Company?

The objective conclusion based on DDM standards is as follows. ✅
Those who should consider it (Pure investment/Hybrid segment) Those who keep their LTV (loan-to-value ratio) appropriately low, have sufficient surplus funds on hand, and do not rely excessively on future rent offsets. For 'pure investors' who can operate coldly using the liquidity of the location (spear) as a weapon, this is a strong option. ❌
Those who need careful assessment (End-user segment)
'Family-living end-users' who want to defend against utility costs during inflation with the latest eco-performance or who prioritize the stability of long-term repair reserve funds. While these properties are easy to enter as rentals for those who are anxious about loan screening (such as immediately after changing jobs), if you are purchasing with the premise of living there permanently, you must strictly align your own financial plan (Money axis) with the building's defensive strength (Defense axis).

There is no absolute correct answer in real estate, nor is there an unconditionally safe developer. That is why you should not be misled by superficial supply numbers, but rather use objective data and DDM standards to build a 'defense strategy' that suits your own profile.

[Data Sources/Reference Information]

• Real Estate Economic Institute, 'National New Condominium Market Trends' (Number of units released), 2025 and 2026 reports

• Pressance Corporation Co., Ltd. Financial Results for the First Quarter of the Fiscal Year Ending September 2025 (Consolidated) (Total interest-bearing debt: 114,296 million yen = approx. 114.3 billion yen)

• Various news outlets (2025 delisting and TOB-related information, records of the Pressance incident and state compensation lawsuits, Nagoya District Court 2021 judgment records)

• * The inventory unit counts and unsold rates in this text are estimates by our lab based on published financial figures.

Please let us know your profile (investor/end-user/hybrid) in the comments. We will conduct an individual assessment.
* For individual consultations regarding your home or a second opinion on a property, please feel free to contact us via the official Mobitate Lab LINE.