Toyota Motor Corp. plans to expand its condominium business in the Tokyo metropolitan area after every unit it placed on the market earlier this year sold immediately, company officials said Friday.
The nation's top automaker hopes to boost its revenues in this sector, given that demand for condos is growing in the metropolitan area, the officials said.
The company has thus far focused its housing operations on single-family homes.
It plans to build its next condo complex in a Tokyo suburb, and the long-term goal is one complex a year if it can identify suitable sites, the officials said.
"There is good demand in the metropolitan area. We would like to expand our condo business, based upon our success with the first complex," said Noritaka Shimizu, vice president of Toyota's housing operations.
Toyota erected its first condo complex on the site of a former Toyota dealership in Machida, western Tokyo.
A total of 177 units in the complex, which have an average floor space of 90 sq. meters, were sold for prices starting at around 30 million yen.