SYLA announces notice of subscription to CUMICA’s allotment of shares

SYLA Technologies announced that its Board of Directors has resolved on August 7, 2024, to subscribe to a third-party allotment of shares, as announced by CUMICA in the “Notice Regarding Issuance of New Shares through Third-Party Allotment.” CUMICA operates in the development and sales of family condominiums, primarily in Saitama Prefecture. Its condominium brands, BELLE DEMEURE and BELJOUR, are particularly noted for their high quality and environmental considerations, showcasing its advanced construction techniques. CUMICA has operated real estate development and construction business while leveraging its unique creativity and cost-effective business model developed through 40 years of condominium development focused on local communities. On January 23, 2024, SYLA entered into a capital and business alliance agreement with CUMICA. SYLA and CUMICA specialize in the planning, development, and sales of investment condominiums in the Tokyo metropolitan areas and family-type condominiums in the Saitama Prefecture, respectively. The two companies are exploring new, synergistic product concepts, such as Combined Residence and Senior Tech Mansion. Through this collaboration, both companies aim to leverage its distinct strengths and expertise, complement each other’s business models, and create significant business synergies in the future. Specifically, the two companies are working on joint condominium development projects in Omiya and Kawasaki.