Capturing these trends is Singapore Exchange-listed Uni-Asia Group, which has been an active Japanese real estate player since 1998. Initially involved in asset investment and management, Uni-Asia added real estate development to its portfolio and has even expanded into Hong Kong and China.
Interestingly, the Mainboard-listed company also operates in the shipping segment. Uni-Asia describes both segments as complementary, supporting the company with consistent cash flows and allowing it to ride through volatile market cycles.
Hit by the downturn in the Hong Kong and China property markets, the company embarked on transforming its business, reversing into the black for 1HFY2025 ended June 30, 2025.
Revenue visibility and diversification
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Uni-Asia completed no property developments in 1HFY2025, leading to a 73% y-o-y decline in turnover to just under $1.7 million for Uni-Asia’s Japanese property segment. However, in a demonstration of the merits of operating two business segments, the company turned in a profit overall for the period.
As a developer, Uni-Asia invests in and develops small residential property projects in Tokyo under the Alero series. The first project, Alero ShimoMeguro, was completed and sold in 2012.
According to Uni-Asia’s website, a total of 81 projects have been completed. In addition, a total of 15 projects are undergoing construction (though two are still listed for completion in November and December 2025) and another three have units available on the market, providing revenue visibility till 1HFY2027.
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Alero Asagaya, located west of the city centre was completed in October 2025. Photo: Uni-Asia Group Limited
Uni-Asia’s focus on residential and compact urban properties — mainly in Tokyo — is driven by urbanisation, demographic shifts and smaller household sizes.
“[For] Tokyo, the population is still increasing all the time because all the young graduates from Japan all go to Tokyo to find work,” executive director Lim Kai Ching tells City & Country.
Beyond Alero projects, Uni-Asia is diversifying into other assets including group homes, resort land projects and private finance initiative (PFI) projects, which involve infrastructure.
Noting Japan’s ageing demographics and spotting an opportunity, Uni-Asia ventured into the group homes segment in 2021 by investing in a fund to develop five group homes for people with disabilities. After successfully selling the homes, the company established another fund as a standalone investment vehicle for this segment, with two more projects completed last year.
Lim says group homes is one way Uni-Asia can diversify while leveraging on its property development expertise. “What we do is we develop the properties, and sell some of them to the funds,” adds Lim. “We can develop quite quickly and can exit quite quickly [from these projects].”
On the resort land front, Uni-Asia currently holds two parcels of undeveloped land in tourist hotspots Niseko and Furano, both located in Hokkaido. As of mid-2025, the company has cleared the land in Furano and is working with neighboring stakeholders to clear the Niseko plot.
Lim says operators co-invest in the land plots and Uni-Asia earns fees for bringing in investors. “The land is still sitting there waiting for the price to go up, and we are always looking at opportunities,” Lim shares. “If the price is good, we may sell them, or we may put in money to develop.”
Regarding the PFIs, Uni-Asia leads a consortium of companies to develop and operate public infrastructure projects. The company says that the projects align with its “good corporate citizenship and sustainable business practices”, and its belief in contributing to society with its business.
Uni-Asia and its partners completed their first PFI in 2021. The company is also the consortium leader in two more uncompleted PFI projects. The consortia have the rights to operate the projects’ facilities for 20 years and Uni-Asia will earn recurrent fees as the asset manager of the projects, providing consistent income.
“When we have more track record, and if we can build up a bigger portfolio, this will actually generate relatively stable fixed income for the next 20 years,” says Lim.
The company says that its “on-the-ground” asset management platform, wholly-owned subsidiary Uni-Asia Capital (Japan), or UACJ, provides a competitive advantage with its structuring and co-investment experience that helps it take on institutional-style projects with longer timelines.
Based on its 1HFY2025 report, the contract value of UACJ’s property assets under management is JPY62.8 billion ($511.9 million). These assets include residential, hospitality, healthcare, solar power and PFI projects.
Positive outlook while avoiding risk
The company remains very confident in the Japanese real estate market. It believes Japan’s stable legal framework and relatively low interest rates, combined with high-quality assets, transparent governance and “resilient demand pockets”, can continue to attract long-term capital.
However, its assessment of Hong Kong and China real estate stands in sharp contrast. Uni-Asia is wary of these two markets and has decided to focus on the Japanese market for the foreseeable future.
Having written down US$31 million for its exposure in Hong Kong in FY2024, Uni-Asia says it is still observing structural headwinds there, including “persistent” oversupply, weak tenant demand, shortening leases and greater rental concessions, which are squeezing rents.
Prior to the downturn, Uni-Asia’s Hong Kong properties were considered the “crown jewel” of its property portfolio, with a profit of approximately US$25.2 million reaped from a US$17.5 million investment for its first three Hong Kong projects.
Similarly, the company is seeking an “orderly” exit from its Guangzhou investment. Uni-Asia first ventured into the market based on the city’s position as a major commercial and economic hub in the Greater Bay Area. However, it has concluded that mainland China’s real estate has “changed materially” in recent years, with valuations, demand and transaction liquidity encountering “prolonged weaknesses”.
Uni-Asia also expresses caution when asked about entering Singapore’s property market. “Every time we look at it, we find that it's very high,” says Lim on Singapore’s real estate prices. He adds that while Singapore has good policies and a strong economy, it is also vulnerable to external shocks.
Lim also points out that while Uni-Asia is listed in Singapore, it lacks operational knowledge in its home market. “We do not have the expertise or people on the ground who are familiar with the [Singapore] market.”
Uni-Asia says it continually evaluates opportunities and exercises discipline in executing its business strategy. In a statement, the company adds: “Any move into Singapore real estate would be guided by the same discipline we apply elsewhere — partnering approach, clear competitive edge and attractive risk-adjusted [returns].”
Alero Senzoku is a new residential apartment building in Meguro, Tokyo, developed by Uni-Asia Capital (Japan). Photo: Uni-Asia Group Limited
