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Next, I'd like to give an overview of our plans for our condominium sales business.
During the first half we sold 676 units to post revenue of ¥21 billion on a non-consolidated basis. For the full year, we expect to sell 2,112 units for ¥81 billion. Sales conditions are moving in a positive direction, and we have already concluded contracts for 70% of the projected sales for this fiscal year. However, as I mentioned earlier, we expect margins to fall substantially during this fiscal year, and so our projections are for gross margins of 3.1% and 8% for this period and the full year respectively, in contrast to 16% for the previous fiscal year (all of these percentages exclude valuation losses). This is an extremely difficult situation, but we believe that this fiscal year will represent the nadir in terms of profit levels.
There are 3,900 condominium units in our pipeline, which we plan to sell during the next fiscal year and thereafter. At the beginning of this fiscal year, we had already acquired land for about 500 condominium units. Regarding sales of buildings, this year we have already booked ¥4.9 billion in revenue and ¥0.8 billion of profit during the first half, but these results have not been factored into the plan for the second half of the fiscal year.
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