First Adoption of 'PROTHIRD' External Administrator Service for Condominium Management Associations in a Newly Built Condominium
Mitsubishi UFJ Trust and Banking Corporation has announced that its 'PROTHIRD' external administrator service will be implemented in the new 'Wellith Kyoto Higashiyama Gojo-dori' condominium, marking the first time a financial institution's external administrator service has been adopted for a newly built condominium. This service aims to address the social issue of a shortage of board members by having a neutral third-party financial institution take over management association operations.
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- 📰 Published: March 31, 2026 at 19:00
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Mitsubishi UFJ Trust and Banking Corporation (President: Hiroshi Kubota; hereinafter "Mitsubishi UFJ Trust and Banking") provides the external administrator service "PROTHIRD"*¹ to resolve social issues faced by condominium management associations, such as the shortage of candidates for board members. It has been decided that "PROTHIRD" will be adopted for the "Wellith Kyoto Higashiyama Gojo-dori" (hereinafter "the Property"), a newly built condominium currently being developed by NTT Urban Development Corporation (President: Yasushi Ikeda; hereinafter "NTT Urban Development"). This marks the first instance of an external administrator service provided by a financial institution being introduced in a newly built condominium.
1. About the External Administrator Service for Condominium Management Associations, "PROTHIRD"
The "PROTHIRD" service provided by Mitsubishi UFJ Trust and Banking is a service in which Mitsubishi UFJ Trust and Banking enters into an "Administrator Business Entrustment Agreement" with a condominium management association, taking on the duties and management association operations previously handled by a "Board of Directors" composed of unit owners, acting as an "External Administrator."
Under the Act on Building Unit Ownership, etc., condominium management associations must be established, and the common method of operation is the "Board of Directors system," where board members are elected to manage the association. However, in modern times, with the diversification of unit owners and changes in work styles, the shortage of board member candidates has become a social issue, and the way management associations operate is required to adapt to the times.
By having a neutral third-party financial institution—rather than a condominium management company or a unit owner—serve as the administrator in place of a board, "PROTHIRD" resolves the issues of the traditional system where unit owners form the board, such as the imbalance of roles and burdens and the difficulty in ensuring operational continuity. This enables stable management association operations from a fair and highly transparent perspective, providing unit owners and condominium stakeholders with a new form of management association tailored to "modern lifestyles and work styles."
2. Background of the Introduction to "Wellith Kyoto Higashiyama Gojo-dori"
In the "Wellith" condominium brand provided by NTT Urban Development, the practice has been for unit owners to operate the management association via a board of directors system, with the group management company, NTT Urban Value Support Corporation (Headquarters: Minato-ku, Tokyo; President: Mikihiro Kitamura; hereinafter "NTT Urban Value Support"), adopting a system to support those operations.
For this property, an external administrator system will be adopted, and "PROTHIRD" will be introduced in addition to the existing board operation support provided by NTT Urban Value Support. As a result, Mitsubishi UFJ Trust and Banking will take over the duties and management association operations previously handled by the "Board of Directors" composed of unit owners, which is expected to reduce the burden on unit owners. Furthermore, by having a neutral third-party financial institution act as the administrator, stable management association operations become possible regardless of the attributes or circumstances of the unit owners, even in condominiums where a diverse range of age groups, household compositions, and living styles are expected.
3. Future Outlook
Starting with this first introduction to a new property, the service is scheduled to be introduced sequentially in a total of 7 properties across 3 companies for which entrustment has already been decided. We will continue to collaborate with various developers to expand opportunities for providing the "PROTHIRD" external administrator service, regardless of the condominium brand or scale. We also aim to establish a more effective operational support model by carefully grasping the issues specific to each condominium and its regional characteristics.
Furthermore, we will address the social issues faced by existing management associations, such as the shortage of board members and the increasing burden of association operations, by standing by them from a neutral position as an external administrator and working to resolve issues from a long-term perspective. Through these efforts, we aim to reach a cumulative total of 10,000 units under management in five years (fiscal year 2030), thereby enhancing the value of "PROTHIRD" as a new option for management association operations.
Mitsubishi UFJ Trust and Banking will continue to contribute to the realization of safe, secure, and more comfortable living for everyone residing in condominiums, based on the "trust and reliability" we have cultivated over approximately 100 years since our founding.
*¹ June 5, 2024: Regarding the Start of the "External Administrator Business" for Condominium Management Associations
https://www.tr.mufg.jp/ippan/release/pdf_mutb/240605_1.pdf
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1. About the External Administrator Service for Condominium Management Associations, "PROTHIRD"
The "PROTHIRD" service provided by Mitsubishi UFJ Trust and Banking is a service in which Mitsubishi UFJ Trust and Banking enters into an "Administrator Business Entrustment Agreement" with a condominium management association, taking on the duties and management association operations previously handled by a "Board of Directors" composed of unit owners, acting as an "External Administrator."
Under the Act on Building Unit Ownership, etc., condominium management associations must be established, and the common method of operation is the "Board of Directors system," where board members are elected to manage the association. However, in modern times, with the diversification of unit owners and changes in work styles, the shortage of board member candidates has become a social issue, and the way management associations operate is required to adapt to the times.
By having a neutral third-party financial institution—rather than a condominium management company or a unit owner—serve as the administrator in place of a board, "PROTHIRD" resolves the issues of the traditional system where unit owners form the board, such as the imbalance of roles and burdens and the difficulty in ensuring operational continuity. This enables stable management association operations from a fair and highly transparent perspective, providing unit owners and condominium stakeholders with a new form of management association tailored to "modern lifestyles and work styles."
2. Background of the Introduction to "Wellith Kyoto Higashiyama Gojo-dori"
In the "Wellith" condominium brand provided by NTT Urban Development, the practice has been for unit owners to operate the management association via a board of directors system, with the group management company, NTT Urban Value Support Corporation (Headquarters: Minato-ku, Tokyo; President: Mikihiro Kitamura; hereinafter "NTT Urban Value Support"), adopting a system to support those operations.
For this property, an external administrator system will be adopted, and "PROTHIRD" will be introduced in addition to the existing board operation support provided by NTT Urban Value Support. As a result, Mitsubishi UFJ Trust and Banking will take over the duties and management association operations previously handled by the "Board of Directors" composed of unit owners, which is expected to reduce the burden on unit owners. Furthermore, by having a neutral third-party financial institution act as the administrator, stable management association operations become possible regardless of the attributes or circumstances of the unit owners, even in condominiums where a diverse range of age groups, household compositions, and living styles are expected.
3. Future Outlook
Starting with this first introduction to a new property, the service is scheduled to be introduced sequentially in a total of 7 properties across 3 companies for which entrustment has already been decided. We will continue to collaborate with various developers to expand opportunities for providing the "PROTHIRD" external administrator service, regardless of the condominium brand or scale. We also aim to establish a more effective operational support model by carefully grasping the issues specific to each condominium and its regional characteristics.
Furthermore, we will address the social issues faced by existing management associations, such as the shortage of board members and the increasing burden of association operations, by standing by them from a neutral position as an external administrator and working to resolve issues from a long-term perspective. Through these efforts, we aim to reach a cumulative total of 10,000 units under management in five years (fiscal year 2030), thereby enhancing the value of "PROTHIRD" as a new option for management association operations.
Mitsubishi UFJ Trust and Banking will continue to contribute to the realization of safe, secure, and more comfortable living for everyone residing in condominiums, based on the "trust and reliability" we have cultivated over approximately 100 years since our founding.
*¹ June 5, 2024: Regarding the Start of the "External Administrator Business" for Condominium Management Associations
https://www.tr.mufg.jp/ippan/release/pdf_mutb/240605_1.pdf
End