First Adoption of 'PROTHIRD', an External Administrator Service for Condominium Associations, in a Newly Built Condominium
Mitsubishi UFJ Trust and Banking Corporation has announced the first adoption of its external administrator service, 'PROTHIRD', for a newly built condominium.
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- 📰 Published: March 31, 2026 at 19:00
Mitsubishi UFJ Trust and Banking Corporation (President: Hiroshi Kubota; hereinafter 'Mitsubishi UFJ Trust and Banking') provides 'PROTHIRD', an external administrator service designed to solve social issues such as the shortage of board members in condominium associations. It has been decided that 'PROTHIRD' will be adopted for '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 'PROTHIRD', an External Administrator Service for Condominium Associations
'PROTHIRD' is a service where Mitsubishi UFJ Trust and Banking enters into an 'Administrator Service Agreement' with a condominium association, taking over the duties and operations previously handled by the 'Board of Directors' composed of unit owners. While the 'Board of Directors' method is common, the diversification of owners and changes in work styles have led to a shortage of board members. 'PROTHIRD' provides a new form of association management that is fair, transparent, and stable by having a neutral financial institution act as the administrator, rather than a management company or a unit owner.
2. Background of the Adoption for 'Wellith Kyoto Higashiyama Gojo-dori'
NTT Urban Development's 'Wellith' brand has traditionally used the board-of-directors method supported by its group management company, NTT Urban Value Support. For this property, the external administrator method will be adopted, introducing 'PROTHIRD' alongside the existing support. This is expected to reduce the burden on unit owners and ensure stable management regardless of the residents' attributes.
3. Future Outlook
Starting with this first adoption, the service is scheduled to be introduced in a total of 7 properties. We aim to expand the service regardless of the brand or scale of the condominium. We are targeting a cumulative total of 10,000 units by fiscal year 2030, contributing to safe and comfortable living based on our 100-year history of trust.
1. About 'PROTHIRD', an External Administrator Service for Condominium Associations
'PROTHIRD' is a service where Mitsubishi UFJ Trust and Banking enters into an 'Administrator Service Agreement' with a condominium association, taking over the duties and operations previously handled by the 'Board of Directors' composed of unit owners. While the 'Board of Directors' method is common, the diversification of owners and changes in work styles have led to a shortage of board members. 'PROTHIRD' provides a new form of association management that is fair, transparent, and stable by having a neutral financial institution act as the administrator, rather than a management company or a unit owner.
2. Background of the Adoption for 'Wellith Kyoto Higashiyama Gojo-dori'
NTT Urban Development's 'Wellith' brand has traditionally used the board-of-directors method supported by its group management company, NTT Urban Value Support. For this property, the external administrator method will be adopted, introducing 'PROTHIRD' alongside the existing support. This is expected to reduce the burden on unit owners and ensure stable management regardless of the residents' attributes.
3. Future Outlook
Starting with this first adoption, the service is scheduled to be introduced in a total of 7 properties. We aim to expand the service regardless of the brand or scale of the condominium. We are targeting a cumulative total of 10,000 units by fiscal year 2030, contributing to safe and comfortable living based on our 100-year history of trust.
FAQ
What is PROTHIRD?
It is a service provided by Mitsubishi UFJ Trust and Banking that acts as an external administrator for condominium associations.
Why do financial institutions manage condominiums?
To provide fair and transparent management as a neutral third party and solve issues like the shortage of board members.
What is the future goal?
The goal is to reach 10,000 units by fiscal year 2030 and establish it as a new standard for association management.