NCC to build 450 apartments in Nydalen, Norway

NCC Construction AS in Norway has signed a partnership agreement with the Nydalen Kvarter owner constellation regarding the construction of 450 apartments in the district of Nydalen, Oslo. The first and second phases of construction consist of 110 apartments and have an order value of NOK 126 million, corresponding to SEK 134 million.

The Nydalen property block is owned by Torstein Tvenge and Fri Eiendom and an agreement for a turnkey undertaking has been signed. Work on the first and second phases will commence on February 15, 2005 and is scheduled for completion during the summer of 2006. It is estimated that the next phase of construction, which will involve 90 apartments, will commence before the summer of 2005. All apartments from the first and second phases have been sold. A total of 40 percent of the apartments from the third phase have been sold. Sale of fourth-phase apartments will start on January 15, 2005. Including the Nydalen project, NCC’s backlog of orders for apartments will increase substantially. The trend for NCC’s residential construction in the Oslo area is excellent and the order backlog currently amounts to approximately 1,000 apartments. For further information, please contact: Ulf Thorné, Press Relations Manager, NCC Group, +46 8 585 523 46, +46 70 214 77 27