Selvaag Bolig - Q2 2013: Sold homes worth NOK 722 million in the second quarter

Selvaag Bolig ASA sold 200 homes with a combined value of NOK 722 million in the second quarter of 2013. The company had 1 131 homes under construction at 30 June.

"Demand for new homes remains high in our core markets in and around Greater Oslo and Stavanger," says chief executive Baard Schumann.

"Units in the lower price segments are selling best. As expected, the tempo of sales and the market are somewhat more restrained than in the first quarter."

Selvaag Bolig started sales during the second quarter for 291 homes in and around Greater Oslo and Stavanger. Sales were particularly good in the Lørenskog Stasjonsby project, where 32 of 72 two- and three-room flats were sold immediately.

"We're experiencing particularly strong interest in the Selvaag Bolig Start concept, which comprises our cheapest flats for young people and first-time buyers," says Schumann.

"This concept will be an important priority area for us in the future. Our standardised building process means that we can deliver small homes at prices few others can match."

The company started construction of 284 homes in the second quarter. It completed 211 units, of which 202 were delivered to the buyer. Of the nine completed units not delivered to the buyer, two have been sold.

In addition, ten units completed in earlier periods were delivered in the second quarter. At 30 June, the company had 23 unsold homes which had been completed.

Selvaag Bolig sold 243 homes with a combined value of NOK 834 million during the second quarter of 2012, and had 1 059 units under construction at 30 June last year.

Further information from

Baard Schumann, CEO, Selvaag Bolig ASA
Telephone: +47 940 80 000, e-mail: bs@selvaagbolig.no 

Haavard Rønning, CFO, Selvaag Bolig ASA
Telephone: +47 400 20 019, e-mail: hroe@selvaagbolig.no

Selvaag Bolig ASA is a residential property developer controlling the entire value chain from acquisition of land to sale of homes. The company has several thousand homes under construction at any given time, and focuses on the growth areas in and around Greater Oslo, Bergen and Stavanger. Selvaag Bolig represents a continuation of Selvaag's 60-year history and experience, and offers a broad variety of property types marketed under the brand names Start, Hjem and Pluss. The company is headquartered at Løren in Oslo.

www.selvaagbolig.no/investor