Selvaag Bolig ASA - buys sites for 750 homes in Oslo
Selvaag Bolig has acquired three sites in central Oslo which will provide space for about 750 homes. While these purchases cost about NOK 550 million in all, the sales value of the homes to be built will amount to roughly NOK 3.5 billion. The first of these residences could be ready for sale as early as the fourth quarter of this year.
"We have great faith in the Oslo area for the future," says CEO Baard Schumann.
"The housing market is very buoyant at present, and conditions are favourable for this to persist. Big demand for new homes is being driven by population growth and urbanisation as well as earlier shortfalls in housebuilding. Over the past two months, we have accordingly strengthened our land bank with large sites which can be readied quickly for housing sales."
The sites include Lørenvangen 22, which could provide some 200 homes, and Sinsenveien 45-49 with space for roughly 400 dwellings. The latter is the former head office of ICA, and will be developed in a 50-50 joint venture with Veidekke. In addition comes a large site within Ring Road 3, which could accommodate about 350 homes.
Further information from
Baard Schumann, CEO, Selvaag Bolig ASA
Telephone: +47 940 80 000, e-mail: bs@selvaagbolig.no
Kristoffer Gregersen, CCO, Selvaag Bolig ASA
Telephone: +47 957 75 593, e-mail: kgr@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 development at any given time, and focuses on the growth areas in and around Greater Oslo, Bergen, Stavanger and Trondheim. 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 Ullern in Oslo.