Selvaag Bolig ASA - good sales and more homes under construction
Selvaag Bolig sold 277 homes with a total value of NOK 1.13 billion during the third quarter of 2016. The company had 1 464 units under construction at 30 September.
"Our products are well received by the market, and due to substantial sales we have initiated the construction of 223 homes," comments CEO Baard Schumann.
"We take a positive view of future market developments, and are offering new residential properties for sale as quickly as we can. Demand in Greater Oslo is particularly high because of urbanisation and insufficient housing construction. The market in the Stavanger area is showing signs of improvement. We think this trend will continue."
The average price per home for the quarter was NOK 4.1 million, compared with NOK 3.6 million in the corresponding period of last year.
Construction starts totalled 223 units during the quarter, 103 homes were completed, and 129 were delivered to the buyer. Selvaag Bolig had 1 464 homes under construction at 30 September, while 48 completed units remained to be sold.
Gross sales during the quarter, including joint venture projects, came to 298 homes.
The company sold 883 residential units with an overall value of NOK 3.6 billion during the first nine months of the year. It started the building of 706 homes during this period, completed 581 and delivered 615. Gross sales for January-September came to 1 000 homes.
During the third quarter of 2015, Selvaag Bolig sold 208 homes with an overall value of NOK 750 million.
Further information from:
Baard Schumann, CEO, Selvaag Bolig ASA
Telephone: +47 940 80 000, e-mail: bs@selvaagbolig.no
Sverre Molvik, CFO, Selvaag Bolig ASA
Telephone: +47 401 00 585, e-mail: smo@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.
www.selvaagboligasa.no/en