Selvaag Bolig ASA - new sales record for Selvaag Bolig

Selvaag Bolig ASA sold 326 homes with a total value of NOK 1.37 billion during the second quarter of 2016. Both numbers sold and value were the highest in the company's history. The company sold 606 residential units with an overall value of NOK 2.42 billion during the first half.

"This has been a fantastic quarter for us. Good land purchases and timing have given us a high market share in areas under the greatest housing pressure," comments CEO Baard Schumann. "

"We've succeeded in getting large projects on sale quickly in order to meet the big demand in the market. In addition, the average price per home has risen considerably. Continuing urbanisation and limited housebuilding lay the basis for a further rise in prices."

The average price per home for the quarter was NOK 4.2 million, compared with NOK 3.3 million in the corresponding period of last year.

Construction starts totalled 253 units during the quarter, 295 homes were completed, and 307 were delivered to the buyer. Selvaag Bolig had 1 344 homes under construction at 30 June, while 54 completed units remained to be sold. Gross sales for the quarter, which include joint ventures, came to 405 homes.

The company sold 606 homes in the first half. It initiated the construction of 483 homes, completed 478, and delivered 486 to the buyer. Gross sales for the the first half came to 702 homes.

In the second quarter of 2015, Selvaag Bolig sold 210 homes with a combined value of NOK 693 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