Selvaag Bolig ASA - Q2 2014 - Very good sales of new homes
Selvaag Bolig ASA sold 255 homes with a combined value of NOK 856 million in the second quarter of 2014. Sales were up from the same period of last year, and among the best-ever for the company.
"The positive trend we saw in the first three months continued with full vigour into the second quarter," says CEO Baard Schumann.
"The market for expensive residential properties remains limited, but sales of homes in the NOK two to four million price range have been very good."
Selvaag Bolig sold 255 homes during the quarter, and started construction on a further 197. A total of 253 units were completed, of which 232 were delivered to the buyer.
11 of the 21 completed units not delivered to the buyer have been sold. In addition, four units completed in earlier periods were delivered in the second quarter.
"Our strategy of building homes in metropolitan areas which ordinary people can afford to buy has proved a success," says Schumann.
"While a decline in new housing starts has been reported, we've secured sufficient advance sales to be able to start construction. We're ahead of budget for the first six months with regard to both sales and starts."
At 30 June, the company had 1 418 homes under construction and 17 unsold homes which had been completed.
Selvaag Bolig sold a total of 394 homes during the first six months, with a combined sales value of NOK 1 339 million.
The company sold 200 homes with a combined value of NOK 722 million during the second quarter of 2013, and had 1 131 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
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 Løren in Oslo.
www.selvaagbolig.no/investor