Selvaag Bolig ASA: Homes worth more than NOK 3 billion sold in 2014

Selvaag Bolig ASA sold 233 homes with a combined value of NOK 795 million in the fourth quarter of 2014. This represented an increase of 172 from the same period of the year before. The company sold a total of 886 homes during 2014, with a combined sales value of NOK 3 049 million.

"Housing sales increased throughout 2014, and were very good in the third and fourth quarters," says CEO Baard Schumann.

"Even though the market was quiet at the beginning of the year, we sold 866 homes during these 12 months. That represents an increase of 146 from 2013, and we are very optimistic about 2015. Great demand for new housing exists in Norway's biggest cities, and we have good projects in the right places."

Selvaag Bolig sold 233 homes during the quarter, and started construction on 280. A total of 319 units were completed, and 266 were delivered to the buyer.

Forty-two sold homes which were completed during the quarter and should have been delivered in December have had delivery postponed until the first half of 2015. However, a number of houses were delivered with very good results during the quarter. This means that the postponement will have small impact on results given the number of deliveries forecasted and the anticipated profit margin.

At 31 December, the company had 1 308 homes under construction and 39 unsold units which had been completed. Selvaag Bolig sold a total of 886 homes during 2014, with a combined sales value of NOK 3 049 million, and started the construction of 757.

The company sold 61 homes with a combined value of NOK 246 million during the fourth quarter of 2013, and 740 with a combined sales value of NOK 2.5 billion for the full year. It had 1 474 homes under construction at 31 December 2013.

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