Selvaag Bolig ASA: Q1 2014 - Better sales for new homes
"Housing sales were much better than in the fourth quarter of last year, and we're seeing a recovery in the market for new homes," says CEO Baard Schumann.
"The challenge now is that sales of new dwellings are being moderated by an unusually large number of second-hand homes on the market. Although turnover in the second-hand market is record-high, it'll take a little time to reduce the stock."
Selvaag Bolig had 77 housing starts during the first quarter and completed 77 units, of which 71 were delivered to the buyer.
In addition, nine units completed in earlier periods were delivered in the first quarter. At 31 March, the company had eight unsold homes which had been completed.
Selvaag Bolig sold 243 homes during the first quarter of 2013 and had 1 057 under construction at 31 March last year. The corresponding figures for the fourth quarter of 2013 were 61 and 1 474.
Further information from
Baard Schumann, CEO, Selvaag Bolig ASA Telephone: +47 940 80 000, e-mail: bs@selvaagbolig.no
Haavard Rønning, CFO, Selvaag Bolig ASA Telephone: +47 400 20 019, e-mail: hroe@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