Selvaag Bolig ASA: Q4 2020: Best-ever fourth quarter and second half sales

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Selvaag Bolig sold 225 homes worth a total of NOK 1 177 million in the fourth quarter of 2020, and 434 homes worth NOK 2 281 million in the second half. In terms of value, these figures represent the best fourth-quarter and second-half sales in the company’s history. The full-year figures are 816 units sold for NOK 4 235 million.
 

“Sales were particularly good towards the end of the year, a period when the market usually quietens down,” says Selvaag Bolig CEO Sverre Molvik.

“The main reasons are that we have very competitive and attractive products, that demand exceeds supply in our priority area, and that mortgage interest rates are record-low.

“All the signs are that the market will remain good for the time to come, and we are very well positioned in the areas with the strongest growth and biggest housing demand.”

Net sales in 2020, adjusted for Selvaag Bolig’s share of joint ventures, came to 682 homes worth NOK 3 460 million. The company started construction of 496 homes during the year, completed 690 and delivered 719 to the buyer.

For the second half and fourth quarter, net sales amounted respectively to 376.5 homes with a combined value of NOK 1 920 million, and 199 homes worth NOK 1 010 million in all.

During the fourth quarter, Selvaag Bolig began construction of 254 units, completed 286 and delivered 272 to the buyer. At 31 December, it had 1 310 homes under construction and 19 completed units which remained unsold.

As a general rule we don’t start construction in a project stage until advance sales reach 60 per cent by value,” explains Molvik. “Our good sales mean that we have few completed but unsold homes by historical standards.

“In volume terms, sales in the fourth quarter were 35 per cent higher than in the corresponding period of the year before.”

In 2019, net sales amounted to 752.5 homes worth NOK 3 753 million in all for the full year and 140 units with a combined value of NOK 705 million in the fourth quarter.

The gross figures in 2019 were 908 homes worth NOK 4 492 million for the full year and 169 worth NOK 859 million for the fourth quarter.

 

Further information from:
Sverre Molvik, CEO, Selvaag Bolig ASA
Telephone: +47 40 10 05 85, e-mail: smo@selvaagbolig.no

Kristoffer Gregersen, vice president communications and market, Selvaag Bolig ASA
Telephone: +47 95 77 55 93, 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 70-year history and experience. The company is headquartered at Ullern in Oslo.

www.selvaagboligasa.no/en

 

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

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