Selvaag Bolig ASA: Q4 2021: Best fourth quarter ever

Selvaag Bolig sold 306 homes worth a total of NOK 1 401 million and started construction of 535 in the fourth quarter of 2021. This is a new sales record for the fourth quarter, and the company has not had so many construction starts in a quarter since the IPO in 2012.

“We’ve had a very good year,” says Selvaag Bolig CEO Sverre Molvik. 

“Sales in all our projects have been stable and good throughout, and were topped off with a fantastic final quarter. These were by far our finest-ever fourth quarter sales, and total sales for the year are the second best in our history.”

The record sales helped Selvaag Bolig to start construction of nearly as many homes in the fourth quarter of 2021 as in the whole of 2020. As a result, the number of homes under construction has increased significantly. At 31 December, the company had 1 323 homes under construction, up from 1 201 at 30 September.  

“The main reasons for the good sales figures are that we have very attractive projects in the right places and well-planned homes with relatively low unit prices,” says Molvik.

“We’re also experiencing strong interest in our Pluss homes, which feature shared areas and services. 

“If market conditions remain at a satisfactory level, the number of homes in production will continue to increase. We are starting sales for several exciting projects in 2022, including in Oslo and Stockholm.” 

Sales in the fourth quarter amounted to 306 homes with a combined value of NOK 1 401 million. Adjusted for Selvaag Bolig’s share of joint ventures, net sales came to 276 homes worth NOK 1 265 million. The company started construction of 456 homes during the quarter, completed 334 and delivered 324 to the buyer. At 31 December, it had 25 completed units which remained unsold.

Sales in 2021 totalled 907 homes worth NOK 4 506 million, with the net figure coming to 820 units worth NOK 4 026 million. The company started construction of 880 homes during the year, completed 867 and delivered 894 to the buyer.

The previous record for homes sold in the fourth quarter was set in 2014, when the net figure came to 233 units worth NOK 795 million, while the previous top figure in terms of value was reached in 2020 when net sales were NOK 1 010 million. The best annual net sales were in 2016, when the company sold 1 044 homes worth NOK 4 360 million.

Units sold are sales contracts entered into with customers pursuant to the Norwegian Housing Construction Act. In accordance with the IFRS, they are recognised as income on delivery. Net sales include Selvaag Bolig’s share of joint venture projects. Gross sales include all homes in joint venture projects.

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

Christopher Brunvoll, CFO, Selvaag Bolig ASA
Telephone: +47 98 82 92 22, e-mail: chbr@selvaagbolig.no

Kristoffer Gregersen, EVP communications, sustainability and corporate strategy, 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, Trondheim and Stockholm. Selvaag Bolig represents a continuation of Selvaag's 70-year history and experience, and offers a broad variety of property types. The company is headquartered at Ullern in Oslo.

www.selvaagboligasa.no/en

This release was distributed by Kristoffer Gregersen, EVP communications and sustainability, Selvaag Bolig ASA.