Selvaag Bolig ASA: Quieter market, but good sales

Selvaag Bolig ASA sold 207 homes with a total value of NOK 843 million during the third quarter of 2017. Sales in the first nine months totalled 632 homes worth NOK 2 867 million in all.

"The market has been quieter than in earlier periods. This primarily reflects the residential mortgage and the market psychology. However, sales have been good in many of our projects," says CEO Baard Schumann.

Construction started for 77 units during the quarter, 81 were completed and 75 were delivered to the buyer. At 30 September, Selvaag Bolig had 1 582 homes under construction and 30 completed units which remained unsold.

"Value creation in the company is at a record level," says Schumann. "We have homes worth more than NOK 7 billion under construction, and almost 80 per cent of these are already sold. That will yield very good results in the future."

Adjusted for Selvaag Bolig's share of joint ventures, sales amounted to 178 homes worth NOK 684 million for the third quarter and 533 worth NOK 2 316 million for the first nine months.

The company started construction of 582 homes in the first ninth months, completed 354 and delivered 382. Selvaag Bolig sold 277 homes worth NOK 1 130 million in third quarter of 2016, when gross sales were 298 homes.

Further information from
Baard Schumann, CEO, Selvaag Bolig ASA
Telephone: +47 940 80 000, e-mail:

Sverre Molvik, CFO, Selvaag Bolig ASA
Telephone: +47 401 00 585, e-mail:

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.

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