Selvaag Bolig ASA: Sold 186 homes worth NOK 920 million in second quarter

Selvaag Bolig sold 186 homes worth a total of NOK 920 million in the second quarter of 2020. Sales for the first half amounted to 382 homes worth NOK 1 951 million.

“The market has been challenging but we sold well given the circumstances, especially in the Oslo region,” says CEO Rolf Thorsen.

“Our campaigns have done well, and the market improved towards the end of the quarter. We’re optimistic about further market progress.

“The need for housing is as high as it was before, but fewer homes have been made available for sale and interest rates are down. That could increase demand and raise prices.”

Net sales, adjusted for Selvaag Bolig’s share of joint ventures, came to 142 homes worth NOK 696 million in the quarter and 306 homes worth NOK 1 536 million for the first half.

During the quarter, Selvaag Bolig began construction of 31 units, completed 104 and delivered 122 to the buyer. At 30 June, it had 1 357 homes under construction and 25 completed units which remained unsold.

“The number of homes we have under construction has declined because we’ve started work on fewer units than we’ve completed. We expect to bottom out at 1 100-1 200 homes in production at 31 December, with this volume gradually rising again as the market normalises,” says CFO Sverre Molvik.

”The reduction reflects both market conditions and our desire to restrict the number of unsold homes under construction in these uncertain times.”

In the first half, the company began construction of 46 units, completed 193 and delivered 235 to the buyer.

Net sales for the second quarter of 2019 amounted to 210 homes worth a combined NOK 1 106 million, while the gross figure was 276 units worth NOK 1 393 million.

During first half of last year, Selvaag Bolig had net sales of 453 homes worth NOK 2 289 million. The gross figures were 546 and NOK 2 712 million respectively.

Further information from

Rolf Thorsen, CEO, Selvaag Bolig ASA
Telephone: +47 901 19 373, e-mail: rt@selvaagbolig.no

Sverre Molvik, CFO, Selvaag Bolig ASA
Telephone: +47 401 00 585, e-mail: smo@selvaagbolig.no

Kristoffer Gregersen, vice president communication and marketing, Selvaag Bolig ASA
Telephone: +47 957 75 593, e-mail: kgr@selvaagbolig.no


 
Selvaag Bolig ASA is a residential property developer which controls the entire value chain from acquisition of land to sale of turnkey 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, and offers a broad variety of property types. The company’s head office is at Ullern in Oslo.

www.selvaagboligasa.no