Selvaag Bolig to build at Fornebu

Selvaag Bolig has acquired a site at Fornebu outside Oslo which will provide space for about 160 homes. The first units could be ready for sale by the end of this year.

"We're very pleased about this purchase. Fornebu is a very important growth area in the Greater Oslo region, and it's gratifying for us to be able to participate in its development," says CEO Baard Schumann.

Selvaag Bolig will offer housing types which differ from those built hitherto at Fornebu, which is the former site of Oslo's airport.

"A lot of large family homes have been built there, but little for first-time buyers. So we'll primarily be building space-efficient two- and three-room flats to give a wider range of people the opportunity to buy a home at Fornebu," Schumann points out.

The 1.1 hectare site is located at Kilenveien and Arnstein Arnebergsvei, and has planning permission for residential development. It has been sold by Skanska Bolig for NOK 156 million.

During recent months, Selvaag Bolig has purchased land in the Oslo area which will be able to accommodate some 900 homes.

"We have great confidence in the housing market in the Oslo region," says Schumann. "There is a great need for new homes driven by population growth and urbanisation, and by the fact that construction over time has lagged behind demand."

Further information from

Baard Schumann, CEO, Selvaag Bolig ASA
Telephone: +47 940 80 000, e-mail: bs@selvaagbolig.no

Kristoffer Gregersen, CCO, Selvaag Bolig ASA
Telephone: +47 957 75 593, 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 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.

http://www.selvaagboligasa.no/en