This marks the start of the transformation of the old NEBB factory site and Norway Trade Fairs exhibition site at Skøyen into a new urban area.

"We have sold more than 50% of the volume in Phase I, or just under half of the value, and we are very pleased with this result in today's turbulent market," says Leif E. Johansen, Vice President in charge of property development at Veidekke.

"There has been tremendous interest in our show flat and we have had many visitors. Now that Phase I including the 'green lid' is about to start, the qualities of the project will become visible to the market. The lid over the E18 will give us a residential area that has direct access to Bygdøy's cultural and recreational attractions, yet is within easy travelling distance to the city centre," says Leif E. Johansen.

Veidekke and OBOS plan to build between 470 and 490 dwellings, approx. 10,000 sq.m. of shops and about 35,000 sq.m. of offices. Further development will take place in step with sales and leases of the properties.

Any enquiries should be addressed to:

Project Manager Bjørn Lind, Veidekke Property,

tel. + 47 21 05 77 56

Vice President Leif Johansen, Veidekke Property,

tel. + 47 21 05 75 54

Executive Vice President Arvid Sveen, OBOS,

tel. + 47 22 86 57 68

Head of PR Åge Pettersen, OBOS,

tel. + 47 22 86 57 80