In the course of the past seven or eight years Veidekke's property development division has initiated housing projects in Tromsø for a total of almost NOK 2 bn. This time the division has entered into partnership with a local developer, Einar Sørensen. They are now ready to discuss three development alternatives with the authorities and the people of Tromsø.

 

All three alternatives will give access to the fjord and the mountains, upgrade the existing road network in the area and have an exciting architectural design. The partners plan to reclaim land along the currently unused coastline between Hungeren and Solstrand (by the E8 highway), which will give them a development area of about 50 acres .

"The most important thing for us now is to think possibility and innovation. Our ambition is to build attractive flats where the area's unique closeness to the fjord and the mountains can be utilised to the full. At the same time, this is an area that has a number of exciting possibilities. We want to include the local inhabitants in discussions on the proposals we have drawn up. Everything is possible - from shops and urban district functions to an esplanade and a water park," says Veidekke's Regional Manager, Rune Forbord.

"The whole project has an estimated timeframe of 10 to 15 years, based on stage-by-stage development. When it is completed, the area will house 2500-3000 flats, and between NOK 4 and 6 billion will have been invested there. We are planning comprehensive public transport services, including bus routes, ferries over the Sound to Damskipskaia, and a network of pedestrian and cycle paths. We will think environment on an overall, long-term basis," Mr Forbord concludes.

For more information, go to www.strandbyen.no or contact:

Regional Manager Rune Forbord, Veidekke Eiendom,

mobile tel. +47 917 71 942, rune.forbord@veidekke.no

VEIDEKKE ASA

Veidekke ASA is a leading Scandinavian building contractor and property developer with 6,350 employees and an annual turnover of NOK 16.4 billion (2006). Veidekke is listed on the Oslo Stock Exchange. It has a wide group of shareholders and 14% of the shares are held by the company's employees. The company's activities cover a large range of building and construction contracts, development of housing and commercial projects for private and public customers, asphalt operations and road maintenance, and collection and recycling of waste.