Betonmast, a subsidiary of AF Gruppen, has signed a contract with Scandinavian Property Group (SPG) for the construction of 129 apartments in Drammen. The contract, which covers two construction phases, is a turnkey contract with a total value of approximately NOK 390 million excluding VAT. Both construction phases are subject to sufficient pre-sales, and the project will not be included in the order backlog until the sales condition has been lifted.
The Hotvetalléen project is planned to be developed as a new neighbourhood in Hotvet, Drammen.
The total development area is approximately 14,300 square meters GFA. Phase 1 is planned to include 56 apartments, with the remaining 73 to be built in phase 2.
“This is the second residential project signed with SPG in Drammen this year and it aligns with our strategy of building for solid repeat developers. The project has been developed and optimised through collaboration, and we now look forward to delivering another great residential development in Drammen,” says Peter Sandrup, CEO of Betonmast.
The project is expected to commence in March 2026. Phase 1 is estimated to be completed in November 2027, while phase 2 is scheduled for completion in summer 2028.
For further information:
Peter Sandrup, CEO Betonmast, tel. +47 915 88 645
Bård Frydenlund, EVP Sweden and Betonmast for AF Gruppen, tel. +47 918 68 621