Selvaag Bolig ASA - Sale of land, gain NOK 50m

Selvaag Bolig ASA has entered into an agreement with the City of Oslo for
disposal of parts of the company's land at Lillohøyden in Nydalen for NOK 212.5
million.

The transaction represents a gain around NOK 50 million.

- Lillohøyden is an important area for Selvaag Bolig, where we plan to develop
some 250 housing units. Sales start for the first construction stage indicates
solid interest for the area, and with the City of Oslo building a new school in
the area, attractiveness is expected to further improve, says CEO of Selvaag
Bolig ASA, Baard Schumann.

The agreement includes that the land will be handed over as ready for
construction to the City of Oslo. Existing buildings will be demolished and the
gain from the transaction will be booked in the accounts in the fourth quarter
2012.

For further information, please contact:
Baard Schumann, CEO Selvaag Bolig
Phone: +47 940 80 000, e-mail: bas@selvaagbolig.no

Haavard Rønning, CFO Selvaag Bolig
Phone: +47 400 20 019, e-mail: hroe@selvaagbolig.no

About Selvaag Bolig:
Selvaag  Bolig ASA  is a  residential developer  that provides different housing
concepts  to suit aspirations of different  households in and around main cities
in  Norway and over time in selected  cities in Scandinavia. The Company's prime
focus is the Greater Oslo area, Stavanger, Bergen and Stockholm; areas with
large and growing populations. The Company acquires and develops new residential
land plots, and controls the entire value chain from acquisition of the land
plots to the sale and delivery of the residential units. The Company targets a
delivery of 1,500 residential units per year, and has a land portfolio on which
it can develop approximately 9,000 residential units. Selvaag Bolig targets
broad customer groups through the residential living concepts Selvaag Start,
Selvaag Hjem and Selvaag Pluss. The Company is headquartered at Løren in Oslo.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


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