SBO - SELLING LAND TO THE MUNICIPALITY OF LØRENSKOG

In a meeting on 22 August, the municipal board of aldermen in Lørenskog approved
to purchase 50 percent of Selvaag Bolig's commercial land of 2 hectares at
Skårerødegaarden in Lørenskog for NOK 50 million. The transaction assumes final
approval at the meeting of the municipal council in Lørenskog on Wednesday 29
August 2012.

- Skårerødegaarden is an important area for Selvaag Bolig, where we plan to
construct about 1,000 residential units. At the site, the municipality of
Lørenskog intend to construct an ice hockey arena, which will further increase
the attractiveness of the plot, says CEO of Selvaag Bolig, Baard Schumann.

The municipality of Lørenskog further has an option to purchase the remaining
50 percent of the land for NOK 50 million. The final decision related to
exercise of the option will depend on whether the city of Oslo will be elected
to host the winter Olympics in year 2022.

Following the agreement, the municipality of Lørenskog will take over the plot
in 2015.

For further information, please contact:

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

Haavard Rønning, CFO, Selvaag Bolig ASA
Mobile: +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.



For further information, please contact:

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

Haavard Rønning, CFO, Selvaag Bolig ASA
Mobile: +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.


[HUG#1635917]