Selvaag Bolig ASA - THE MUNICIPAL COUNCIL OF LØRENSKOG APPROVE ACQUISITION OF LAND

In a meeting on 28 August, the municipal council of Lørenskog unanimously
approved to purchase 50 percent of Selvaag Bolig's commercial land of 2 hectares
at Skårerødegaarden in Lørenskog for NOK 50 million. For Selvaag Bolig, the
disposal represents a gain of some NOK 40 million which will be booked in Q3
2012. Final settlements will take place in 2015.



The approval also includes 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

Telephone: +47 940 80 000, e-mail: bas@selvaagbolig.no



Haavard Rønning, CFO Selvaag Bolig

Telephone: +47 400 20 019, e-mail: hroe@selvaagbolig.no



Selvaag Bolig in brief
Selvaag Bolig ASA is a residential property developer rooted in 60 years of
Selvaag history and experience. At any given time, the company has several
thousand homes under construction throughout the country. Selvaag Bolig focuses
particularly on the Greater Oslo area, Bergen and Stavanger. The company manages
the entire process, from the purchase of land to the sale of finished homes.
Selvaag Bolig offers a wide variety of property types, which it markets under
the brand names Selvaag Start, Selvaag Hjem and Selvaag Pluss. The company is
led by CEO Baard Schumann, while Olav Hindahl Selvaag chairs the board of
directors. 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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