Selvaag Bolig sold 313 homes worth NOK 2 015 million in the first half year.
In the second quarter, the company sold 117 homes for a gross total of NOK 771
million.
"We are very pleased to report sales of more than NOK two billion in the first
half year. Despite a calmer market in the second quarter, our sales remained
strong with high interest in new sales starts. There is more optimism in the
market now and we see an increased sales pace after the Norwegian Central Bank
cut the policy interest rate," says CEO Sverre Molvik.
Net sales in the second quarter, adjusted for Selvaag Bolig's share of joint
ventures, amounted to 106 homes for NOK 690 million. Net sales for the first
half totaled 275 homes for NOK 1 728 million.
The company started construction of 171 homes during the quarter, completed 18
homes, and delivered 40 homes to the buyer. During the first half year, the
company started construction of 354 homes, completed 18 homes, and delivered
74 homes to the buyer.
"The good quarterly sales have allowed us to further increase the number of
homes under construction. We now have a solid order backlog that will yield
good results going forward. During the quarter, we have also entered into two
new agreements for land plots in the Greater Oslo area: A land plot with
potential of approximately 525 new homes in Nordre Follo, and a 50/50 joint
venture in Drammen with a potential of up to 550 units total," says Molvik.
"The housing market has started to recover. Interest rate cuts and wage
increases will strengthen people's purchasing power. This will contribute to
increased sales and result in more construction starts going forward," says
Molvik.
At 30 June, Selvaag Bolig had 1 165 homes under construction and 40 completed
units which remained unsold. In addition, the company had 11 completed homes
that were sold but not yet delivered to buyers.
Gross sales in the corresponding quarter of 2024 amounted to 235 homes worth a
combined NOK 1 574 million and net to 207 homes with an overall value of NOK 1
385 million. Corresponding figures for the first half of last year were 389
homes gross worth NOK 2 441 million, and 346 homes net worth NOK 2 144
million.
Units sold are sales contracts entered into with customers pursuant to the
Norwegian Housing Construction Act and the Tenancy Act in Sweden.
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About Us
Selvaag Bolig ASA is a residential development company that manages the entire
value chain from acquisition of land to completed residential and urban areas.
The company represents a continuation of Selvaag's 75-year history and
experience and has several thousand homes under development in growth areas in
and around the largest cities in Norway and Sweden. Selvaag Bolig offers a
broad variety of housing types, including the lifestyle concept Selvaag
Pluss®, which features homes with shared spaces and services.
www.selvaagboligasa.no/en
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This release was distributed by Line Lian Mjell, EVP marketing, strategy and
sustainability, Selvaag Bolig ASA.
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For further information:
Sverre Molvik, CEO
Telephone: +47 401 00 585, e-mail: smo@selvaagbolig.no
Christopher Brunvoll, CFO
Telephone: +47 98 82 92 22, e-mail: chbr@selvaagbolig.no
Line Lian Mjell, EVP marketing, strategy and sustainability
Telephone: +47 975 39 225, e-mail: limj@selvaagbolig.no