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ER - Selvaag Bolig ASA - slower market, big value creation

Company: Selvaag Bolig ASA Date: 2017-07-03 Language: English Register to download

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 Selvaag Bolig ASA - slower market, big value creation

# Selvaag Bolig ASA - slower market, big value creation

  

  

  

Selvaag Bolig ASA sold 187 homes with a total value of NOK 710 million during  

the second quarter of 2017. Sales in the first half totalled 425 homes worth NOK  

1 994 million in all. The average price per home in January-June was NOK 4.7  

million.  

  

 "Sales have been relatively good, but slower than in earlier periods.  

Particularly in Oslo, more second-hand homes have come on the market and buyers  

are more cautious. That's normal after a long period with extreme price growth  

and very few homes on sale in Oslo. However, the market in Stavanger is better  

than it has been for a long time," comments CEO Baard Schumann.  

  

Construction started for 318 units, 210 were completed and 222 were delivered to  

the buyer. At 30 June, Selvaag Bolig had 1 589 homes under construction and 24  

completed units which remained unsold.  

  

"We've succeeded in selling well in the right places, giving record construction  

starts for the quarter. Our value creation is at a record level, which will  

yield very good results in the time to come."  

  

Adjusted for Selvaag Bolig's share of joint venture projects, sales came to 165  

homes worth NOK 633 million in the second quarter, and 355 totalling NOK 1 617  

million for the first half. During the first half the company initiated the  

construction of 504 homes, completed 273, and delivered 307 to the buyer.  

  

During the first half of 2016, the company initiated construction of 505 units,  

completed 273 and delivered 307. It sold 606 homes worth NOK 2 423 million in  

this period, at an average price of NOK 3.9 million each. Gross sales for the  

first half of 2016 came to 702 homes.  

  

  

Further information from  

Baard Schumann, CEO, Selvaag Bolig ASA  

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

  

Sverre Molvik, CFO, Selvaag Bolig ASA  

Telephone: +47 401 00 585, e-mail: smo@selvaagbolig.no  

  

  

  

  

Selvaag Bolig ASA is a residential property developer controlling the entire  

value chain from acquisition of land to sale of homes. The company has several  

thousand homes under development at any given time, and focuses on the growth  

areas in and around Greater Oslo, Bergen, Stavanger and Trondheim. Selvaag Bolig  

represents a continuation of Selvaag's 60-year history and experience, and  

offers a broad variety of property types marketed under the brand names Start,  

Hjem and Pluss. The company is headquartered at Ullern in Oslo.  

  

www.selvaagboligasa.no/en  

  

  

This information is subject to the disclosure requirements pursuant to section  

5 -12 of the Norwegian Securities Trading Act.