Selvaag Bolig ASA

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: [email protected]

Sverre Molvik, CFO, Selvaag Bolig ASA

Telephone: +47 401 00 585, e-mail: [email protected]

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.

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