Selvaag Bolig ASA: Q3 2024: Has sold 505 homes worth NOK 3.24 billion so far this year

01 Oct 2024 07:00 CEST

Selvaag Bolig has sold 505 homes worth NOK 3 243 million so far this year. Net
sales, sales adjusted for the company s share in joint ventures, came to 446
homes worth NOK 2 824 million. The sales value was more than NOK 1,2 billion
higher than in the same period of last year.

Sales in the third quarter alone came to 116 homes worth NOK 801 million. Net
sales came to 100 homes worth NOK 679 million.

"Sales picked up significantly in the second quarter, but the market has been
somewhat quieter again after the summer. This is roughly as expected since the
interest rate cut has been delayed. We expect the sales pace to pick up in
2025 both because there is a housing shortage in our core areas and because it
has been signaled that the mortgage interest rate will drop," says CEO Sverre
Molvik.

In the quarter, the company started construction of a net 43 homes, completed
5 homes, and delivered 54 homes to buyers. So far this year, Selvaag Bolig has
started construction of 261 homes, completed 346 homes, and delivered 360
homes to buyers.

At 30 September, Selvaag Bolig had 700 homes under construction, 87 completed
homes that remained unsold, and 23 completed homes that were sold but not yet
delivered to buyers. The corresponding figures at 30 June were 661 homes under
construction, 119 completed homes that remained unsold, and 41 completed homes
that were sold but not yet delivered to buyers.

"If the market holds up, we will increase the number of homes under
construction going forward. We also have fewer completed unsold homes than at
the end of the previous quarter, and we are working to reduce the finished
goods inventory further," says Molvik.

Corresponding sales figures for the third quarter of 2023 were 85 homes gross
worth NOK 580 million, and 77 homes net worth NOK 479 million. During the
first nine months of 2023 Selvaag Bolig sold 336 homes gross worth NOK 1 980
million, and 271 homes net worth NOK 1 577 million.

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About Us
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, Trondheim and Stockholm.
Selvaag Bolig represents a continuation of Selvaag's 75-year history and
experience, and offers a broad variety of property types. The company is
headquartered at Ullern in Oslo.
www.selvaagboligasa.no/en

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This release was distributed by Kristoffer Gregersen, EVP communications and
sustainability, Selvaag Bolig ASA.

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For further information:
Sverre Molvik, CEO
Telephone: +47 40 10 05 85, e-mail: smo@selvaagbolig.no

Christopher Brunvoll, CFO
Telephone: +47 98 82 92 22, e-mail: chbr@selvaagbolig.no
(mailto:chrb@selvaagbolig.no)

Kristoffer Gregersen, EVP communications, sustainability and corporate
strategy
Telephone: +47 95 77 55 93, e-mail: kgr@selvaagbolig.no

More information:
Access the news on Oslo Bors NewsWeb site

628816_Selvaag Bolig ASA- Q3 2024- Has sold 505 homes worth NOK 3.24 billion so far this year.pdf