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Scandinavian Property Development ASA Scandinavian Property Development starts construction of Hundsund today. This is the second construction project on the Fornebu land itself, after Fornebu Hageby I, where construction was started on May 21st. The project comes in addition to the construction in Rolfsbukta, where the first stage of construction is already completed.
It is the first 40 residential units which Scandinavian Property Development is now starting to build at Hundsund. According to plan, the first units will be completed during fourth quarter next year. Hundsund is part of the major Fornebu development which in total consists of about 5.000 residential units.
- Hundsund is a unique project, with spectacular sea views. This is another important milestone in the transformation of Fornebu into a new residential area, says CEO Stein Haugbro of SPDE.
Hundsund AS, a wholly-owned subsidiary of SPDE, has entered into an agreement with Vedal regarding the residential construction at Hundsund. Scandinavian Developement and Constructive Development have been hired as project and development managers. Niels Torp and Arcasa are the architects of the project.
- We have already sold about 80 per cent of the residential units of this development stage at Hundsund. This underscores the quality of this project and the attractiveness of Fornebu as a residential area, says Haugbro.
Hundsund consists of several building phases. This first phase consists of 40 residential units and approximately 4000 sqm (BRA) residential area. The gross area of the project (BTA) is approximately 49000 sqm and approximately 490 residential units. The contract is a bespoke price contract.
Hundsund will consist of terrace houses, frame houses and single-family houses over 2-3 floors.
- We repeat that we share the market outlook of OBOS (the largest Nordic cooperative building association, founded in 1929). Several new construction projects have now been stopped. This will lead to a shortage of residential units in a few years. The fundamental macro conditions in Norway are extremely positive, and the population is increasing rapidly, and most of all in the Oslo area. That is why we start construction even though apartment buyers in general are a bit hesitant right now, says Haugbro.
For more information about SPDE, please visit our website: www.spde.no
