Aalborg, Denmark, 2016-12-14 17:29 CET (GLOBE NEWSWIRE) --
Summary:
- TK Development develops and builds 57 apartments of 4,900 m2 at Østre Havn in Aalborg, Denmark.
- The apartments have been sold conditionally as an overall project to a private investor.
- Construction is to start at the beginning of 2017, with completion and handover scheduled for spring 2018.
TK Development develops, builds and sells a 4,900 m2 residential project
In spring 2016 TK Development obtained a local plan for a total area of 34,000 m2 on part of the land being developed by the Group at Østre Havn in Aalborg in cooperation with Frederikshavn Maritime Erhvervspark (Lauritzen-Gruppen).
Based on the local plan, TK Development is now initiating a residential project comprising 57 apartments for rental. The construction project comprises a 10-floor high-rise building with total premises of 4,900 m2, in addition to a basement of 500 m2 and 57 parking spaces.
TK Development has conditionally sold the entire project. The buyer is a private investor, who will handle the letting process. The sale will be based on forward funding, which means that the investor will pay for the project by instalments as the project increases in value during the construction period.
A building permit for the project has been applied for, and a design & build contract has been concluded with HP Byg A/S, a firm of contractors, regarding construction of the apartments. Construction is expected to start at the beginning of 2017, with completion and handover to the buyer scheduled for 1 April 2018.
TK Development's profit share of the project represents 70 %. The start-up and sale of this project will not impact the previously announced results estimate for the 2016/17 financial year, but will impact the Group’s earnings for the 2018/19 financial year.
TK Development A/S Frede Clausen, President and CEO T: +45 8896 1010.
