Solon Eiendom ASA : Strong sales in Q1 2017 Osl
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Oslo, April 3, 2017 - Solon Eiendom sold 58 homes with a total sales value of NOK 407 million during the first quarter of 2017 compared to 41 homes with a total sales value of NOK 245 million in the first quarter of 2016. The company had 236 units under construction at March 31, 2017.
"Sales value of new homes are the highest first quarter sales in the company's history. Demand in Greater Oslo is strong due to continued urbanization and lack of available housing." comments CEO Andreas Martinussen
The average price per home for the quarter was NOK 7.0 million, compared to NOK 6.7 million in the corresponding period of last year.
During the quarter, 27 homes were completed, and 24 were delivered to the buyer. At the end of the first quarter 2017, Solon Eiendom had 1 completed unit which remained to be sold.
Solon Eiendom has also during the first quarter of 2017, in line with the previously communicated strategy of focusing on residential real estate development, initiated sales of the two remaining commercial real estate properties. Solon Eiendom is currently in dialogue with potential buyers. Based on current valuations, the property sales are not expected to materially impact earnings.
For further information, please contact: Andreas Martinussen, Chief Executive Officer, Solon Eiendom ASA Tel: +47 400 00 405, email: am@soloneiendom.no
Scott Danielsen, Chief Financial Officer, Solon Eiendom ASA Tel: +47 952 55 620, email: sd@soloneiendom.no
About Solon Eiendom Solon Eiendom is a Norwegian residential real estate development company focusing on the Oslo and Akershus region. Solon Eiendom was established in 2006 by founder Simen Thorsen and investor Tore Aksel Voldberg. The company has since its incorporation delivered 570 units with a corresponding sales value of close to NOK ~3 billion and sold more than 800 units with a total sales price of more than NOK ~4 billion.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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