Interim report Jan-Sep 2024
"During Q3, we completed around 400 residential units and counting from the start of the year, we have completed and delivered a total of around 2,500 units. 2024 will be a record year for the company with around 3,600 completed residencies, all developed with quality and sustainability in focus, in accordance with the Swedish Green Building Council’s silver certification or an equivalent.
Work on strengthening the company's liquidity continued during the quarter, which led to the decision to sell the commercial property Hantverkshuset in Nacka, with residential building rights of around 21,000 sq.m of habitable GFA. At the same time, the gross profit was burdened with the effects linked to continued refining of the project portfolio and focusing operations on the metropolitan regions."
Johan Tengelin,
CEO
"During Q3, we completed around 400 residential units and counting from the start of the year, we have completed and delivered a total of around 2,500 units. 2024 will be a record year for the company with around 3,600 completed residencies, all developed with quality and sustainability in focus, in accordance with the Swedish Green Building Council’s silver certification or an equivalent.
Work on strengthening the company's liquidity continued during the quarter, which led to the decision to sell the commercial property Hantverkshuset in Nacka, with residential building rights of around 21,000 sq.m of habitable GFA. At the same time, the gross profit was burdened with the effects linked to continued refining of the project portfolio and focusing operations on the metropolitan regions.
The Riksbank's interest rate cuts and statements about interest rate trends, create conditions for stability going forward, which is very positive and creates long-awaited relief for the housing market. Now that we have passed the peak of high interest rates, we can also see signs of an improved financing situation for the property segment of the bond market, where green bonds especially look set to increase further in future.
The better macroeconomic situation is reflected in an increasing willingness to invest among institutional investors and greater activity in the residential transaction market, which means that there are good opportunities for a recovery in housing production, especially in the metropolitan regions where the interest from investors and the need for new housing is greatest.
With a mature building rights portfolio that currently includes roughly 7,000 building rights with zoning plans in force and a strong local presence in Stockholm, Göteborg and Malmö, we are ready to start a number of new projects in the forthcoming quarters, and we look forward to continuing to contribute to the housing market by developing top-quality, efficient and sustainable housing projects in good locations and which offer good, secure, indoor and outdoor environments for the residents."
Johan Tengelin,
CEO
January-September 2024
As an urban developer, we put people in focus and start from a life cycle perspective where environmental factors and security play a major role.
