NCC and Ikano Bostad to develop 1,000 housing units in Malmö in joint land development company
12/18/2009 4:00 AM EST
NCC Housing in Sweden is selling land worth SEK 150 million and will, in conjunction with Ikano Bostad, establish a joint land development company to develop the new district of Elinegård in Malmö. The area is located near a limestone quarry in Limhamn where NCC Housing and Ikano Bostad plan to build 1,000 new housing units. Work is scheduled to commence in 2011.
The area in Elinegård, which is one of the final remaining large continuous areas of land beyond inner Ringvägen in Malmö, will be developed with single-family dwellings and apartment blocks, as well as some retail properties and schools.
“It is an attractive area located close to both pleasant natural areas and the major cities of Malmö and Copenhagen. Together with Ikano Bostad, we will further increase the attractiveness of the area by offering housing for additional, broader target groups,” says Henrik Lindén, Regional Manager at NCC Housing, Southern Region.
Robert Jaaniste, President of Ikano Bostad, says:
“This venture in conjunction with NCC, in which we will be involved in developing an entirely new housing area in Malmö, means that we have now truly established ourselves in the Öresund region,”
The sale of land will have a positive earnings effect in the fourth quarter.