Selvaag Bolig ASA: Q1 2023: Better sales in the first quarter
Selvaag Bolig sold 152 homes worth NOK 874 million in the first quarter.
“The market was significantly better in the first quarter than at the end of last year. It is still not back to normal, but interest in our projects has been good, and sales have been decent,” says CEO Sverre Molvik.
“The challenging market conditions in the second half of 2022 led to fewer construction starts in the first quarter. However, we have had several successful sales starts now, which may result in more construction starts in the future.”
Net sales for the quarter, adjusted for Selvaag Bolig’s share of joint ventures, came to 116 homes worth NOK 658 million in all. Construction began on 5 homes, 161 were completed and 150 were delivered to the buyer.
At 31 March, Selvaag Bolig had 1 097 homes under construction and 37 completed units which remained unsold.
Sales for the corresponding quarter of 2022 amounted net to 201 homes worth a combined NOK 1 033 million and gross to 271 units with an overall value of NOK 1 401 million.