Continued high demand and strong sales
Solon Eiendom sold 114 units with a total sales value of NOK 712 million in the third quarter of 2021, compared to 124 units and NOK 717 million in sales value for the third quarter of 2020. “In terms of sales value we are on par with third quarter last year, which is satisfactory given that sale of new homes in Norway in August 2021 is down 24 percent compared to August 2020, according to the latest statistics published by Boligprodusentenes Forening. Third quarter is usually a slow period in terms of housing sales, because we effectively lose a whole month of activity to the summer holiday,” says CEO Andreas Martinussen. Units sold the first nine months of 2021 amounted to 534 units with a total sales value of NOK 3 291 million, compared to 274 units and NOK 1 743 million in sales value for the same period of 2020. During the third quarter, Solon Eiendom completed construction of 92 units and delivered 108 to the buyers. Due to the settlement structure of last year’s acquisition of Solon Sørvest, 15 of the delivered units are not expected to generate significant income for the company. For the first nine months of 2021, 457 units were completed, and 479 units delivered to the buyers. Units sold adjusted for Solon Eiendom’s share of joint ventures amounted to 81 units with a total sales value of NOK 513 million in the quarter, compared to 90 units and NOK 521 million for the third quarter of 2020. For the first nine months of 2021 units sold adjusted for Solon Eiendom’s share of joint ventures amounted to 433 units with a total sales value of NOK 2 689 million, compared to 225 units and NOK 1 445 million for the same period of 2020. Units sold referred to above are sales contracts with customers pursuant to the Norwegian Housing Construction Act and are expected to generate sales revenue for the company upon delivery to the customer. Further information: Andreas Martinussen, Chief Executive Officer, Solon Eiendom ASA Tel: +47 400 00 405, e-mail: email@example.com Finn Øistein Nordam, Chief Financial Officer, Solon Eiendom ASA Tel: +47 982 89 382, e-mail: firstname.lastname@example.org About the company: Solon Eiendom ASA is a residential property developer that focuses on the Greater Oslo region, other larger cities in Norway and in Stockholm, Sweden.