The Property Division is engaged in the development of dwellings for Veidekke's own account, as well as non-residential buildings for private and public customers. In Norway, the operations are concentrated around the largest towns. In Sweden, the operations cover three geographical regions: Mälardalen including Stockholm, Vestre Skåne including Malmö, Lund and Helsingborg, and Greater Gothenburg. Our operations in Denmark are on a modest scale.

Veidekke's property operations had a total turnover for the first quarter of MNOK 144 (MNOK 435 for the first quarter of 2008). Earnings before tax were MNOK -38.2 (MNOK 41.7).

Following several years of high activity, the housing market declined in autumn 2007, and since then, the demand for new dwellings has been extremely low. The downturn was exacerbated by the financial crisis, and the results for the first quarter strongly reflect this situation.

All in all, Veidekke's property operations had 567 dwellings under construction in 15 projects at the end of the quarter. In comparison, ­638 dwellings in 17 projects were under production at 31 December 2008.

At the end of the quarter, the Group had a site portfolio corresponding to 7,500 housing units. Around
50 per cent of the housing units will be ready for sale in the course of 2009 and 2010, and the work of preparing the sites is given high priority.

Property development in Norway
Property development in Sweden
Property development in Denmark