Nordic construction company Peab has secured a contract to build the Fagertun housing project in Ulsteinvik, Norway.
The project is being undertaken for Ulsmo, a family business operating in the maritime, real-estate, and finance sectors.
The contract, valued at Nkr176m ($15.8m), involves the construction of 49 apartments across three residential blocks atop a shared parking garage.
The Fagertun housing project will include large balconies for the apartments, as well as terraces and energy-efficient solutions.
Besides the residential units, the development plan includes external storage spaces, a multigenerational playground, and other outdoor facilities to benefit the neighbourhood.
This turnkey contract follows an initial phase where Peab collaborated with Ulsmo to plan product optimisation and risk management.
Construction is set to commence in early 2025, with completion targeted for early 2027.
The project will be officially registered by Peab in the first quarter of 2025.
Ulsmo CEO Ingerid Ulstein said: “We’re very pleased to continue our collaboration with Peab on the Fagertun project. This project is an important step in our efforts to develop quality housing in Ulsteinvik and we look forward to delivering modern and attractive apartments to our customers.
“Our collaboration with Peab has always been characterised by openness, trust and attention to details, which ensures high quality at every stage.”
Peab K. Nordang managing director Kjetil Nordang said: “We’re proud to enter into this new partnership with Ulsmo and this project is important for Peab as a local community builder. We have great confidence in Ulsmo as a professional developer.”
Earlier this month, Peab secured two construction projects for schools in Norway. The first contract from Giske Municipality is to build the new Vigra School in Giske.
The second contract comprises constructing a new school along with a health centre for Karasjok Municipality.
