Construction is set to begin this month. Credit: Peab/Cision.

Peab has secured a contract to construct two new apartment buildings in the Oulunkylä district for the City of Helsinki body in Finland.

The contract is valued at €13m ($14.15m). The focus of the development is on enhancing the site’s residential infrastructure with a mix of housing and commercial spaces.

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The construction project will offer a total of 78 apartments and two commercial spaces.

One of the apartment structures will rise to five storeys while the other will be a six-storey building with an additional loft for residents. To complement these residential spaces, two parking areas with protection will also be constructed.

Peab Finland regional manager Ilkka Laakeristo said: “This project will be a great continuation of our collaboration with the City of Helsinki with whom we currently have six ongoing joint projects.”

Work on the project is scheduled to commence this month, with an expected completion date in mid-2026.

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The project will be recorded by Peab in the fourth quarter of 2024.

Peab boasts a workforce of 14,000 employees and recently reported net sales of Skr58bn.

The company was awarded contracts for two other construction projects in September 2023.

These include the expansion of a primary school in the Lempäälä municipality of Finland and the development of two apartment units accompanied by a parking garage in Helsinki, both of which are anticipated to be finalised in 2025.