SRV, a Finnish developer, and Asuntosäätiö, a residential property owner, have signed a €10m ($10.8m) contract to construct 50 residential units in the Mårtensbro area of Espoo, Finland.
Mårtensbro, situated centrally in Espoonlahti opposite Lippulaiva, is poised for development, with SRV holding a planning reservation for numerous blocks in the vicinity.
The proposed eight-storey apartment building will comprise a total of 50 right-of-occupancy units, with half of these designed as larger family homes.
The project emphasises adaptability, offering the possibility to combine residential units and business premises in the future.
Construction work is scheduled to commence in early 2025, with an estimated completion date in late 2026.
This fixed-price contract will be included in SRV’s order backlog for the first quarter of 2025.
SRV Helsinki metropolitan area senior vice-president for housing Jorma Seppä said: “We have been developing the area in collaboration with the city for a long time, and now, with the contract with Asuntosäätiö, we can start construction work on the first project in the area.
“Almost 500 apartments will be built in the first block of the area. SRV is currently also planning developer-contracted housing projects in the area, and the block will be built with private financing for owner-occupied and rental apartments.”
Asuntosäätiö development director Turkka Keravuori said: “It is great to be able to participate in the development of a new residential area in Espoo. A complex of several blocks has been planned for the area, and [the] right-of-occupancy building of Asuntosäätiö will be the first new development in Mårtensbro.
“The project excellently supports our goal of building affordable and comfortable housing with good transport connections.”
Last month, SRV confirmed a construction contract for the Nissniku House, a multipurpose building in Kirkkonummi, Finland.
