Building out for 15 billion in Hemsedal

(Mallorca): Skigaarden complex in Hemsedal has been given the green light by the municipality to the new milliardutbygging, writes Finansavisen.

It was the Thursday before winter break that planutvalget in Hemsedal municipality gave consent for further development of a hotel and catering establishments. There are a total of talk about the 180 freehold and 800 beds spread in the hotels and rental.

- Everything is in order, the municipality has approved the plans and we have good support locally. With the latest decision from the municipality extends the investments and Skigaarden development over 12 to 14 years from we started, " says owner and developer of the Skigaarden, Erik Teigen, to the newspaper.

65.000 sqm

the Development which now is adopted and will be raised, according to Finansavisen on a total of 65.000 square meters.

- until now We have spent 500 million on the construction of the Skigaarden with the first 52 apartments, restaurants, bars, 10,000 square underground parking garage and infrastructure for the complex. Currently, we are building 58 apartments for a sales price of 490 million. And after that, we build the 70 apartments in the last three buildings a few years forward in time. But before that we are building hotels and catering establishments, " says Teigen.

rental apartments has according to the newspaper all the time been a part of the prerequisite for the development project. In the first place must be 21 rental apartments with 120 beds.

" We are building for rent in the upper end of this range. Our yield is at 10 percent on the invested total capital when we build warm beds. We expect to go break-even with the investments of utleieprosjektene already in the first year, " says Teigen.

Rekordpriser

the Apartments in the Skigaarden sold, according to Finansavisen for rekordpriser without advertising.

- We sold 35 per cent of the apartments in building 5 on the Skigaarden for 150 million in four hectic days before christmas, without advertising. Then we had to stop the sale, " says Teigen, and explains that they had to stop to be able to plan the rest of the process for the further development first.

When the first apartments were sold in 2013 they went for around 50,000 nok per square metre. In the last stage that was put up for sale in January was snittprisen on 95.500 million per square meter.

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