Residential developer Bonava has sold 210 building rights in Elinegård, a district of Malmö, Sweden. The buyers are Riksbyggen and Götenehus. Together the rights cover about 22,000 square meters of gross floor area, and the zoning plan for the land is already complete.
Fredrik Hemborg, Business Unit Manager at Bonava Sweden, called both buyers solid companies. He said they will help develop one of the fastest-growing areas of Malmö further.
Elinegård is still taking shape. Once the work is finished, the district will have about 2,000 homes, while services, a school, preschools, parks and green spaces will be built alongside them.
Bonava will book both deals as profit when the buyers take possession. That happens after the land has been divided into parcels, which is currently planned for the first quarter of 2018.
Bonava is one of the leading home developers in Northern Europe. The company grew out of NCC and has been building homes and neighborhoods since the 1930s. It employs 1,600 people and works in Sweden, Germany, Finland, Denmark, Norway, St. Petersburg, Estonia and Latvia. In 2016 its sales reached SEK 13.5 billion, and its shares trade on Nasdaq Stockholm.