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SRV signs contractor agreement for Ring Road I tunnel project

SRV GROUP PLC                      PRESS RELEASE                       09.06.2016, AT 14.30

SRV signs contractor agreement for Ring Road I tunnel project


SRV has been selected to implement the Ring Road I tunnel project to be completed at Keilaniemi, Espoo. In the project, Ring Road I traffic will be diverted into an underground tunnel, and a park will be built above it. The agreement on the Ring Road I tunnelling contract was signed with the City of Espoo today, 9 June 2016, after which the contract will be transferred to SRV order backlog. The total value of the contract is approximately EUR 50 million.

The contract is part of the Ring Road I Keilaniemi project, in which a cohesive, attractive town will be built from the areas of Otaniemi, Keilaniemi and Tapiola in Espoo.

The tunnelling project will be implemented in two stages, the first of which is due to take place in 2016–2018. In the first stage, a 220 metre-long tunnel will be built and, above it, a green deck. Ultimately, the tunnel is intended to approximately 440 metres long, but the final part of the tunnel will be implemented later, in the second construction stage.

“The project will impact Ring Road I traffic for a number of years. Ring Road I will be moved in July on to a detour route at the location of the tower building plots. All arrangements during construction work will be planned and implemented with care, so that the inconvenience caused by the construction site is as low as possible,” says Sami Korhonen, Production Director.


City of Espoo has decided to sell two residential plots at Keilaniemi to SRV


The transfer of Ring Road I to a tunnel is an essential element of development plans for the entire Keilaniemi area. The tunnelling will enable the construction of the tower buildings planned for the area. At the same time, SRV is continuing preparations for the implementation of a residential tower project at Keilaniemi. The plan is to build four residential towers and parking facility to the east of the tunnel being constructed at Keilaniemi.

As part of the overall plan, Espoo City Board’s Trade and Competitiveness Division has decided to sell two residential plots at Keilaniemi to SRV, and preliminary agreements on the sale of these plots were signed on 13 May 2016. SRV has not yet made a final decision on the construction of the plots. When implemented, the Keilaniemi Towers will be Finland’s tallest residential buildings, with the tallest tower reaching nearly 145 metres in height. A total of more than 1,000 housing units are planned for the four towers. Provision has also been made for the location of commercial and office premises in the vicinity of the towers.

“The Ring Road I tunnelling will facilitate the further development of whole area and, above all, the construction of new housing next to good transport links, in which respect the project fully supports SRV’s strategy. There is demand for small apartments located on good transport links in Helsinki Metropolitan Area, an excellent example of this being the REDI project, which we are currently implementing at Kalasatama in Helsinki,” explains Timo Nieminen, SRV’s Executive Vice President, Project Development in Finland.


Further information:


Timo Nieminen, Executive Vice President, tel. +358 400 424 552,
Sami Korhonen, Production Director, tel. +358 40 519 5926,
Päivi Kauhanen, Senior Vice President, tel. +358 50 598 9560,


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