The positive trend in housing sales continued, and SRV sold 100 new residential
units in September. This was all time record month in the company's history. SRV
has made a strategic decision to focus its residential production in growth
centers, where migration and structural demand create a solid base to expand the
regional operations.
SRV has started the construction of 410 developer contracting housing units
during the period of 1. January - 30. September 2010 (4 residential units in
1.January - 30. Septemer 2009 and 251 units in the whole year 2009).
Moreover, due to good predemand the company has made a decision to start the
construction of 130 new residential units during the latter part of the year.
They will be included in the order backlog as soon as they have reached the
RS-stage.
By the end of Septemer, SRV has sold 361 new residential units to consumers
(121 last year), and during the same period, 116 units to investors (323 last
year). This shows that now that the market situation has improved, the focus in
sales has shifted to end users. For the developer contracting housing projects
SRV applies the recognition principle based upon delivery, according to which
sales income is recorded when the project is completed and has been handed over
to the customer.
SRV focuses on customer oriented housing production, and based on premaketing,
the company steers its production to types of homes that have strong demand by
end-users. “We have focused in customer service, and in homes that are meant for
consumers we offer individual interior design packages that are easily
customised, instead of mass production. At the moment, as many as half of our
customers make use of this customising service”, says Jukka Hienonen, CEO.
SRV Group Plc
Jukka Hienonen
CEO
Further information:
Juha-Veikko Nikulainen, Executive Vice President,SRV Housing, tel.
+358 500 430 017
Hannu Linnoinen, Senior Executive Vice President and CFO, tel +358 50 323 5850
Distribution:
Nasdaq OMX Helsinki
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