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SRV to build 128 residential units for Varma in Niittykumpu, Espoo

SRV GROUP PLC     INVESTOR NEWS     1 MARCH 2024      09:00 EET

SRV to build 128 residential units for Varma in Niittykumpu, Espoo

SRV and Varma Mutual Pension Insurance Company have signed a contract for the construction of 128 residential units in Niittykumpu, Espoo. The contract is worth around EUR 19 million for SRV. When the building permit enters into legal force, the order will be recognised in Q2 2024. It will further strengthen SRV’s order backlog and take the company towards its strategic goal of increasing the share of housing construction in revenue to the level of 30-40%. The construction will begin in summer 2024 and is currently scheduled for completion in early 2026.

The project comprises the construction of two seven-story apartment blocks and a parking facility for 48 cars. The project will focus on lifecycle-wise solutions such as geothermal heat and solar panels. The buildings will have an energy class A rating. The apartment buildings will be located next to good transport connections, right by the Niittykumpu metro station and shopping centre. SRV has played a strong role in developing the area and also plans to build the owner-occupied apartments Niittykummun Neuvokas on the same block.

“In addition to our own residential development and developer-contracted housing projects, we carry out a variety of housing projects for our customers. These apartment buildings in Niittykumpu will be implemented as negotiated contracts. They are a strong demonstration of our ability to serve our customers according to our customer promise “By listening, we build wisely”. We will be able to achieve our common goals together in close cooperation with Varma and together create the needed requirements to start the project in this current challenging market situation,” says Jorma Seppä, SRV’s Senior Vice President, Housing in the Helsinki Metropolitan Area.

Varma is a major real estate investor with approximately 4,600 rental apartments.

"It's great that we can start the construction of a new housing project in Espoo despite the current challenges in the construction industry. The Niittykumpu area is now developing strongly, and the growing district needs more apartments," says Varma’s developer manager Ville Häyrinen.

Additional information:

Jorma Seppä, SVP, Housing, Helsinki metropolitan area, SRV, tel. +358 (0)40 727 3771,
Heidi Tetteh, Communications manager, SRV, tel. +358 (0)40 662 3220,
Ville Häyrinen, Development Manager, Varma, tel. +358 (0)40 579 7158 , 

Image used in the bulletin: Arkkitehtitoimisto HMV Oy


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SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach life-cycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter – and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV – Building for life

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Contact information

SRV head officePostal address:
P.O. BOX 555
FIN-02601 Espoo,

Visiting address:
Derby Business Park,
Tarvonsalmenkatu 15,
FIN-02600 Espoo

020 145 5200

Business ID - 1707186-8
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