SATO to construct new apartments in Vantaa: Aiming at wallet-friendly homes
(Thomson Reuters ONE) -
SATO Corporation, Press release, 23 August 2017 at 13:45
One of Finland's largest rental housing providers, SATO will construct new
rental apartments in the Martinlaakso district of Vantaa. Two buildings located
on a SATO-owned site that were constructed in the 1970s and have reached the end
of their lifecycle will be demolished and replaced with three times as many new
homes. One of SATO's focus areas is to develop diverse housing solutions. In
this context complementary construction plays a significant role in the supply
of more affordable homes.
According to SATO Vice President for Investments Antti Aarnio, succeeding in the
urbanisation development is a cornerstone for Finland's economic success and
creation of new jobs. Urbanisation challenges us to seek solutions to more and
more diverse and affordable housing where complementary construction that takes
several different consumer groups into account is an essential component of the
set of measures used.
According to Aarnio, cooperation with the City of Vantaa is excellent. Vantaa's
flexible land use planning practices and reasonable land use-related pricing can
be seen in the greater affordability of the homes built.
- With land use planning allowing consumer-driven housing distribution, we're
getting closer to housing suitable for a variety of wallets compared with a
situation where we would have renovated these old buildings. SATO's offering of
rental apartments will now increase from 94 to 288 on the Raiviosuonmäki site,
Aarnio says.
- In addition to increasing the number of rental apartments, the demolition of
the old buildings will also generate quality and energy-efficiency benefits. The
new apartments will respond better to current demand for rental homes in terms
of their functionality and floor plans.
According to Aarnio, existing infrastructure is utilised in complementary
construction, making it ecological, reducing municipal need to invest in
infrastructure and, thanks to the increase in the number of residents, also
improving local services.
The demolition of the Raiviosuonmäki buildings is currently underway, and
construction will begin in November. One of the new buildings will be completed
in March 2019 and the other in October 2019.
A SATO complementary construction property will also be completed in late August
in Kukinkuja, Martinlaakso, where 110 rental homes will soon be available
instead of the previous 46. A total of 80 owner-occupied homes were also
included in the land use plan concerning the plot.
SATO has acquired a total of 607 new rental homes through new construction and
renovation this year. There are a total of 1,298 rental homes under construction
at the moment.
For SATO's wishlist for municipal decision-makers, see the press release from 5
April 2017: https://www.sato.fi/en/media/tiedotteet-medialle/release602762
For more information please contact:
SATO Corporation
Antti Aarnio, Vice President, phone +358 201 34 4200 or +358 40 164 7052
www.sato.fi/en
SATO is one of Finland's leading rental housing providers. SATO aims to offer a
comprehensive choice of rental housing and an excellent customer experience. At
year-end 2016 SATO owned around 25,300 apartments in Finland's largest growth
centres and in St Petersburg.
We promote sustainable development and initiative through our operations and
work in open interaction with our stakeholders to generate added value. We
operate profitably and with a long-term view. We increase the value of our
housing assets through investments, divestments and repairs.
In accordance with the new reporting practice*, the SATO Group's net sales in
2016 were EUR 263.0 million, operating profit EUR 267.2 million and profit
before taxes EUR 219.4 million. The value of SATO's investment assets is roughly
EUR 3.4 billion.
*Net sales have been adjusted in accordance with the new reporting practice.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SATO Oyj via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 23.08.2017 - 12:45 Uhr
Sprache: Deutsch
News-ID 557563
Anzahl Zeichen: 4773
contact information:
Town:
Helsinki
Kategorie:
Business News
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"SATO to construct new apartments in Vantaa: Aiming at wallet-friendly homes"
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