Sjælsø Gruppen A/S sells another residential housing project in Ørestad under the new regulations concerning "privately subsidised rental property."
Early in 2005 Sjælsø Gruppen A/S received a number of pledges in respect of privately supported subsidies for residential construction. It is one of these that is now being used for a project comprising 63 rental units at Ørestad. When completed and the subsidy received, Sjælsø Gruppen A/S will transfer the project to 'De Københavnske Ejendomsselskaber'.
The 'Bella Hus' project is designed by the architectural firm of Schmidt, Hammer & Lassen and consists of a multi-level building ranging from four to seven floors in the exciting Ørestad urban development adjacent to the Københavns Energi project which Sjælsø Gruppen A/S delivered in December 2004. 'Bella Hus' will also be located close to the Bella Centre and the new Copenhagen Metro.
Construction is scheduled to commence in the autumn of 2005 and the project will be delivered in late 2006. The total project value is in the region of DKK 110 million (approx. 16 million).
This lease does not induce Sjælsø Gruppen to revise its economic expectations. Thus, the expected result before tax for 2005 remains approximately DKK 250 million (approx. 35 million).