The Port of Copenhagen and Sjælsø Gruppen signed an agreement for the joint development of a substantial area at Teglholmen in Copenhagen Sydhaven.
The area, which has been acquired from private owners and the Port of Copenhagen, is located at the eastern section of Teglholmen, just north of Sluseholmen. Consequently, most of the projects will benefit from spectacular views of canals and the harbour basin.
The area which totals approx. 100,000 m² will eventually comprise approx. 130,000 m² new housing and, to a lesser extent, public institutions and commercial property. The area's size is the same as Sluseholmen and a continuency of the residential development in Sydhavnen. The area is approx. twice the size as the section of Havnestad Syd which Sjælsø Gruppen has completed over the past 3-4 years.
The parties expect that a new plan for the area will be approved during the autumn of 2006, after which the projects following site development and environmental cleaning will be realised over the next 6 - 8 years. The total project value of the area is expected to be in the region of DKK 4 billion (approx. 570 million).
The agreement with the Port of Copenhagen underpins the activity level for 2007 and subsequent years and therefore does not give grounds for adjusting Sjælsø Gruppen's most recent forecast of a pre-tax result of DKK 375 million (approx. 53 million) for 2005.
Source: Sjælsø Gruppen